“CloudEagle's renewal workflows made it easier to track renewals. I no longer chase others for status updates on their tasks; instead, we're doing more productive work, leading to savings.
- Sophie Wang, Director of Finance, Wefunder
Wefunder lacked a centralized system for SaaS contract management, leading to auto-renewals, missed renewal dates, and unnecessary expenses. Manual tracking via spreadsheets hindered their ability to switch to cost-effective platforms in a timely manner.
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CloudEagle integrated with Wefunder’s internal systems, centralized vendor information, and uploaded SaaS contracts from spreadsheets. It extracted metadata, canceled auto-renewals, and initiated renewal workflows 90 days before, ensuring timely renewals and cost-effective negotiation.
Wefunder now proactively manages contract renewals with CloudEagle's 90-day advance workflows. They avoided auto-renewals and renegotiated contracts, leading to cost savings by canceling an underutilized vendor contract within the notice period and switching to a more cost-effective option.
Wefunder didn’t have a centralized system to store and track their SaaS contracts. They were unaware of the renewal dates for various vendors, which led to the contracts being auto-renewed often.
Renewing SaaS applications on time was a major challenge for the team, as they were using decentralized and manual tracking approaches like spreadsheets.
“We identified a high-spending vendor and decided to switch to another platform to cut costs, but our contract got auto-renewed before we could migrate, costing us valuable money,” says Sophie Wang, Director of Finance at Wefunder. ”
The major concern for Sophie Wang and her team was needless SaaS expenses incurred due to auto-renewals.
Wefunder sought a platform to help them renew their contracts on time. They chose CloudEagle after extensive research as it can initiate renewal workflows 90 days in advance and keep escalating to various stakeholders until the contract is renewed.
CloudEagle integrated with Wefunders' SSO and finance systems and organized all the vendors in a centralized dashboard.
Then, all of Wefunders' SaaS contracts tracked using spreadsheets were uploaded to the platform by CloudEagle.
Now, the CloudEagle platform provides timely reminders and initiates renewal workflows 90 days in advance, giving Wefunder’s team enough time to make informed decisions on renewals, resulting in a total savings exceeding $116K.
“We made the right choice with CloudEagle,” says Sophie Wang.
Renewal workflows: Wefunder team doesn’t miss out on contract renewals anymore and saved 1000 hours annually on renewal time. Thanks to the workflows that begin 90 days before the renewal date, they have enough time to make proactive decisions on whether or not to renew the contacts.
In one instance, one of Wefunder’s high-spending vendors had a 60-day notice period for renegotiations or contract cancellations.
CloudEagle reminded the Wefunder team 90 days before the contract renewal date and informed them that the vendor requires a 60-day notice period for cancellation, or they will be forced to renew the contract.
Enough time to verify usage: The team used the 30-day window and identified that most of the application’s licenses weren’t being utilized for what they were paid for.
So, they canceled the contract before the notice period and switched to a cost-effective vendor, saving their SaaS expenses.
Stop losing valuable dollars to auto-renewals. Automate now and get ahead of SaaS renewals.
Wefunder is a renowned organization in the SaaS startup ecosystem that operates as a crowd-funding platform. It enables individuals to invest in their preferred startups with a minimum investment of $100 by connecting them with the startups and facilitating the purchase of equity shares.
