SCS has closely monitored the booming digital industry and its reliance on SaaS solutions. We have studied and decoded thousands of SaaS investments, allowing us to get an in-depth understanding of the possible challenges and advantages this entails. Our observations provide us with insights on the shifts in SaaS investments, and how they can affect the wider business world. Here, we will delve deeper into five emerging trends and explain how these learnings can provide valuable insights for your business operations in the coming year.
Continued investment in sales and revenue-generating software
Investing in sales and revenue-generating software is a persistent trend that will be around for a while, especially in the case of Salesforce. Regardless of the term of the agreement, putting money into Salesforce is a much more profound investment than just a single year. You are in essence buying into applications, workflows, and connection tools that will remain in place for years to come, so make sure you are ready for a prolonged involvement.
Just because it’s popular, doesn’t mean it’s right
Although something may be popular, it does not mean it is the best choice for everybody. SaaS solutions may be trendy, yet they can often be costly and tricky to integrate and onboard. Furthermore, they may not always fit your particular needs. To be sure you get the perfect product for you, it is essential to speak with experts and look through the marketplace of alternatives. In this way, you can identify the product that works for you rather than choosing the most sought-after product on the market, which may not be appropriate for your organization.
Balance growing fast with staying secure
Growth and security should be seen as a package deal; when a software product is implemented in order to boost sales, one must simultaneously assess any safety concerns that may come about. To this end, each new SaaS product you integrate should be carefully evaluated and its security level should align with the standards set out by your company. This way, you can develop a secure space where your business can grow and expand steadily. Investing in IT security is just as important as investing in sales to secure a long-term and profitable future. When growth and security go hand in hand, you will set your company up for sustained success.
Pay attention to AI tools
The uptick in AI adoption is primarily due to existing products in your tech stack incorporating AI features. Furthermore, there’s a correlation between companies offering these features in 2023 and seeing an increase in their sales from 2022. SaaS is on the cusp of being empowered by AI – it’s an integral component that is no longer optional, but necessary. This transition may bring existing solutions to a halt and drastically alter how teams collaborate and complete tasks.
Inflation and volatility will impact buying
The amount of your budget for Software as a Service may be growing, but so are the costs of SaaS. Analyze whether the heightened expenditure is legitimate and think about possible alternatives that would be more economical. It’s critical to analyze the contract cost, the general expenditure for ownership, and any charges that are linked with shifting products. If the rise in price is sensible, you can negotiate with the supplier for a new agreement in order to obtain the best terms. Otherwise, research other SaaS products that are able to provide equivalent capabilities for a lower price. Taking a comprehensive and strategic method to dealing with SaaS expenses can ensure that wise decisions are made and the value of investments is maximized.
As the SaaS sector develops at an increasingly rapid rate, businesses looking to remain competitive and gain sustainable success must keep up with the most current trends. Working with SCS can give you the edge you need to take on the SaaS landscape with confidence. Schedule a FREE consultation with SCS, today!