As a CFO, CEO or manager in the company, you need to trust the quality of reporting that is coming across your desk. The question is, do you? If employees are being asked to manually track the subscription costs and fees associated with the cloud software applications they are using, the reports coming across your desk may be lacking necessary details. In fact, it is highly likely that they are lacking the information you need to obtain a firm grasp of how cloud software is being used and paid for across the organization. Without accurate reporting, it will be difficult if not impossible to make financial decisions, know if cloud software is being utilized appropriately, and to identify ways to reduce expenses.
Quality data matters
To make financial decisions, you need to know that the quality of data you are reviewing is accurate. SubCentral’s software management solution allows you to gain information in real-time, that is both accurate and complete. Rather than relying on employees to manually manage and report on the cloud software they are using, our solution helps companies to identify cloud software that is currently in use, assign people to manage each piece of software, and creates the opportunity to know what is being spent, when and how. With reports that can be pulled in minutes, it is possible for anyone in the C-suite to instantly gain an overview of the company’s cloud software usage, spend and to identify ways to derive more value from it.
Simple mistakes can be costly
To demonstrate the importance of accurate data, consider a cloud software application that is currently being utilized by the marketing team. If that software renews annually and the contract value adjusts, the cost can go up without anyone being aware of it. To prevent this simple mistake, the CFO or person responsible for contract negotiations needs to be alerted in advance.
Contract renewals create the opportunity for negotiations and either saving money or receiving additional benefits. However, without being able to negotiate, the contract is likely to either stay the same or the terms become worse for the company. Failing to note a contract renewal or to inform the CFO that the software renews annually would be a simple mistake on the part of the purchaser. However, it can cost the company significantly, making it wise to automate the ongoing management of cloud software and build in alerts for CFOs in charge of contract negotiations.
Software can be undermanaged and underutilized
Employees like cloud software because it is a time efficient way to find, identify and implement a technological solution that can increase productivity or solve an urgent need. This does not mean that employees have the time or bandwidth to manage the software once it has been purchased. As a result, many companies have software applications that are being paid for, unmanaged and underutilized. When the C-suite has accurate reporting on cloud software it becomes possible to ensure that each application is appropriately managed for the betterment of the company.
Do you have quality data?
Accurate data is critical for budgeting, managing expenses and ensuring that cloud software is being appropriately utilized by everyone within the organization. If you do not trust the quality of data coming across your desk, it is time to look for a streamlined and efficient solution. SubCentral has the software you need to do so. Contact us for a demo today.