Software as a service (SaaS) and other forms of cloud-based computing have forever changed the way business is conducted. From applications that streamline business processes to software that increases productivity through task automation, these tech solutions are helping both small and large businesses around the world deliver better, faster service.
The most recent projections show that the SaaS market is expected to grow from around $130 billion in 2021 to more than $716 billion by 2028. For smart business owners and entrepreneurs who are part of this rapidly growing trend, here are three features you should look for when investing in business tech software today.
With the massive growth in SaaS and the Internet of Things (IoT), cybercrime is likewise increasing. No one can be completely surprised when hackers take advantage because so many devices are connected to the internet, both in the office and in our homes.
When purchasing business tech software, one of your primary considerations should be security. While there are multiple benefits to using these solutions, if you’re not protecting customer data, you may be compromising sensitive personal and financial information. Growing your business also requires smart leadership and protecting your company’s reputation — now and in the future.
For example, e-signature solutions on the SaaS market from companies like Jsign provide timestamps and two-factor authentication to ensure important documents remain secure. If you’re considering these solutions, look for ones that offer blockchain stamping, along with a certificate of completion, IP, browser, device, and location of signers to ensure the authenticity of the signatures you receive.
Even post-pandemic, large remote workforces continue to reshape American economics and demographics. This means SaaS solutions need to be compatible across multiple operating systems and devices, especially if your company employs freelancers or independent contractors.
This is one of the many benefits of using cloud-based business tech software, but not all solutions are created equal. Whether you are researching project management solutions or automated marketing campaign generators, be sure they’re compatible with iOS, Windows, Chrome/Google, and Android-based devices.
3. High ROI
We all know how expensive a tech upgrade can be for businesses. If your operating budget is already strained, purchasing a lot of SaaS subscriptions and updated hardware can overwhelm your efforts to compete in today’s marketplace. The trick is to focus on investments that won’t break the bank and will offer a high return on investment.
For example, if a $10 monthly investment could save you or your employees five hours a week in labor, what kind of return does that look like for you? Or if an internet security suite that costs $100 a month saves your company millions in potential lawsuits from customers following a data breach, what does that look like when you do the numbers?
The Future of Productivity
When cloud-based services like Shopify, MailChimp, and Dropbox became part of our daily workflow, no one could have foreseen the massive success of these applications and the ones that would follow. As more businesses look for ways to tighten budgets and increase productivity, SaaS solutions will continue to gain popularity across multiple industries.
If you’re looking for ways to work smarter, SaaS is the solution. Many subscription-based services that could double or triple your profits are available at a low monthly cost, so don’t shy away from using them if they meet the requirements outlined above. You’ll be surprised how well some can pay for themselves many times over within a matter of months.