How SAAS Is Revolutionalizing Business?Today

SaaS is one of the industries that is amazingly up in the middle of a global pandemic. This is happening because automation is good now especially with its lack of overhead cost. Given this, companies are then more able to focus on their customers as they adjust their business to the quarantine. Then, SaaS businesses are poised to grow especially with the 0% interest rates offered during the recession. This is because now software is essential instead of nice to have, and so businesses have become more digital.

During the quarantine, businesses are now scrambling to increase market share through direct to consumer digital. Digital has been where companies have been competing for customers even before, but now it is intensified. And so now, the businesses who will win are those who will give the best digital experience to their customers.

As for software companies, they will compete on the quality of their community on their platforms. Then software companies need to empower their creators in the platform to attract people. Also, the software has shifted from being tools to being fully automated as software interacts with fellow software. With this, software companies now charge based on transactions instead of charging a one-time.

Additionally now, it’s not about making software compatible with old versions anymore but making upgrades. This is because software companies now continuously fix their product and ensure that it’s well-updated. And so now also companies share a load of maintenance as IT support is shouldered by the software company.

From here, businesses are shifting to more analytical quantitative methods as the software lets them gather data. Marketing was brand-oriented then but now it’s more measured as companies are more focused on data from the software. Insights are then easier to obtain because of correlations that can be obtained from multiple variables. Because of this massive digital shift, it seems that there are not enough entrepreneurs in SaaS as the cost of entry is less. It is now the easiest it’s been to put up a startup as once there is a stable prototype for their insight, investors can easily buy these companies early.

Additionally, given that software can be integrated, software companies are more able to retain customers. So software companies need to be careful in choosing markets, building leadership teams, and then scale. With this, companies should always think about how they can scale everything they do. This is because they are bound to grow in this young industry and may have friction to scale they do now. Then once they’re scaled, executives need to form their management teams to handle the scale. But then, also, they need to identify their inefficiencies and make software to solve those for others. Also, they should look into anonymizing their customer data and sharing these for more insights.

Source: Eric Vishria