Wefunder Automated Contract Renewals with CloudEagle Renewal Reminders

“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

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100%

Reduction of auto-renewals

1350 hrs/yr

Saved on renewals

$116K+

Lifetime savings realized
Problems
Challenge

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.

Solutions
Solution

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.

Profit
Result

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.

Key Highlights:

  • Wefunder faced auto-renewal issues due to decentralized contract tracking.
  • CloudEagle's SaaS buying experts canceled auto-renewals.
  • We enabled Wefunder to switch to a cost-effective vendor and save on SaaS expenses.

Challenge

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. ”

  • Due to the lack of an automated reminder system, they missed the renewals and could not switch to another platform. As a result, they had to continue using the same application until the next renewal window.

The major concern for Sophie Wang and her team was needless SaaS expenses incurred due to auto-renewals. 

Solution 

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. 

  • CloudEagle extracted all the metadata, including the renewal dates from the contracts, and organized them in a centralized dashboard for easy tracking.
  • CloudEagle’s SaaS buying team contacted Wefunder’s vendors and created a conclusive renewal calendar for each. 
  • CloudEagle team also canceled all auto-renewal terms to provide enough time to leverage app usage data and negotiate a better deal with all vendors. 

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.

Solution
The Impact

Result 

Renewal workflows: Wefunder team doesn’t miss out on contract renewals anymore and saved 1350 hours annually on renewals. 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

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. 

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