What’s the Fuss with SaaS?
When software as a service (SaaS) was first introduced, it ushered in a market that would explode in the following two decades. SaaS solutions allow customers to access an application or platform for organizational purposes and often use a subscription or pay-per-use basis. Major players such as Salesforce, ServiceNow, Microsoft, Google, and Cisco set the foundation for the market, paving the way for thousands of new SaaS providers, serving a rapidly growing base of business and individual customers. The accessibility and efficiency of SaaS helps businesses scale in an agile and cost-efficient manner, a key factor in its growing importance.
A Booming Market
Many businesses find SaaS solutions appealing because of their dependability, accessibility, and cost-effectiveness. Plus, costs are spread out over the time when value is received. Businesses can get applications up and running with minimal time spent on tedious startup and maintenance processes; using SaaS products that may offer a centralized platform that connects users across a company to a suite of cloud services. This is one of the many reasons for the success of the SaaS market which is projected to generate close to $123 billion in 2021 alone.
So why the sudden boom? In the beginning, IT departments were slow to adopt SaaS in favor of using on-premise solutions. But due to factors like Covid-19, which placed a strain on budgets, the advantages of SaaS as collaboration friendly, flexible, affordable, and user-friendly were magnified. Many businesses have made the shift to incorporating SaaS as a part of their operations. It’s important to note that SaaS products typically scale with business needs, and hence aren’t exclusive to enterprise-level customers.
SaaS solutions have also seen explosive success amongst the small and medium-sized business customer base, which rely on these software solutions to address a variety of business needs and functions. In fact, it is not rare to see these businesses enlisting the use of SaaS products for tasks like marketing management, lead generation, project management, analytics, customer support, and more. At a time when Covid-19 has put a massive strain on budgets, many companies are going to be increasingly focused on growing SaaS as a part of their operating expenditures instead of investing in cumbersome legacy systems.
Navigating With SaaS Management
What does all of this mean for consumers of SaaS products? For one thing, the burgeoning SaaS market provides them with a plethora of options. An increasingly competitive market will see SaaS vendors pushing to provide even more flexibility, robust onboarding services, extensive support, increased functionality, and optimize the overall user experience.
Although customers have access to better software adopting more SaaS products means managing SaaS plans, payments, and access – which can get overwhelming. Our data from over 4,800 businesses suggests that most customers don’t know how many SaaS products they’re paying for, and which team members are responsible for each subscription. Free trials often unintentionally roll over into paid plans, subscriptions are not canceled when employees leave, and in many cases, multiple team members subscribe to the same product when a team plan would be cheaper. Improper management of SaaS subscriptions negates the benefits of adopting such products. Commonly used methods of management are largely manual, such as maintaining a spreadsheet that has to be continually updated – a tedious task that adds more work without actually solving the management problem.
That is why with the rise of the SaaS market there is the expectation for a rise in SaaS management as an essential part of business operations. NachoNacho puts a primary focus on helping businesses manage all of their SaaS subscriptions with one intuitive platform. By issuing virtual credit cards per SaaS vendor, businesses can place charge limits on individual subscriptions, cancel or freeze subscriptions with one click, and track every transaction in a single, company-wide dashboard. Unlike other many general expense-management platforms, NachoNacho is singularly focused on SaaS management. The goal is to make purchasing and managing business SaaS subscriptions a transparent process that helps customers keep a firm grip on recurring software spending – making SaaS as simple, easy, and inexpensive as possible. You can find out more about NachoNacho’s SaaS management system, and get started with a NachoNacho account, here.