SaaS - The New Mode of Running Your Business with a Competitive Edge

A picture containing technology software

Software as a Service, better known as just 'Saas,' is an internet-based channel for accessing and using software and applications. SaaS is so popular because it matches its pace with the business lifestyle today - constantly on the go, always updated, and available for service 24x7. Statistics spell out that, on average, organizations across the globe have employed 110 SaaS applications in 2021 - and that's a lot.

The deep proliferation of SaaS in the everyday fabric of your life itself speaks volumes about the capabilities of these services. Businesses can gain a lot of flexibility by switching from on-premises data/software infrastructure to cloud-based SaaS. Squeezing high-quality productivity requires firms to provide their workforce with the latest, sharpest tools - which can be done with SaaS. Let's understand what Software as a Service is to measure its value for your business and how you can gain a competitive advantage by shifting your operations to the cloud.

The SaaS Concept

A Software as a Service model is like your typical email (like Gmail or Outlook):

  • You use the software through your web browser by logging into your dashboard on the vendor website.
  • They are housed on the servers of the service provider.
  • They provide you with modular services that you can customize as per your requirement.
  • They offload the service and maintenance responsibility from your organization to the vendor.

For example, you are a sales representative for your company and need to access a high-value customer profile to pitch your latest products to them while you travel on the bus. Your company would have you equipped with a CRM solution - a SaaS- to access consumer data anywhere, anytime, and successfully carry out your pitches. Here, your company is the SaaS client, and the CRM software is the SaaS component provided to your company by the SaaS vendor. You - the sales representative - are the user.

Quintessentially, the only real difference between owning the software and possessing it through SaaS is that SaaS is provided to you over the internet, and you aren't accountable for it. With that said, the pomp and hype that SaaS has created must mean value up for grabs with the introduction of this distinct difference.

Since the internet is the sole differentiator between SaaS and on-premises software does sharpen the competitive edge of a company, not just in one way. SaaS provides you with all the tools you need to improve efficiencies and economize operations across all departments of your company. Let's see how.

How Companies Can Leverage SaaS for a Competitive Advantage

Cloud-native organizations, and even companies that deploy SaaS and broader cloud applications, admit that they can speed up value delivery to the market by 20% to 40%, a McKinsey report said. In the fast-paced business world, speeding up processes by this magnitude alone would get you lightning-fast time-to-market and improved process efficiencies.

In addition, the cyber-first architecture of cloud-based services ensures a secure work environment online that eliminates any possibility of breaches, leaks, or data theft. A few more elemental advantages that SaaS gives a business over its competition are:

1. Quick Mobilization of Workforce

By its very nature, SaaS is accessible on any device that runs on the internet. Your company's employees need not be present on-premises to tackle organizational emergencies or urgencies; the SaaS component can be accessed through their mobile phones or home computers as well. Mobilize your workforce across geographies by sending a single message to get everyone online on the SaaS platform.

2. Modularity of Use

Your typical purchase-based software has a few drawbacks that set you back paces in competition:

  • Most enterprise-level software is expensive and has user-count limitations
  • It comes bundled with frills and packages that your business may not have any use for but still ends up paying for them
  • They occupy real estate on your machines and may cause a process slow-down when running

With SaaS, you get the benefit of cherry picking the functionalities you need. For example, if your company has no use for a full-fledged CRM, it can choose purely to opt for Sales Automation. Or if your financing institution already has a CRM but needs AI in financial services instead. Opting for SaaS saves a precious business investment that can be rerouted for competitive strategizing, business development activities, head-hunting, etc. Being able to "compose" your software and having it delivered in real-time on any screen truly adds muscle to your organization.

3. Side-Stepping Obsoletion

Access to the latest technology is imperative to make a mark in the competition and forge ahead with the newest, more efficient tools. As is the case with technology, the innovations and updates are rapid. The same concept applies to software in use today; frequent releases of new and improved versions have accelerated the obsoletion of purchased, on-premise products with the lack of post-purchase updates and support.

SaaS gives you access to the latest software and plugins, enabling the productivity of your workforce to soar freely. When your workforce works at its best potential, any competition can be handled.

How Digilytics' RevEL and RevUP can Help

Recognized by Forbes as one of the top 15 companies in AI solutions (in their respective sectors). Digilytics provides intelligent SaaS solutions as AI in financial services and applications in the automotive aftermarket.

1. RevEL for AI in Financial Services

Available as SaaS with a user-friendly, consumer-grade interface, RevEL:

  • Improves employee productivity and efficiency.
  • It is AI-based that combines the best of Computer Vision, Machine Learning, and NLP.
  • It is a plug-and-play, bolt-on solution that needs no modification on or replacement of existing software.
  • It can be utilized effectively for bulk document upload, loan origination processes, data validation and checking annotations, pending documents alerts, and much more.

2. RevUP for Automotive Aftermarket

When a new vehicle hits the road, the automotive aftermarket begins. RevUP helps your company manage the growth of revenue with its AI-enabled, minimum-investment solution. RevUP:

  • Provides sales teams with data-based insights to focus sales and marketing efforts to drive revenue growth.
  • Streamlines the handling of SKUs and retailer information.
  • It is a pay-as-you-profit model.
  • It is equipped with an inbuilt chatbot to address queries.

Digilytics is a known name in the AI-based SaaS niche, focusing on AI in financial services and automotive aftermarket niches. RevEL and RevUP transform how these industries function by drastically improving process efficiencies, boosting productivity, and providing insights that drive sales and revenue.