The first major analyst report into the SaaS purchasing market was recently published by Lionfish Tech Advisors, featuring a detailed analysis of a product category that is growing rapidly in contrast to a sluggish wider tech marketplace. The research details the trends, insights and benefits of the emerging technologies in the space, ranking the most significant vendors across four different criteria.
The Lionfish Tech Advisors Report for Evaluating SaaS Procurement and Management Platforms is available in full here: https://www.vertice.one/inside-saas/reports/lionfish-tech-advisors-report-2023
Vertice scored best for product functionality and usability, as well as for both market velocity and customer satisfaction, making it the overall leader among SaaS Procurement and Management Platforms, ahead of Sastrify, Vendr and Tropic. Other products such as Welii, Zluri, Spendflo and Zylo did not meet eligibility criteria for inclusion.
The report summarizes its selection of Vertice as the market leader, stating that it “ranks highest in both customer satisfaction (including outcomes achieved) and product functionality/usability, and has the fastest market velocity of any player in the market today”.
Five key areas were assessed to determine product rankings: spend management, usage analytics, procurement processes, integrations and data intelligence. Customer satisfaction ratings were calculated by analyzing saving outcomes and ROI, service excellence and data insights.
“It’s extremely validating to see that technology experts are taking a closer look at this emerging space, and that our product strategy so closely aligns with the requirements of our customers” said Josh Wigmore, VP Product at Vertice. “Knowing that our customers are getting the best outcomes in the industry is a testament not just to our roadmap and engineering, but to our hard-working support and commercial teams too”.
The paper further outlined that SaaS spend is growing at around 20% annually, with organizations now using more than 125 different SaaS applications and spending up to $10,000 USD per employee each year.
Without centralized visibility and management, Lionfish Tech Advisors do, however, indicate that organizations are at risk of overspending on SaaS by at least 25%. This is often a result of incorrect and unnecessary entitlements, as well the failure to rationalize overlapping tools and instances.
The report further anticipates that more than half of all organizations using multiple software applications will centralize management using an SPMP by 2028, an increase from less than 15% in 2022.
Learn more about Vertice at: https://www.vertice.one/
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