How SaaS can dominate industries in 2021 and beyond
Software as a service or SaaS is increasingly becoming a term of everyday use in business. This is more so with recent events pushing for most B2C and B2B transactions to be done virtually with several button presses and with data security mechanisms applied more than ever. With the seamlessness it provides for businesses and consumers alike, it is estimated that by 2023, 86% of companies will run purely on SaaS.
On or off of the business context, we aren’t new to reaping the benefits of software as services, of email services like that of Yahoo and Gmail, for example. Another and one of the most popular is Netflix, a movie and show-streaming app. Google Apps, a SaaS used by individuals and businesses, features collaborative file sharing, email and calendar management, video conferences, online forms, and many more.
Regardless of the type, notice how unlike traditional software that requires you to buy a disc package from computer shops to install it on your PC and additional ones in the future had your license expired, SaaS provides more ease by making itself available online through a cloud provider.
The same is true for its updates, some of which may install automatically while some may require a fee to activate, not to mention it gives several options to pay. And, as it resides entirely in the cloud, it can be accessed from any device and may be used by multiple users at the same time.
Truly, SaaS isn’t only easy to use; they offer more advantages than running your business offline. Not only do they reduce costs involved in licensing and maintenance of both software and hardware, but they also prevent you from incurring overhead like printing costs and more indirect but still significant costs such as utilities and even warehousing. Free messaging and video conferencing solutions and third-party logistics providers cover these once very pricy activities. It reduces errors and mishandling of accounts, consequently scale businesses like never before.
The growth of SaaS demonstrates how one can do more with less. A business is genuinely efficient only through lean management of time and resources. And with people leaning more and more toward their smartphones to access the Internet that’s equivalent to 73% of the entire global population by 2025, how can businesses leverage the truth that SaaS is indeed the future of the industry? Here are just some rising SaaS trends this year to respond to the ever-changing needs of the market.
In contrast to horizontal ones, which are aimed at the general audience and under which earlier SaaS belongs, vertical SaaS is geared more toward assisting specific niches and industries. Because of its specialized features, vertical SaaS is gaining huge acclaim. Analytics software specifically for logistics is just one of the standard vertical SaaS that many businesses are maximizing these days.
The healthcare industry also especially are taking advantage of available software for some time now. This is truer in the course of the pandemic when hospitals are required to regularly and accurately report public health-related statistics while not neglecting business-related aspects. Overall, vertical SaaS incorporates analytical tools and scientific formulae in healthcare organizations to make better sense of consolidated real-time data.
Artificial intelligence integration
A.I is making waves across different industries, and SaaS is not exempt. With the help of smart machines, SaaS may be more equipped to gauge industry averages for key performance indicators (KPIs). By merging A.I and SaaS, businesses can effectively compare how well they are faring with their competitors regarding production and delivery quality, turnaround times, sales, and customer satisfaction.
Not only that, already applicable today is the active use of A.I for chatbots that automates not only client onboarding and feedback to complaints. A.I is also widely used for the ads that appear on your target market’s social media feed based on online searches. It helps manage returns through SAP or other ERP software seamlessly, involving the entire supply chain in resolving erroneous delivery.
As the name implies, white labelling involves the development of online business solutions that they then sell to another business for them to claim under their brand. Instead of starting from scratch, SaaS companies can customize this software. This is proven to reduce their costs as well as the time needed to market these solutions.
In 2021, white labelling is forecasted to grow even more with the trend of businesses tapping onto exclusive SaaS solutions providers with whom, like any other business partner, they wish to have lasting relationships. For this reason, SaaS companies are getting more challenged to meet the specific needs of their clients. Resorting to white-labelled options to better serve these clients results in increased trustworthiness and, thus, would scale their business.
Entering a new decade, bringing businesses online opens new opportunities as well as new issues. With that, SaaS solutions are here to stay. Shapeshift, according to the changing needs of both the sellers and the buyers, SaaS is ever worth investing in.