Procurement buys it, Finance pays for it, and IT fixes it when it breaks. Who is responsible for managing vendor subscription? Who is responsible for knowing which vendor subscription is no longer being used?
Vendors do not like to write down revenues. Advanced-notice cancellation requirements and limited utilization visibility ensures a steady stream of automatic renewals (aka, term extensions without price concessions).
It’s About Savings
People like saving money; their own money. With company money, not so much. The primary focus of employees is to save time in achieving their work goals. If savings comes with that, even better.
Expense management was built for finance, ticketing for IT, and purchase workflow for procurement. Each applications’ primary mission is to support either a limited user type (Controller) or service type (SaaS Licenses).
Single Source of Truth
Service extraction is hard. There is no magical API or simple download. It requires the interpretation of thousands of formats and data types; calculated, translated and aligned for consistency and data accuracy.
Reporting on inaccurate data provides inaccurate reports. Invoices tell you what you owe, not what you have. Spreadsheets get stale with inconsistent maintenance and employees leave. Collectively, this leads to a growing volume of unknown and unmanaged services (that make pretty reports).
Not knowing is not secure. Security policies cannot be built for the unknown, ex-employees cannot be removed and spreadsheets with internal tracking data cannot be restricted.
Although companies would rather not discuss these unspoken truths, they will acknowledge that managing data, vendor responsibilities and service renewals / fees is a full time job. It requires 40 hours per week to manage 25 medium-sized vendors and their recurring commitments. It doesn’t have to be this hard!
Enter MISO. MISO is a 24/7 bot that finds, extracts, and normalizes your vendor data and reports to a single source. It is the first machine learning platform built purposely to help companies identify and report on their recurring vendor commitments. MISO is the solution that companies need to save money and time.
Now, to answer an earlier question…Procurement buys it, Finance pays for it, IT fixes it when it breaks and MISO tracks it.