Software as a Service (SaaS) has come a long way since the early days of software. It has something to offer every business model. And with a projected global growth of $60.36 billion, at a CAGR of 9% from 2019 to 2023, the industry is stronger than ever.
The real question is where SaaS as an industry will go next.
Let’s take a closer look at the most influential factors in SaaS and how they can make your business even stronger.
Big Data
SaaS and Big Data are like peas in a pod–the two have grown side-by-side, to the benefit of consumers.
Businesses have more information on their customers than ever before. We generate a mind-boggling 2.5 quintillion bytes of data every single day, with businesses compiling significant amounts of data on their customers.
The question is how to process the data and how to build up the infrastructure necessary to handle the data. This is where SaaS comes in.
Many small and mid-size businesses need data and have the means to collect it, but they don’t have the means or resources to analyze and leverage it. Regardless of industry, whether in construction, flooring samples, oil and gas, or beyond, SaaS makes it possible to handle that data efficiently while still providing a solution that’s feasible for non-Fortune 500s.
Automation
This functionality comes in large part from automation and artificial intelligence, which allows businesses to aggregate and analyze data far more efficiently than ever before. There are many tools today, from healthcare utilization management to oil and gas, EHS, and ERP software, that help automate various workflow processes and more. Essentially, AI and automation allow businesses to remove vast quantities of manual tasks from human hands, allowing human creativity the time and space to handle customer-centric problems that require a human touch.
That said, AI and customer relations can go hand-in-hand, as in the case of chatbots. These simple little AIs respond to customer questions at any time, responding to and troubleshooting customer problems automatically. The best AI integration brings together chatbots and human customer service teams so that AI efficiency and human experience can work together.
Personalization
Both Big Data and AIs are driving toward the same goal: personalization.
These days, personalization isn’t just a nifty perk of the customer experience. It’s a necessity to build customer loyalty and capitalize on customer behavior, with 40% of consumers reporting that they purchased something more expensive than they planned because of a personalized customer experience. For businesses, that means increased revenue.
Personalization also brings order to SaaS services. Without some tailoring for the individual, customers are bombarded with options, many of them irrelevant to their interests.
Leveraging the SaaS Industry to Work for You
Here’s the good news: if you stay one step ahead of new developments in the SaaS industry, you’re uniquely poised to understand where the market is going and how your business can capitalize on trends.
For everything else SaaS (and the best experience in the industry) we’re here to help.
We know the unique challenges facing businesses in 2020. More than that, we know that, like your customers, you don’t need another one-size-fits-all solution–you need something that works for you. That’s why we build EHS software tailored to your program needs.
Want to find out more about how we can help your business thrive? Get in touch today to learn more.
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