New Torii Procurement Solution Speeds SaaS Contract Renewals, Delivers Unprecedented Cost Savings

Only Solution that Automatically Gathers All Key Data and Pinpoints Waste, Providing Advantage Needed for Continuous Spend Management

NEW YORK, Sept. 29, 2022 /PRNewswire/ -- Torii, creator of the #1 Automated SaaS Management Platform (SMP), today launched Torii for Procurement. With the industry's most powerful SaaS discovery capabilities at its core, this new solution provides the only complete, real-time view of all cloud applications, redundancies, usage, costs, and contracts in a dedicated procurement experience. Torii for Procurement instantly pinpoints unforeseen cost-saving opportunities, enables continuous spend management, and makes it easy to procure and renew the right applications at the best price.

"Everyone is looking to cut costs, but most companies drastically overspend on cloud applications without realizing it. When it comes to renewals and continuous spend management, procurement teams are at a huge disadvantage. The information they need to make smart decisions is scattered across the company in a variety of systems. Even if procurement knows where to look, they don't have the time," said Uri Haramati, CEO of Torii. "Torii for Procurement automatically gathers relevant data in a single location and surfaces the insights needed to make fully informed decisions. Not only can Procurement save substantially more money faster without any effort, but they do it in a way that aligns with their company's business objectives and employees' needs."

According to Hyoun Park, CEO and Principal Analyst at Amalgam Insights, "Improving SaaS purchasing and negotiations can reduce spend by at least $24 billion globally. Amalgam Insights has found in its research that Torii's procurement capabilities successfully support SaaS rationalization activities, which result in improved governance of hybrid work, increased productivity, more rationalized vendor and app portfolios, and reduced costs at a time when SaaS spend is growing over 20% per year."

In today's decentralized workplace, SaaS management is a team sport. Torii strengthens the collaboration between Procurement and IT. Torii's unique distributed SaaS management approach enables everyone to work from a single source of truth, and easily share critical information and responsibilities. 

"Torii lets us assign app and contract ownership, and automatically notifies the right people about renewals with plenty of runway to negotiate rates and right-size contracts. This makes it easy to scale responsibility for ownership and keep on top of renewals," said Tom Beohm, VP of IT, CD Baby.

Torii's end-to-end solution for SaaS spend management delivers:

• Dedicated Procurement Experience - Procurement teams see exactly – and only – the data they need to make informed decisions, in one central location. They gain insights needed to influence strategic sourcing, enable continuous spend management, and effectively collaborate with IT, while improving business agility.
• Reliable, Complete Picture - Torii's real-time endpoint discovery and easy integration with hundreds of apps – including ERP, contract management software, accounting, and expense tools – ensure customers always have a complete, reliable view of all their SaaS apps including Shadow IT, as well as cost, potential savings, usage, trends, license, contract, and renewal data.
• Automated App Comparison - Torii proactively surfaces applications with duplicate functionality side-by-side, along with usage trends and costs to identify ways to reduce redundancy without eliminating valuable applications.
• Recommendation Engine - Torii immediately identifies cost-saving opportunities with actionable recommendations such as downgrading licenses based on under-utilization and reharvesting inactive licenses, instead of purchasing new ones.
• Dynamic, Automated Renewal Process - Triggers and early notifications ensure businesses aren't caught unawares by renewals, have time to evaluate all options, and don't overspend on unnecessary licenses and applications.

For more information about Torii for Procurement, check out the solution page and read this blog.

Torii is the #1 Automated SaaS Management Platform (SMP) for today's increasingly distributed, decentralized businesses. Unlike conventional tools, Torii empowers an organization's entire business to collaborate around their cloud apps and stay in perfect sync as their tech stack evolves. This accelerates innovation while eliminating millions of dollars in wasted licenses, hundreds of hours spent on manual operations, and protecting sensitive data flowing through known and Shadow IT apps. Torii's customers include Carrier Corporation, Instacart, Bumble, Athletic Greens, Palo Alto Networks, and Payoneer. Torii is backed by leading venture capital firms including Tiger Global Management, Wing Venture Capital, Global Founders Capital, Uncork Capital, Entree Capital, and Scopus Ventures. Learn more at www.toriihq.com and follow on Twitter @Torii_hq or LinkedIn.

Media Contact:
Amanda Maguire
[email protected]

SOURCE Torii