Procurement Process & Insights
- Set up and populate your SaaS stack
- How Sastrify provides 24/7 coverage of your stack
- Renewal Management: Define renewal dates & reminders
- Assign and modify Tool Owners
- Visualize your stack with your subscription list
- Upload your SaaS documents into Sastrify
- Sastrify Support: Report issues and track procurement involvements
- Roll out Sastrify across your organization
- Sastrify's Commitment to Security and Privacy Standards
- Tool Discovery via SSO (Single Sign-On) integrations
- Using Google Workspace SSO for Tool Discovery
- Use Discovered Page to detect active subscriptions
- Manually add a new tool subscription
- Bulk upload of SaaS invoices
- Forward your SaaS documents via email
- Navigate and get the most out of the Overview page
- Manage activities and collaborate using custom tasks
- Task Automation: Streamline the creation of routine tasks
- Archive or delete inactive subscriptions
- Change notification preferences
- Understanding Renewal Statuses & Actions
- Workflows: Automate procurement processes with consistency
- Form Component Guide for Sastrify Form Builder
- Using Procurement Initiatives for new purchase & renewal
- Get expert support by involving Sastrify in your initiatives
- Get Pricing Benchmarks through Sastrify (Beta Version)
- Vendor Insights: Tool-specific information at your fingertips
- Purchase your SaaS through the SastriMarket
- Control your cloud costs with SastriCloud
- Integrate your ERP & Accounting software with Sastrify
- Utilize Usage Analytics for full usage visibility
- Integrate Pleo with Sastrify
- Validate and fine-tune spend data with Spend Import
- How to connect Microsoft Dynamics
- How to connect Netsuite
- How to connect Quickbooks
- Import spend data from Candis to Sastrify
- Import spend data from Spendesk to Sastrify
- Import spend data from Pleo to Sastrify
- Import spend data from Moss to Sastrify
- Import spend data from DATEV to Sastrify
- Zoom Usage Analytics Integration Guide
- ERP & Accounting Integration FAQs
- Discovery via SSO Integration FAQs
- Usage Analytics FAQs
- Achieved & Potential Savings FAQs
- What is SaaS and Sastrify's scope of work?
- Who can invite a new user?
- Who receives the renewal alerts or reminders?
- How does Sastrify work with currencies?
- Is the spend data from accounting export always up-to-date?
- How to work with benchmark prices
- When and how to involve Sastrify in a contract evaluation or negotiation?
- How does Sastrify interact with SaaS vendors?
- How do you handle confidentiality clauses in vendor contracts?
- Does Sastrify handle SaaS contract termination?
- Why is contract data essential for benchmarking and negotiation support?
- My invoice's processing has failed. What do I do?
- Connecting your accounting software with Sastrify
- How to assign Tool Owners
- What Sastrify can do for Tool Owners
- How to set renewal dates
- How to set up a company-wide renewal reminder
- How to keep your tool stack updated
- How to set up, activate, and use a Workflow
- How to invite new users to Sastrify
- How to use Procurement Initiatives for new purchase & renewal
- How to involve Sastrify in your procurement initiatives
- How to collaborate using custom tasks
- Report issues and track procurement involvements
- Best Practices on how to work with Procurement Initiatives
- Get Pricing Benchmarks through Sastrify
- How to set up direct usage analytics integration
- How to set up SSO usage analytics integrations
- How to work with the Discovered tab
- How to use subscription tags
- How to perform budgeting using Sastrify
- Walk-through of the subscription detail page
Get Pricing Benchmarks through Sastrify (Beta Version) Print
Modified on: Tue, 20 Feb, 2024 at 5:55 AM
IN THIS ARTICLE
Please note that this feature is currently in Beta version.
Sastrify is actively refining this feature for its official release, which will encompass an expanded tool list and provide more precise outputs. We appreciate your patience in the event of any issues encountered with the beta version of this feature.
If you wish to participate in beta testing of the feature, please complete the Beta Access application form!
What is "Pricing Benchmarks"?
Pricing Benchmarks is a built-in feature within Sastrify platform that instantly provides data-backed pricing benchmarks so you’re better equipped for upcoming negotiations - be it a new purchase or a renewal.
Through the Sastrify platform, customers can input various parameters, such as:
The SaaS tool in question
Number of licenses
Payment terms & more
From there, we’ll compare your price point against our extensive datasets. Based on this comparison, we deliver an accurate, real-time benchmark that enables you to understand precisely where your pricing stands in the market.
With this information at hand, our customers will be able to check if it’s worth asking for a discount and what the potential savings that can be achieved. As more contracts are managed through Sastrify, this feature continually refines its accuracy and expands its applicability across an even broader array of SaaS tools.
How to use Pricing Benchmarks
To use this feature:
- Start by clicking on the "New Benchmark" button
- A new benchmark page will open, guiding you through a simple two-step process from specifying the requirements (inputs) to obtaining the benchmark results (outputs).
- Fill in the details of your current contract or offer, which consists of: tool (or vendor) name, product (or SKU), plan/tier, volume (total number of licenses purchased), currency, and price per license per year.
- The application will automatically calculate the full volume of the contract based on the data you enter as a sanity check.
- Confirm that the calculation is correct before proceeding.
- Click "Run Benchmark".
Definitions on terminologies:
Plan/Tier: The Subscription plans or tiers (otherwise also called SKUs) of a tool are typically referred to as "Subscription Plans". These represent the different packages or levels of service that customers can choose from when buying the tool.
Volume: Depending on the tool your are benchmarking, volume can be “users”, “GB”, or “events”, etc. Different SaaS tools sometimes define their volumes differently.
As the outputs, you will be presented with the following data that represents the benchmarks for your contract or offer:
- Benchmark Details: contains the previously submitted information about the contract or offer.
- Price Chart (per license per year): shows the comparison of your current pricing with the highest, lowest and median price per license per year of the comparable contracts.
- Database Information: Provides information about the amount of comparable data we use as benchmarks, as well as the confidence level of the data based on the amount of data points available for comparison in your specific volume range.
- Your statistics: provides a more detailed visualization of multiple numbers showing the price chart (located on its left side) as well as the difference between your pricing and the highest, lowest, and median price for that tool.
Disclaimer: The benchmarks provided by Sastrify are based on a specific sample size of historical price points. A price benchmark can be a powerful tool to shift bargaining power in your favour, but success is not guaranteed. Furthermore, the benchmark does not necessarily represent the maximum possible discount and should always be challenged. Achieving best-in-class prices depends on factors such as timing, contract setup and negotiation approach.
Frequently Asked Questions
Q: the contract or offer of my subscription has several line items (or multiple products or services), how should I proceed with the Price Benchmarks app?
A: For a case such as this, you need to perform the benchmark exercise inidividually for each of the product or service.
Q: I cannot find a particular tool that I originally wanted to benchmark. Will the list be expanded?
A: Yes, of course! With the current app, there are already quite a few tools or SaaS vendors to benchmark. But we won't stop there. Sastrify will continue to work towards significantly increasing this number in a progressive manner.
Q: How does Sastrify collect the datasets for the Price Benchmarks?
A: Sastrify collects benchmarks from a number of trusted and legitimate sources, including: our first-hand experience from vendor negotiations that Sastrify supports as lead negotiator, conducting extensive market research, as well as price comparison analysis and data aggregation from multiple, reputable industry sources, and scanning vendor pricing websites to identify special offers or price increases. A benchmark provided by Sastrify represents a combination of the above sources. Please read this article to learn more.
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