Business leaders are becoming heavily bogged down in managing software contracts, wasting hundreds of hours per year, according to new research.
Analysis from Vertice shows firms are wasting 26 hours per month in meetings simply to buy or renew SaaS products; equivalent to 385 hours every year.
This means employees in charge of buying, managing, and renewing SaaS contracts at work – from Salesforce and Canva to Xero – are spending more than half of their working year doing so.
The analysis of 1,000 businesses globally found that senior finance and tech leaders are losing the most time to these lengthy purchase and renewals processes, with 30% of contract holders at manager level and 29% at director level.
On average, companies have 126 SaaS contracts active at any one time, and are renewing an average of five every month. Each of these requires meetings, emails, informal chats, demos, Zoom calls, and back-and-forth negotiations, as well as involvement and sign-off from legal, IT security, and finance teams.
Read the entire article here: https://www.itpro.com/software/firms-are-wasting-hundreds-of-hours-every-year-just-renewing-software-purchases
