Cloud technology has been introduced in recent years, Software-as-a-Service (SaaS), has made important shifts in the technology world. SaaS technologies are on the rise and this year, we might just see many innovations we’ve never seen before.
SaaS technologies are expected to grow up to $884 billion by 2029. Overall, it has grown by around 500% in the past seven years. Let’s not forget about the number of innovations it has brought to business management as well.
Let’s not wait any further because in this article, we will dive deeper and learn more about SaaS technologies and how they’ll impact the business world in 2023.
Debugging SaaS myths
Before we go further into how SaaS technologies impacted the business world this year, let’s learn more about some SaaS myths you should avoid that are related to business technologies.
- SaaS tools are only used for one application: SaaS tools are definitely not limited to one application and even if you want to, you can build a SaaS dashboard tool or use SaaS technologies for email purposes and more.
- SaaS isn’t secure: Another myth. Businesses can secure all information by using cloud-based programs. Security isn’t a major issue with SaaS and is quite rare actually, so this myth easily falls.
- IT professionals are against SaaS: Again, this is entirely not true. IT professionals are pro-SaaS and not against it. SaaS helps IT professionals in many cases.
11 Ways SaaS technologies are impacting the business world in 2023
1. The travel industry
We all love to travel and the travel industry is changing because of SaaS. There are plenty of SaaS travel platforms that are used for expense management. Expensify is a popular expense management system that most people will usually use in the travel industry.
Getting the right expense management software solution is important; many will usually choose Expensify because they have either heard of it, or consider it as a standard choice. TravelPerk has managed to create a list of alternatives you choose to Expensify. TravelPerk’s list of alternatives to Expensify are the following:
Most users won’t know much about other expense management platforms except for Expensify and even though it’s an excellent platform to use, it might not be a perfect choice for everyone.
2. Global payrolls
SaaS technology has brought numerous innovations to payroll platforms, allowing people to pay each other in local currencies, aligning with local tax laws and making one-time payments at all times.
Global payrolls are used for centralizing a company’s payroll system around the world with one provider for standardizing data, streamlining the process, ensuring there’s global compliance and delivering payments across the world in one currency.
Each platform for global payroll differs. For example, Global Expansion allows you to manage multi-country payrolls with ease. It tracks if employees are getting paid on time, regardless of their location. Moreover, you get a team of experts who navigate country-specific payroll and tax compliance.
With global payrolls, you get crystal clear insights like reimbursements, bonuses and one-time payments. Overall, you run multi-country payrolls in as many places as you want.
3. Data security and privacy
Every B2B SaaS provider has access to two different types of data piles:
- One is with private information about clients
- The other is with application end users
SaaS vendors need to closely think about increasing investments in data security and data privacy areas for securing both individual and corporate personal data. Since companies want to seek out software vendors who guarantee the security of the customer’s data by making the right technological investments.
This all covers technologies that enhance privacy such as data center security, DevOps security, internal communication and more.
4. The rise of AI
AI is on the uprise in the SaaS world. The SaaS sector accounts for about 68% of the cloud market share. AI is excellent for helping you automate any repetitive tasks, improving customer service and personalizing the user experience. AI is excellent for automating repetitive tasks that include data entry, customer service and marketing.
When you automate these tasks, companies can start to free up time and resources, which lets them focus on more important tasks such as customer acquisition and product development. This year, AI is developing even further and we can expect it to be incorporated into products and services even more than before.
5. Cloud-native apps
Cloud-native apps are built especially for cloud environments and take advantage of cloud-based services, such as computing and storage. In 2023, more companies can adopt cloud-native applications for reducing costs and increasing flexibility and scalability.
Cloud-native apps are designed for taking advantage of the flexibility and scalability of cloud services, allowing companies to easily scale apps as they need to. Recent reports showed that 75% of companies are focusing on cloud-native apps this year.
6. API and SaaS deployment
API (Application Programming Interface) is a set of routines, protocols and tools that are used for building applications and software. It allows many different software systems to share and communicate data.
In a SaaS context, API makes deployment much faster by allowing SaaS providers to easily integrate software and systems on platforms. A SaaS provider will use an API to integrate their software with a customer’s existing system for instance, such as a CRM or ERP. It helps improve operational efficiency by eliminating the need for manual data entry and more.
7. Remote work
SaaS innovations have increased the chances of making it entirely possible to work remotely, especially after the beginning of the COVID-19 pandemic. In the past 12 years, remote work has increased by 159%.
In 2023, remote work is going to increase even more and we can expect even more companies to make a shift in their working schedules, which may either be hybrid or remote, focusing on important services and tools that allow employees to communicate and collaborate effectively.
Overall, remote work has become a must for many companies during the pandemic and 2023 seems to be another year that is going to invest in remote work tools and adopt remote work policies.
8. Deep localization
As businesses and countries catch up with evolving rules, new B2B markets for SaaS will keep on developing over time. SaaS providers should always be able to modify their products and services to meet the needs and requirements of markets if they want to establish a stronghold in several regions and develop a clientele in each of them worldwide.
In addition to supporting regional languages, localization of a product or service should take modifications into account regarding the product’s navigation, strategies, after-sales training and service delivery.
With the increasing amount of sensitive information and data that is stored in the cloud, cybersecurity is becoming much more important than it ever was. Recently, reports showed that around 33 billion records have been stolen, so cybersecurity is something big to consider.
Nevertheless, it’s becoming increasingly important since companies are storing important information in the cloud since cyber threats are on the rise each year.
Personalization is becoming highly important in the SaaS industry since many companies are using it to improve customer engagement and increase sales. In 2023, we can expect personalization to become even more important for creating personalized customer experiences.
Personalization involves using data to improve recommendations that fit your user behavior and preferences. Personalization includes using AI and machine learning for creating a personalized experience and communication. After all, it does feel good to visit a website and know they are ready to recommend all of what you need.
11. Low-code and no-code platforms
Who said you need to have lots of technical knowledge? SaaS has allowed many platforms to become increasingly popular, allowing users to use platforms that build and deploy software apps without needing to write any complex lines of code.
It’s highly beneficial for both medium-sized and small businesses that don’t have too much technical knowledge. Not only does it save time, but also addresses business needs much more quickly.
The final cutdown
These are the ways SaaS technology has changed the world and how it’s continuing to do so. The SaaS world has definitely made a shift in how we operate and is giving us lots of room for flexibility. Not only has it made it possible to use platforms without having too much technical knowledge, but SaaS has also changed the way we work, promoting remote work.
About The Author:
Tony Ademi is a freelance SEO content and copywriter. He has been in the writing industry for three years and has managed to write hundreds of SEO-optimized articles. Moreover, he has written articles that have ranked #1 on Google. Tony’s primary concern when writing an article is to do extensive research and ensure that the reader is engaged until the end.