SaaS stands for “software as a service.” SaaS is when a vendor hosts an application and makes it available to subscribers over the internet. Any company that sells software via a central, cloud-based system can be considered SaaS.
What are the benefits of SaaS?
The cost of implementation is not capital intensive. Some SaaS vendors offer premium options that unlock additional tools and reports. The cost will still not be as expensive as installing individual software on each of your business devices. Many offer a regular subscription, which becomes a predictable monthly cost. SaaS saves data on the Cloud, this will cut down costs on supplies like paper, physical storage, maintenance, and printing.
Most apps don’t need to be installed nor do they require high-end specifications. SaaS vendors work hard on trying to deliver a good user experience and therefore make their apps easier to use. To work, all that your business needs is a web browser and a stable Internet connection. Some solutions also include Mobile apps, which are installed by individual users on their mobile phones. Mobile apps are typically downloaded from app stores such as Google Play and Apple App Store. This makes a SaaS compatible across multiple devices.
Data and files are stored in a central database which can be securely accessed by users any time they need it. This removes costly data silos that slow functions and creates friction within your business. Users can work anywhere, anytime while they are connected to the Internet.
- Data Security is a priority
SaaS vendors constantly deploy security updates to protect customer data, which makes devices and systems safer to use. As a third-party company is operating and updating the app, you don’t have to run routine maintenance checks to ensure your information is secure.
Technology develops rapidly and this puts pressure on your team to keep up with industry demand. Fortunately, SaaS apps need to keep updated due to customer expectations, which keeps them compatible with the latest devices. You don’t have to take downtime to reinstall your own software.
Given that most SaaS apps don’t need to be installed, the speed of deployment is fast. Users can instantly use the system the moment you go online. There is no need for dedicated staff to monitor availability or conduct periodic maintenance of hardware.
SaaS apps undergo frequent updates to advance security and remove bugs. These updates make them more user-friendly, provide better features, and protect your data. SaaS vendors will often engage with their customers to uncover which new features will be most valued. Customers do not pay additional fees for feature enhancements.
SaaS vendors continue to invest heavily on incorporating market innovations such as artificial intelligence, machine learning, visual intelligence, and improved user experiences to enable their solutions to deliver more value. When you subscribe to their solutions, your business stands to automatically benefit from using this technology from day one.
For a relatively small cost, you can expand your data storage, increase your number of users, and gain access to premium features and tools. This gives you the option to grow your software as you continue to expand your business.
The widespread adoption of SaaS is undoubtedly a key driver of digital disruption across industries. Studies show that the global SaaS market is expected to reach a staggering USD 623 billion by 2023.
The biggest beneficiary of SaaS across every industrial sector is small and medium businesses. They get access to powerful tools that can enable them to compete with the best in the business without worrying about costs. With SaaS, they only need to pay for the resources they use, can scale up or down depending on business needs and enjoy hassle-free technology.
Previously, many IT departments were slow to adopt SaaS, preferring to use on-premises solutions, but this model may soon all but disappear. At a time when the current pandemic has put a massive strain on budgets and SaaS is becoming more powerful, user-friendly and affordable, many companies are going to be increasingly focused on growing SaaS as a part of their operating expenditures.