1. According to US-based VC firm Accel and Google, India currently accounts for 2.6 percent of the global SaaS by 2025, India is likely to become a $10 billion revenue industry in the next five years.
2. In 2017 a survey conducted by Cisco found, 83 percent of successful American businesses were planning a SaaS strategy and considering collaboration with a cloud service vendor.
Software + Product Development
With fast-paced development and innovation, small businesses have the chance to leverage the potential to unlock the most recent innovation to improve their organizational workflow. Adapting and utilizing the innovation at the right place can help to minimize operational costs while expanding business efficiency.
In the modern era, small size organizations are swinging to cloud-based programming to support their business and strategy for SaaS applications. The dependency on the IT framework to the cloud is consistently expanding.
Software as a Service (SaaS) is a model of software delivery that has progressed considerably over the past decade. Enterprises get an additional power to shift towards the new technology to minimize the high cumulative cost associated with buying traditional software licenses.
Businesses not only had to pay a large amount of money to acquire software licenses, but they also had to pay hefty maintenance fees which will put additional pressure on business finance. Every new set-up usually meant repeating the whole process all over again.
SaaS was introduced to maximize the growth of the business without owning any physical system which costs high. In modern times technology is updated every single day, there was a time when we bought CDs and DVDs but currently iTunes, Amazon Prime and many others have booked the space of entertainment. We have reached a situation where SaaS is no longer a big dream, which was previously used by only big corporations, presently it allows SMBs to take advantage of advanced technologies without paying exclusively high.
What Are The Benefits of Using SaaS?
There is no need to invest in high-cost hardware or software, which results in lower maintenance costs and zero licensing fees. Owning a physical system costs high and needs to be updated on time. On the other side, SaaS provides one of the advanced business structures where you need to pay as much as you use. Overall for business, it is a profitable solution. (Some providers charge on per second and some as per time you use)
Simple integration and functionality
Most systems are designed to simplify the process for the average Internet user. This means, for implementation and day-to-day operations, costly IT structure usually isn’t required.
Small businesses need not worry about system capacities, technical specifications, etc. – one size fits all. Allowing the provider to use their knowledge and experience results in having time-tested answers to create maximum results.
Improve Operational Efficiencies
Since SaaS apps are accessible from anywhere, they improve operational efficiencies by seamlessly assimilating with business workflows. This helps streamline operations and boosts productivity. For example, instead of manually creating, printing, and sending invoices, accountants can now carry out the same tasks in just a few additional clicks.
Influence Existing Data
Data is the king when it comes to acquiring or retaining new customers. Data analytics allows small businesses to stay ahead of the turn by anticipating customer expectations and tracking trends. However, SMBs need to reach a point about their digital transformation objectives before building a digital strategy.
What Is The Most Common Impact of SaaS Integration?
Keeping Challenges Abreast
Accomplishing SaaS for business development to scale organizational tasks while keeping the additional IT cost down, with extra assets and stock administration challenges least.
Streamlined Revenue Flow
The regular income flow is the soul of any business. Be that as it may, on account of a start-up, a consistent income stream is crucial. Anything which bounds the free-flow of income, especially in the underlying long stretches of the business, can be heartbreaking.
The cloud-based SaaS model generally comes with a lesser cost which can be managed conveniently and unsurprisingly. It will make a point to limit all the operational costs and give a chance to streamline the income stream.
You need not worry about any product or equipment establishment, refreshing organizations can begin straightaway. They have to link the administration and offer access to a suitable identity. From that point, the whole business method is kept running off the cloud. All the selected assets can get to the information and every one of the offices can be coordinated. The entrance is remote and can be accessed quickly from anyplace, at any time, and on any gadget.
What Are The Most Popular SaaS Solutions For SMBs?
SaaS accounting solutions help to execute SMBs plans and implement accounting activities more efficiently and accurately. Freshbooks are one of the easiest accounting solutions specially designed to keep the needs of small businesses in mind. It’s an AIO invoicing and accounting solution for small businesses and comes with powerful features that unleash to automate tasks, including invoicing, and time tracking.
Team members need to collaborate and work in the same direction to stay on top of things. Collaboration solutions allow team members with the tools they need to communicate, share documents, approvals, and work on the same page.
BI (Business Intelligence)
BI solutions make it possible for SMBs to produce actionable insights from their data. This helps them better understand customer expectations and how the business is performing practically. Solutions such as Sisense simplify business analytics and help small businesses innovate profoundly.
Marketing and Sales
Marketing solutions help small businesses expand their customer base through highly engaging & effective marketing campaigns. Different types of marketing solutions are available for fulfilling different objectives, most marketing solutions revolve around campaign management and include data collection, branding, lead nurturing, content distribution, and conversion tools. HubSpot offers full-stack Marketing, Sales, and CRM solutions that help SMBs grow and make their marketing and sales workflows better in the market.
SMBs as well as their customers thrive when they can access cloud-based technologies at an affordable price. This is also a reason why an increasing number of SMBs are turning to SaaS platforms to manage their operations more efficiently and meet the changing customer expectations.
A 2015 research study projected that around 80 percent of US SMBs would adopt cloud-based technologies by 2020, while more than 2/3rd of SMBs are already using advanced technologies for the back office work. The numbers represent that now is the best time for SMBs to start transforming themselves into data-driven businesses, and offer personalized customer experiences.