The market's most intelligent discovery engine, fueled by the most spend data in the industry, delivers a single source of truth for enterprise IT leaders
INDIANAPOLIS, Aug. 13, 2024 /PRNewswire-PRWeb/ -- Zylo, the enterprise leader in SaaS Management, today announced the launch of Zylo Discover, the industry's first standalone SaaS discovery and inventory product. Using Zylo's AI-powered discovery engine and the largest SaaS spend dataset in the industry, Zylo Discover enables organizations to build a centralized, categorized, always-on SaaS system of record, a critical starting point for effective SaaS Management.
Zylo was recently named a Leader in the inaugural Gartner® Magic Quadrant™ for SaaS Management Platforms.
According to Gartner, "through 2027, organizations that fail to centrally manage SaaS life cycles will remain five times more susceptible to a cyber incident or data loss due to incomplete visibility into SaaS usage and configuration." Additionally, Gartner notes that "emerging governmental regulations focused on asset discovery, risk assessment, and disclosure require that many organizations maintain an accurate inventory of their application portfolio."
Zylo's research reinforces these findings by Gartner, highlighting the urgent need for centralized SaaS Management. With 83% of applications purchased outside of IT and companies underestimating their SaaS spend by an average of 304%, businesses are struggling to gain visibility and control over their software investments.
"The market has spoken, and we've listened. Organizations need a clear starting point for SaaS Management, and Zylo Discover is a direct response to this need," said Eric Christopher, co-founder and CEO of Zylo. "An always-on, centralized, and categorized SaaS system of record is the critical first step, empowering a prescriptive roadmap for an effective SaaS Management strategy and enabling companies to reduce unnecessary costs and mitigate risk. A complete inventory is the only way to begin the SaaS Management journey, laying the foundation for everything that follows, from optimization to renewals."
Zylo Discover directly addresses the escalating need for comprehensive SaaS visibility and inventory management by providing enterprises with a comprehensive SaaS system of record. Fueled by a vast dataset accumulated from processing $2 trillion in business spend and analyzing $34 billion in SaaS spend, Zylo Discover continuously ingests financial transactions to uncover all apps within a business, regardless of how or by whom they were purchased. Its AI-powered matching models, which leverage the industry's largest library of over 22,000 applications, repeatedly identify and categorize all known and unknown applications. To ensure the highest level of accuracy, Zylo's team of data scientists rigorously review and verify identified applications as well. Each time data is ingested, the inventory is refreshed, giving enterprises a comprehensive and up-to-date view of their entire SaaS stack.
"Prior to Zylo, getting data on application types, licenses, and users was a manual process that would take hours, even days," said Trenton Cychol, VP of Digital Business at ModMed. "The data was often incomplete and inaccurate, and presenting it to executives with confidence was a challenge. With Zylo, we now have a centralized platform that provides accurate and timely data, giving us full confidence."
Now, this powerful capability is available as a standalone product. As the first and only platform on the market offering a dedicated SaaS discovery and inventory solution, Zylo reduces time to value, delivering immediate visibility into your SaaS stack.
With a complete and continuously updated system of record for their SaaS apps and spend, enterprises can:
- Maintain a centralized inventory of applications and owners
- Identify and eliminate redundant apps, reducing waste and saving money
- Optimize SaaS spend by uncovering purchasing inefficiencies, improving budget planning, and identifying savings opportunities
- Identify risky apps to ensure internal compliance standards are met, and a complete SSO strategy can be applied
- Identify all new SaaS purchases, including expensed apps (shadow IT), to ensure compliance and control unauthorized usage and spending
For more information, visit Zylo.com.
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GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally, and MAGIC QUADRANT is a registered trademark of Gartner, Inc. and/or its affiliates and are used herein with permission. All rights reserved.
Gartner, Magic Quadrant for SaaS Management Platforms, Tom Cipolla, Yolanda Harris, Jaswant Kalay, Dan Wilson, Ron Blair, Lina Al Dana, 22 July 2024.
About Zylo
Zylo is the enterprise leader in SaaS Management. Companies such as AbbVie, Adobe, Atlassian, Coupa, Intuit, Salesforce, and Yahoo leverage Zylo's AI-powered platform and unparalleled professional services to fuel centralized SaaS inventory, license optimization, and renewal management.
With more than 30 million SaaS licenses and $34 billion in SaaS spend under management, Zylo is fueled by more data than any other provider. Only Zylo's enterprise SaaS Management Platform delivers comprehensive and continuous visibility into your SaaS inventory alongside prescriptive insights and workflows that empower you to manage and optimize licenses and complex renewals. Alongside the platform, Zylo offers a suite of professional services to drive cost savings and avoidance through SaaS negotiations and manage your SaaS system of record with best-in-class strategy and execution to drive ROI and free up resources.
Having raised more than $72.5M to date, Zylo is backed by leading SaaS investors, including Bessemer Venture Partners, Menlo Ventures, Baird Capital's Venture Team, Spring Lake Equity Partners, High Alpha, GGV, Slack Fund, Salesforce Ventures, MassMutual Ventures and Coupa Ventures. To learn more, visit zylo.com.
Media Contact
Christina Wang, Zylo, 1 919-263-0962, [email protected]
SOURCE Zylo
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