Software as a Service (SaaS) is becoming an increasingly profitable option for organizations seeking accessibility, functionality, and versatility in a demanding business environment.
SaaS platforms can help reduce time, money, and resource pressures for businesses in all industries. The software allows businesses to do what they do best and not worry about on-premises managed software solutions. Companies can run SaaS software solutions and web-based data analytics without having to install and run applications on their own computer systems and data centers. As such, the popularity of these incredible innovations grows every year.
With each passing year, the updates and innovations that bring forth SaaS is endless. Let’s explore some of these trends that can change the service in the business world.
Artificial intelligence technology is quickly becoming a standard device in the SaaS industry. Independent innovations empower organizations across industries to further customize products, services, or content. They also gain a deeper, data-driven understanding of their audience’s needs. The perfect storm of generating more revenue with less input means AI can help businesses become more efficient and smarter with fewer resources.
Modern software vendors have developed many AI-based features such as data alerts. When SaaS is combined with AI capabilities, it enables companies to get better added value from their data, automate and personalize services, improve security, and complement personal capabilities. Additionally, artificial intelligence can help improve personalization, speed, security, data intelligence, and integration to the SaaS platforms.
Horizontal SaaS focuses on customers across all sectors and industries, while Vertical SaaS is fully customizable and targets customers in specific industries and supply chains. Some examples are health analytics, retail analytics, or modern logistics analytics software. Companies looking to benefit from specialization will find Vertical SaaS a cost-effective, industry-specific option that allows them to customize customization of specific features. Some of its benefits are:
- Customer intelligence
- Predefined metrics and KPIs
- Business value
- Improved data governance
- New categories
- Better standards
Data as a Service (DaaS)
In the business world, data is a necessity rather than a choice. However, in-house data collection and storage have become inefficient and less secure. This is where Data-as-a-Service (DaaS) comes into the picture. Basically, DaaS is a term used to describe cloud-based software for data processing processes. It can denote data including collection, storage, integration, and analysis. By doing so, organizations can reduce the time it takes to make important strategic and operational decisions and increase the quality and reliability of their data in the process.
In addition, DaaS significantly reduces the time and cost of implementing data tools and processes across an organization, as cloud-based software is much easier to install than on-premises software.