At Lookout, managing a large portfolio of software suppliers is part of daily life. With hundreds of suppliers and more than 50 renewals or new intake requests underway at any given time, the procurement team is continually balancing priorities to ensure efficient and strategic decision-making.
One renewal that came up recently was for a security scanning tool—a contract Lookout had renewed consistently over the years, with prices rising slightly each time. Lookout wasn’t comfortable with this year’s renewal quote though. The team had a feeling there might be potential to optimize, but with only two months until renewal they had no time to waste - many hours of deep research would be needed to find a suitable alternative.
That’s when the team turned to Teem’s software sourcing platform. Within minutes, Teem identified eight suppliers capable of meeting Lookout’s specific business needs. Teem also provided a tailored questionnaire for the suppliers, streamlining the process of collecting detailed responses from each of them.
Armed with these insights, Lookout’s team evaluated the responses and selected three suppliers to proceed with demos. After careful review, they decided to migrate to a new supplier that not only met all their requirements but also came with a contract over $100K less than their current one.
This outcome showed the impact of timely and thorough research. Teem’s support in surfacing viable alternatives allowed Lookout to make a data-driven choice and capture a significant savings opportunity—reinforcing the value of exploring fresh options, even when renewal timeframes are tight.
About Lookout
Lookout, Inc. is the data-centric cloud security company that uses a defense-in-depth strategy to address the different stages of a modern cybersecurity attack. Data is at the core of every organization, and our approach to cybersecurity is designed to protect that data within today’s evolving threat landscape no matter where or how it moves. People — and human behavior — are central to the challenge of protecting data, which is why organizations need total visibility into threats in real time. The Lookout Cloud Security Platform is purpose-built to stop modern breaches as swiftly as they unfold, from the first phishing text to the final cloud data extraction. We are trusted by enterprises and government agencies of all sizes to protect the sensitive data they care about most, enabling them to work and connect freely and securely. Headquartered in Boston, Lookout has offices in Amsterdam, London, Sydney, Tokyo, Toronto and Washington, D.C.