The global economy has changed, and with these changes comes the requirement for businesses to be able to pivot, shift to new advances, and implement technology and ideas to help them keep moving forward.
As the global economy undergoes significant changes, SaaS, a long-standing technology, has evolved to become a cornerstone of business success. Its role in maintaining the competitiveness of SMBs is more crucial than ever, serving as a key factor in preventing them from becoming mere statistics in the rapidly evolving global economy.
With the SaaS market projected to reach a staggering $819 billion by 2030, the increasing adoption of this technology clearly indicates the need for strategic decisions regarding your business’s software operations.
Some interesting SaaS statistics include;
- Companies with fewer than 50 employees use around 16 SaaS applications to run their business.
- Organisations with over 10,000 employees use around 447 apps on average.
- There are thought to be 30,800 SaaS companies globally.
- 11 of the top 20 SaaS performing companies are based in Europe
- Up to 70% of apps used within businesses are SaaS.
- The US has 54 million SaaS users, including repeat users.
With this in mind, understanding what SaaS can do for you or your business can empower you to make strategic software decisions, understand its capabilities, and anticipate what to expect moving forward. This sense of control and confidence is a key benefit of SaaS.
The shift towards utilising this type of software drives companies away from ownership and having to invest in building this type of service internally. It also delivers a more flexible model that can be easily tailored to each user’s needs for improved daily operations.
What Is SaaS?
So, what exactly is SaaS? It’s a cloud-based app that lets you access services and functionality without the need for downloads. You pay the provider a set cost for the software, then simply log in and use it for your business needs. The provider takes care of the software’s upkeep, making it a hassle-free and user-friendly solution that empowers you to manage your business effectively.
Try Before You Buy
Understanding the benefits of SaaS for small businesses is crucial. This is where the ‘try before you buy ‘concept, which allows you to experience the software’s functionality before making a purchase, comes into play. This convenience ensures you make informed decisions and feel reassured about your software choices.
One of the many benefits of using SaaS free trials is to help users get a feel for what the software is capable of and how it can operate within the company.
Not only does the customer benefit from this as they get to experience the service in real-time and see what they can get moving forward, but for the SaaS company, it can increase conversions as it removes the risk of a customer paying for something they don’t like or doesn’t work for them. For the customer, it’s a risk-free way to ensure they’re investing in the right solution. For the SaaS company, it’s an opportunity to showcase their product and potentially win a long-term customer. Studies have shown that businesses offering free trials have a 30% increase in conversions, too, so it’s a win-win all around!
Improved Accessibility
Gartner predicts that from 2023 onwards, around 40% of workers will curate their own apps and working experience. This personalisation of work necessitates accessibility and agility, both of which are essential for scaling businesses and improving productivity and output. Implementing SaaS within a company can quickly achieve this.
Access to apps and critical information anywhere at any time means you can get the data you need to improve productivity and accessibility across the board without any roadblocks or issues. This means you get a more seamless experience whenever people are working, be it in the office, remotely, or accessing software while travelling.
Lower Costs
As standard, implementing SaaS over designing your own software and operating it in-house can be extremely cost-effective. Not only can you bypass having to find the right developers and employ staff to maintain systems internally, but you can also get up and running faster, as the software is ready to be used instantly by simply logging in. This cost-effectiveness ensures you’re in control of your expenses and can allocate resources where they’re most needed.
This means you don’t need any upfront costs associated with the above; you simply need to purchase the subscription model, and you’re good to go. For SMBs, this financial freedom can be invaluable as you bypass the outlay associated with previously required licensing costs, hire IT professionals, and pay for things you don’t need. SaaS allows you to only pay for what you need and move aspects you don’t want or won’t use, further lowering costs and enabling you to pay for exactly what you need when you need it.
Improved Scalability
One of the main features of any good SaaS is that it can scale with you as you grow and develop over time. Scaling, in this context, refers to the ability to adjust your software usage according to your business needs. You no longer need to invest in upgrading systems; you simply change your package and change plans as you need to, with no advance or delays involved. This flexibility allows you to adapt your software usage to your business’s growth, ensuring you always have the right tools for the job.
With SaaS, when you need to scale, you don’t need to buy new equipment or software personally. The provider will have tools in place to allow you to do this quickly, often at the click of a button, and you’ll be set to grow.
Seamless Integration
SaaS is available in many different forms for a range of functions within your business, and they can all integrate seamlessly with your current setup for optimal results. As you grow and change, you can adapt what you use and how you use it with your existing tools for enhanced benefits. This seamless integration ensures you can automate multiple aspects of your business with confidence and reassurance.
SaaS can perform many different functions within companies, and the premise is the same: to prove cloud-based software, the functions of each app will vary greatly. From all-inclusive accounting SaaS to accounts payable software, HR SaaS, CRMs, cyber security, etc. Being confident that the different SaaS tools you use can work seamlessly will make your job easier and drastically increase your abilities and output.
Ongoing Updates
The company you are paying for the software provides continuous updates. This means that should any issues need to be addressed, they will roll out updates to keep the software working as it needs to and ensure its safety and security at all times. These ongoing updates provide a sense of security and confidence in the software’s reliability, ensuring you can focus on your business without worrying about software issues.
This has dual benefits; as the customer, you will benefit from the best service possible and get increased customer satisfaction due to your provider working towards delivering the best products possible. And for the company providing the software, they get to refine and adapt their product to make it the best it can be, which in turn makes it more enticing to new customers and boosts retention as they can meet the changing needs of their existing customer base and innovations within their own industry and the insurer they serve too.
User Friendly
As a general rule of thumb, SaaS products are designed to be extremely user-friendly. This means anyone can log into their account and get to work immediately, accessing the required details and implementing the software. There is no need for extensive or ongoing training past the initial training period, and it’s easier for everyone to acclimatise to.
All you need to do is log in, which cuts out the middleman and allows users to get right to work while the vendor handles all of the other aspects of maintenance, security upgrades, and so on. There is less for the user to do, allowing them to be more productive.
Improved Security
As touched upon in the above point, data security is taken care of by the vendor, meaning that as a small business, you do not need to worry about meeting compliance standards for data control, and you have robust measures already available to you as part of the SaaS package you subscribe to.
SaaS providers will invest heavily in security features to ensure that their offerings are safe for everyone to use and that any sensitive data is protected at all times. As a small business owner, this can give you peace of mind that you won’t be putting your clients’ or employees’ details at risk or flouting compliance laws, as this is taken care of within the software automatically.
As you can see, using SaaS within your company can bring many valuable benefits. Regardless of what type of software you want or need and how many you use, you can find many positive outcomes by finding the right tools to support your operations and elevate your abilities.
