SaaS Spend Management is an official business term used to describe the process of managing and controlling the expenditure associated with Software-as-a-Service (SaaS) solutions. It is a comprehensive approach to controlling and optimizing the cost of SaaS services while ensuring that the services are used in the most efficient and effective manner. The process involves the identification of SaaS solutions that are most beneficial to the organization, the negotiation of contracts with SaaS providers, the monitoring of SaaS usage, and the optimization of SaaS spend. It also includes the development of policies and procedures to ensure that SaaS services are used in the most cost-effective manner and that the organization is getting the most value out of its SaaS investments. By taking a proactive approach to SaaS Spend Management, organizations can ensure that they are getting the most out of their SaaS investments while minimizing the risk of overspending.