Only 5.5 percent of companies say they have ‘complete visibility’ on the total number of software licenses being used by their employees, according to a recent NextThink-Gartner Peer Insights study.
As subscriptions and vendor tools spread across departments, many finance teams rely on spreadsheets, inbox searches, and calendar reminders to manage renewals and payments. This often results in duplicate tools, missed renewals, and wasted resources.
This is why Datarails is launching Spend Control, to give finance teams complete, centralized visibility and control over all vendor contracts and subscriptions.
It includes an AI agent that automatically reviews contract terms and conditions, benchmarks market alternatives and subsequently drafts optimized renewal requests. Spend Control also provides AI-powered insights that enable finance teams to reduce redundancies, cut costs, and enable more strategic and accurate budgeting and forecasting.
“Finance teams are losing millions to zombie subscriptions and duplicate tools because they lack a unified, simplified view of their vendor landscape,” says Didi Gurfinkel, co-founder and CEO of Datarails. “As we continue transforming how finance teams approach every aspect of financial planning and analysis, we’ve launched Spend Control not just to track contracts, but much more importantly to provide the strategic insights CFOs and their teams need to turn spend management from a cost center into a competitive advantage.”
Features of the tool include a centralized contract hub with AI-driven data extraction, DocuSign and email integration, along with ERP integration and automated reconciliation of contract terms vs. actual payments.
There’s duplication detection across teams and subscriptions, with smart alerts for expirations and autorenewals with AI-powered renewal workflows. Spend Control has a real-time dashboard and analytics, plus embedded AI-agents for proactive tips, cost-saving insights, and automated vendor communication.
You can find out more and request a demo on the Datarails site.
Image credit: Jcomp/depositphotos.com
