Productiv Receives $8 Million to Grow Its Solution Pertaining to SaaS Application Transparency
SaaS applications are seeing a heavy adoption in the enterprise. Businesses now confirm that they use 16 SaaS applications on an average with 73 percent of brands confirming that they will be switching to 100 percent SaaS applications by 2020. In fact, the SaaS application landscape is poised to touch $185.8 billion by next year. While this sounds positive, app usage transparency has simultaneously declined. Here is a look at recent statistics on application usage transparency:
- 45 percent don’t have a clear idea of business-critical apps
- 38 percent of leaders state that they cannot analyze business data on the go
- 57 percent say they cannot assess IT performance for employees or for projects
This phenomenon intrigued Jody Shapiro, former head of project management for Google Analytics. He tried to investigate the market opaqueness with a metrics-driven solution, however, he did not find any relevant tool. Hence, he decided to build his own tool in Productiv. The company has landed itself an $8-million Series A funding from Accel Partner and CEO, SalesforceIQ CEO, Steve Loughlin.
The Productiv’s solution will be beneficial because the industry chatter is currently mostly based on leaders seeking to gain more value from their IT investments. After all, companies are spending millions to leverage SaaS. Hence, gaining critical insights on application usage will only help leaders in understanding how employees collaborate and drive their teams.
Here are a few crucial attributes of Productiv’s solution –
- Cloud-based dashboard
- Integration ability with single sign-on tools
- Tracking login activity
- Extraction of purchase and license data from contracts and other formats of reports
- 360 degree of agreements and software that has expired and needs renewal
- Real-time statistics and flagging of redundant apps
- Rules and licenses that can be configured making it easier for IT admins to reclaim licenses automatically and view engagement logs
- Viewing of charts that display the number of engaged users, teams, and locations
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This permits enterprises to compare existing statistics with industry benchmarks, which, in turn, helps boost productivity.
Productiv seeks to help companies analyze inactive SaaS licenses. For example, if an organization uses multiple cloud storage services, Productiv will help them analyze which product they exactly need. Eventually, this will assist leaders in helping their firms to save on unnecessary expenditure on SaaS applications with inactive licenses.