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The average company today uses a whopping 371 SaaS apps. Even though many businesses are struggling with budget cuts and lay-offs, the average SaaS spend still climbs to a staggering $9,643 per employee.
In a difficult economic climate, efficient SaaS spend management can make or break your business. By choosing your subscriptions smartly, you can cut out unnecessary tools and focus on the ones that really drive business growth.
In this article, you’ll learn save money on SaaS subscriptions by picking the right ones. For analytics specifically, we’ll show you how Luzmo helps you cut out 6 common add-ons, thanks to a few clever, built-in functions in our embedded analytics tool.
Developing analytical features for your SaaS product can take months of engineering time. To avoid the high cost of engineering resources, SaaS companies are using off-the-shelf analytics tools, like Luzmo, which you can plug right into your app.
However, the most common misconception about buying embedded analytics is that you’ll still need to buy a bunch of add-ons to make it truly worthwhile. Or worse, you’ll need to build these additional functionalities yourself.
Not with Luzmo! Let’s have a look at six common features our platform offers out of the box for maximum cost savings on additional software subscriptions.
It’s nice to have reports and data visualizations integrated into your product, but in a fast-changing world, that’s not always enough. Imagine you’ve built an inventory management software, and your customer’s inventory for a specific product is running low. If they aren’t checking their dashboard for 2 days, this will lead to slow decision-making and problems in the supply chain.
When this happens, your customers will want to receive real-time email alerts or push notifications to let them know they should take action. But if you need to pay for an alerting tool in addition, it may not seem worth it.
Luckily, Luzmo has a built-in alerting feature to notify your customers via email, Slack or any other channel, as soon as their data reaches a certain threshold. With Luzmo as your partner for embedded analytics, you can cut out that extra subscription for push notification software.
If your app is available in multiple languages, you will want your analytics to show in the same language. If you don’t want to dedicate your developer resources to localizing dashboards, your alternative is to buy a subscription to localization software. But that seems a little excessive if you’ll only use it for your analytical features.
Luzmo, on the other hand, comes with built-in tools covering everything you need for a localized analytics experience. Not only multi-lingual dashboards and datasets, but also advanced options like displaying data in the right timezone and currency, all tailored to the person who is logged into your platform.
If your SaaS product serves end-users who are often on the go, like sales reps, it can be handy to send them a snapshot of their reports via email every day or every week. Scheduled exports of dashboards and charts are a great way to keep your product users engaged, even at times when they are not logged in to your product.
However, setting up scheduled exports via a transactional email tool can become complex. And not only that, but if your subscription is based on the number of emails you send, it gets expensive quickly.
Luzmo has you covered for scheduled reports. Send regular reports in PDF or PNG (and use a PNG maker), and manage sends directly via our embedded analytics platform. Help your customers make informed decisions anywhere, anytime, at no additional cost!
Many product design teams use prototyping software like InVision or Balsamiq to design a mock-up of a feature or product before it goes into development.
With Luzmo, you won’t need any expensive prototyping tools to bring your vision for customer-facing analytics to life. With a simple drag-and-drop dashboard editor, you can build a working MVP directly in Luzmo to align with your team.
Every SaaS company that’s considering adding embedded analytics to their offering should make sure their data infrastructure is suited for analytics. That means having an analytical database, or an ETL tool that transforms your data into an optimized model for querying.
Although we highly recommend building a robust analytical data model, sometimes you may not have the time, knowledge or tools at your disposal.
If you need to save on an ETL layer right now, but you still want to make sure your dashboards load quickly, we’ve got just the thing for you. Warp, our out-of-the-box acceleration service, helps you improve your data architecture and speed up queries in one click.
Solving performance issues and optimizing your entire data stack takes time. With Warp, you don’t have to postpone rolling out your analytics any longer, even if your data stack isn’t perfect yet.
With the rise of generative AI, SaaS businesses are figuring out how to use it to power up their app experience. However, implementing an “Ask AI” prompt can be complex if you don’t have a team of engineers at hand. If, in addition, you want to build an integration between your analytics tool and whatever AI tool you are using to power that prompt, it quickly becomes difficult and costly.
With Luzmo, you get all the AI features built into your customer-facing analytics. With our brand-new AI Chart Generator, powered by OpenAI, you can ask whatever insights you need with a simple text prompt, and get interactive charts in return. It also comes with powerful suggested charts, based on the data in your dataset.
No need to integrate ChatGPT or Gemini on your own. Avoid not only the cost of an AI tool, but also the development costs associated with building integrations.
But just because you don’t have to use your own AI model, doesn’t mean you can’t! If AI is a big priority for your SaaS product, and you want to avoid “AI sprawl”, you can simply connect Luzmo to your AI model of choice, using our powerful API. The choice is up to you!
Saving money on SaaS subscriptions starts with knowing which software you’re currently spending money on. Although it sounds like a no-brainer, SaaS sprawl is real. A lot of procurement and IT teams deal with ‘shadow IT’, meaning your teams might be using software that the IT department isn’t aware of.
Not only is this a problem when it comes to SaaS spend management, it’s also a huge security risk. To keep better track of software spend and software usage, you could consider using a SaaS management platform like Cledara or BetterCloud.
Although it seems counterintuitive to pay for an extra tool to manage your software, it can be very well worth the investment. Or, you can look at free alternatives to use. Here are a few examples of how they can save you money.
With one central place where all SaaS tools are managed, it will be easier for procurement and auditing. Your finance team will enjoy having one single view of your global SaaS spend.
Contract renewals are easy to oversee, especially if a bunch of your SaaS tools have auto-renewals. With a SaaS management tool, you’ll never miss your renewal dates, and have a single place to store and review contract terms.
By tracking usage data across all your SaaS applications, you can find out which tools are no longer in use. You’d be surprised how much cost-cutting you’ll be able to do just by closing off unused licenses.
A big part of cost optimization is to make sure you’re not paying for the same tool twice. It would be a shame to pay for 2 SEO tools that have the same functionality. By removing any redundancies, you’ll find even more areas to reduce your software costs.
Spending your money on the right SaaS solutions is a balancing act. Subscription costs can mount up quickly, especially if you find out later on that you’ll need add-ons your current solutions don’t offer.
Selecting best-of-breed solutions is a great strategy for building out your tech stack, no matter the problem you’re trying to solve. For customer-facing analytics inside your web apps, Luzmo offers stunning visualizations with all the bells and whistles. Stop overspending on add-on software for push notifications, localization or email exports, and get it all in one subscription!
Start your free trial today and build the analytics experience your customers want, all with one application!
Experience the power of Luzmo. Talk to our product experts for a guided demo or get your hands dirty with a free 10-day trial.
