November 2020 - DoyenThoughts

3 Reasons Why SaaS Will Dominate The Future

by Mukhil Maran | Nov 19, 2020 | Technical

Some Statistics before handpicks

According to a BCC study done in 2018, “the global software as a service (SaaS) market for business applications should total $94.9 billion by 2022 from $44.4 billion in 2017 at a compound annual growth rate (CAGR) of 16.4% from 2017 to 2022”.

Interestingly with no surprise, the recent study done by Gartner said, “Software as a service (SaaS) remains the largest market segment and is forecast to grow to $104.7 billion in 2020”.

The forecast ratio keeps increasing as the SaaS businesses are witnessing phenomenal growth amidst the pandemic. Or due to pandemic?! Maybe, yes.

The SaaS market is growing and we can definitely be sure of the fact that it is the future. Advent of cloud computing is treading the increasing demand of the sector and Gartner has estimated that the market will attain around 140 billion dollars by 2022.

Handpicks – 3 Reasons For The SaaS Business to become predominant in future.

Technology innovations can be more efficient when they are cloud dependent. And, to achieve that these cloud products and services need the internet connection to perform the activities.

4G and 5G. Internet.

The whole world is on the internet now. Then why don’t the businesses take that path? Advent of faster networks and connectivity is a major boon for the SaaS products to penetrate, proliferate and dominate the business environment. With internet connectivity around and a SaaS mobile application on the phone, not only we can like and comment on social media but also send out invoices to our customers (Accounting/billing mobile applications), record our customers’ data (CRM, Marketing mobile applications) , manage office projects (Project management applications) and many more.

With the internet’s omnipresent feature, the SaaS software and mobile applications can be fully potential with no barriers. Both tech and non tech companies can make use of these SaaS applications according to their business requirements. From an IT company to a dairy industry, from a supply chain company to a retailer shop, everyone who has the internet can do business functionalities using these SaaS applications.

This combination of internet connectivity and SaaS software will enrich the productivity, capacity of the businesses.

Now, having a smart phone in hand is working a smart business.

Collaboration and productivity.

The Covid19 pandemic has come as a testament to people’s adaptability to changes. There was not much necessity for us to invent (except for the vaccine) or discover something new to withstand the situation. Only thing we were required to do was adapt to the changes happening. Similarly, in business context, businesses didn’t have to worry much about the absence of any platform, feature to withstand the pandemic. They were and are required to just adapt to changes. From on-premise to cloud-software adoption. Because, they witnessed that their teams working remotely lacked collaboration and productivity as they can’t sit together to discuss and work together.

SaaS software tools have the capacity to engage all the employees and extract their full potential in working. This increased demand for collaboration and productivity boosts the demand for SaaS products and services in high lines. Just with the internet connectivity, anyone can access the software (which means they can access their work) from any part of the world. Companies from small to large have realized the fact. And so they are starting to adopt the cloud in every possible department/team of their businesses.

Usage of SaaS in business enables employees to work together despite not sitting together.

Integration.

The last reason but not the least. SaaS model is going to be predominant and prevalent in future owing to its capability to get integrated with each other. One software can be integrated with another to perform an activity or action.

Normally, the different departments in a company, using other software models, find it hard to bring the collaboration to the work context. The water-cooler conversations are for sharing random stuff and not for sharing business related things. With this integration benefit, businesses can enable the contextual connection between different departments in it. Teams can collaborate, get the software connected and do the workflows, and bring results to the table.

SaaS can bring harmony in your business processes and workflows as well.

Bonus Point – In addition to these aforesaid reasons, we would like to comment on the deciding factor. Yes, money. The SaaS software model doesn’t require the customers to invest in maintenance, software development and so on. Also, its subscription model enables them to own their investment. If they want they can subscribe to it and leverage. If not, they can cancel the subscription anytime.

Closing for now to opening a next topic later in this SaaS series

Having seen the three reasons for SaaS businesses to rule the industry in future, we will be covering what are the three important steps to follow to building a successful SaaS product. Stay close. Block your time then for us.

Why culture code is important for any company?

by rameshkumarramachandran | Nov 18, 2020 | General

Why culture code is important for any company? If you’re asking yourself that question, I’m sure you’re not alone.

You may hear these words thrown around a lot, but what do they really mean? And why does company need them?

Truth to be told, I strongly believe company culture has a significant impact on the success of any business. It creates a bonding with your employees and ensures that they travel along with company until the vision is achieved. And, job seekers should look at their culture code more than anything else before they decide to join the company.

What is company culture?

It is the sum of an organization’s ethics, attitudes, vision, mission and core values. Although it isn’t a tangible asset, it’s one of the most important things about your business. Every business has a unique culture and it helps to shape your company.

Think culture code like a employee handbook that explains your company’s culture. It could be in any form like e-copy, hard handbook or video. But, it should be well documented and clearly pass on the values across the company.

Why is it important?

Your employees should look forward to going to their job. It shouldn’t be a dreaded place. Your culture should help your employees to unburden any work related stress. Basically, it should infuse enthusiasm.

What are its benefits?

Without going into too much detail, here are a few benefits of culture code

It attracts talent. Though the code is important, the employees in your organization will talk about it outside the workplace. And, this itself will attract the applicants to work for you when they feel it is the match for them.

It sets the tone for your employees. By understanding core value, vision and mission the employees will know the direction of the company and what is expected out of them. They become brand ambassadors of your company while interacting with your customer.

Happy employees mean happy environment and more productivity. When company culture facilities happy environment there is improved collaboration, satisfied employee, increase in retention and growth in business.

A culture code ensure that companies stays on course to achieve their vision. It creates a bonding with your employees and that means loyalty to an organization.

Although we understand the importance of strong company culture, many business struggled to implement an effective culture within a workplace even before COVID-19.

So, how is your organization able to implement and maintain company culture when most of us are working from home during this COVID situation? Share your thoughts in the comments section

P.S For sample culture code check this link

Update

A few days back, hubspot released their culture code. Click this link