Initial Setup: Spendflo can be implemented within two days, allowing for a quick start to the process.
Pilot Run: A pilot can be run within a week of implementation, enabling rapid testing and validation of the system.
Integration: Spendflo integrates with existing systems, such as Salesforce, to meet specific requirements.
Feature Deployment: The platform can deploy numerous native integrations quickly. For example, 31 new native integrations were implemented in under two months for one client.
Customizable Workflows: Spendflo allows for the creation of custom intake forms and approval workflows tailored to an organization's specific requirements. For example:
Simple one-step approval for small purchases under $1,000
Multi-level approvals from department heads, finance, and legal for larger purchases
Vendor Onboarding: Automated workflows can be set up for vendor onboarding and qualification based on specific criteria and risk profiles.
Tailored Dashboards: Spendflo offers customizable dashboards that can be adapted to business requirements.
Flexible Approval Thresholds: Users can define approval thresholds and establish clear rules for purchase requests.
Setup Fee: There is no setup fee mentioned for Spendflo.
Starting Price:
$2,500 per month
$18,000 per year (which equates to $1,500 per month)
$250 per month for 1M Annual SaaS spend
Support Options:
Phone support is included in the paid version
Live chat support is available with the paid version
Data Protection: Uses TLS 1.3 and AES 256-bit encryption for data in transit and at rest.
Access Control: Implements strict access controls, user authentication, and role-based access.
Network Security: Utilizes firewalls, antivirus software, and endpoint security measures.
Compliance: SOC 2 Type II and ISO 27001 certified, compliant with GDPR and CCPA.
Privacy: Customer data is never sold or shared.
Secure Development: Employs code review standards and segregated environments.
Monitoring: Provides 24/7 service monitoring and incident response.
Third-Party Audits: Conducts regular penetration and intrusion testing.
Continuous Improvement: Spendflo appears to follow a continuous improvement model, regularly enhancing their platform with new features and capabilities. This is evident from their August product update announcement, which introduced several new features and improvements.
Feature-Driven Releases: Rather than adhering to a strict time-based release schedule, Spendflo seems to focus on delivering updates when new features or improvements are ready. This approach allows them to respond to customer needs and market demands more flexibly.
Centralized Management: Spendflo offers a centralized platform for procurement and contract management, suggesting they likely use similar principles for managing their own software releases.
Security-Focused: Given Spendflo's emphasis on security (as evidenced by their SOC 2 Type 1 and 2 certifications, ISO 27001 compliance, and GDPR adherence), it's probable that their release management process includes rigorous security testing and compliance checks.
Customer retains ownership of their data: Spendflo acknowledges that customers own the rights to the Customer Data they provide.
License to use data: Customers grant Spendflo a royalty-free license to use Customer Data solely for providing, supporting, maintaining, and improving the Platform and Services.
Data retention period: After account termination, Spendflo retains Customer Data for 15 days, after which they reserve the right to delete it.
Access to data: Customers can access their data through the platform during the service period.
Flexible Pricing: Spendflo's pricing appears to be based on a percentage of the SaaS spend it manages for a customer, typically between 1-5% of the entire SaaS spend. This model suggests some inherent flexibility as the cost would scale with the customer's SaaS usage.
Annual Subscription: Spendflo generates revenue through a yearly subscription model, which is determined based on the SaaS expenses it manages for a company.
Savings Calculation: Spendflo has detailed methods for calculating savings in various scenarios, including upgrading and downgrading of software licenses. This suggests they are prepared to handle changes in organizational needs.
No Minimum Contract Length: There is no mention of a minimum contract length, which could indicate flexibility in scaling services up or down.
Auto-renewal: Spendflo contracts typically include an auto-renewal clause, which extends the original contract and billing without requiring re-approval.
Renewal period: The last 90-120 days of a contract are considered the critical period for renegotiation and renewal.
Notification: Not all companies send auto-renewal notification emails in advance, so customers may need to track renewal dates themselves.
Renegotiation window: The best time for negotiations is typically a quarter before the subscription expires.
Notice period: Most auto-renewal contracts come with a cancellation notice period between 30 and 90 days.
Cancellation method: Some vendors may have specific requirements for cancellation, such as not accepting cancellations over the phone and requiring an email.
Penalties: Breaking an agreement after automatic renewal could result in penalties, including cancellation fees or an early termination fee (ETF).
SOC 2 Type II Certification: Spendflo has achieved SOC 2 Type II compliance, which is the most robust level of SOC 2 certification. This demonstrates their commitment to securely managing customer data over a sustained period.
ISO 27001 Certification: Spendflo has obtained ISO 27001 certification, a globally recognized standard for information security management systems (ISMS). This validates their effective management of information security risks.
GDPR Compliance: Spendflo has implemented measures to comply with the General Data Protection Regulation (GDPR).
PCI DSS Compliance: While not explicitly stated for Spendflo, the company helps manage SaaS applications that handle credit card transactions, suggesting awareness of PCI DSS requirements.
