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Why SaaS Companies Have a Better Chance of Thriving During the COVID-19 Crisis?

COVID-19 has upturned the world. Business leaders who formerly did not agree to the idea of working from home are now touting the benefits of doing so and focusing on increasing remote work efficiency. With the COVID-19 pandemic came uncertainty. Any assumptions concerning standard operating procedures are now invalid. From a business standpoint, the COVID-19 epidemic has impacted every industry and area of business, with the consequences still evolving. There is a piece of technology that is assisting firms in continuing to operate without interruption. It is supporting businesses in not only surviving but also thriving during the crisis.

Many people thought of business agility before COVID-19 as a reaction to new competitors in the industry or a single incidence, such as a severe weather disaster affecting production capacities in an area but the past year changed the entire meaning of being agile.

Businesses that provide software as a service (SaaS) are in an unequalled situation. Many software firms have risen to the top of the economic ladder thanks to effective crisis response and safety standards, as well as experience with and openness to remote working. This way SaaS trend-setters will likely define the future crisis response.

SaaS Provides Flexibility to Overcome Uncertainty

2021 is shaping up to be a wonderful year for most SaaS organizations, with agility at the forefront. Software as a Service (SaaS) is meant to provide clients with one of the most effective tools for dealing with uncertainty: flexibility. This involves deploying software from any location, scaling up or down based on demand, and gaining near-instant commercial value when turning it on or adding new features. Companies with this flexibility have a huge advantage when it comes to meeting new consumer expectations, adjusting staff work patterns, creating analytics that generates company insight, and rapidly evolving B2B interactions. The epidemic has highlighted the necessity of diversification. Booming industries vanished overnight, certain items became obsolete, and no geographic area was safe.

However, there is always opportunity in a crisis. Teleconferencing providers experienced unprecedented demand, and retail brands’ e-commerce solutions surged to keep up with the crowds of housebound online customers. The demand for exercise equipment was so high that suppliers couldn’t keep up with it. In an instant, consumer demand shifted. Multi-tenant SaaS solutions, innovative leadership, a steady income base, industry and distribution channels, as well as the technical framework to scale, were the best positioned to ride out the storm and enjoy the profits of newly established spaces created by the crisis. 

Many less experienced businesses, on the other hand, learned the painful lessons of rapidly scaling their solutions in a secure and adaptive manner to support the dramatic growth in demand. Failure to do so put SaaS companies’ brands in danger because they couldn’t immediately construct a safe cloud MDM environment.

Prioritizing digital transformation

The companies that were best prepared for the current crisis were those that had already begun or were going to begin, a digital transition. In fact, for certain businesses, the economic downturn may be the ideal time to close temporarily and deploy new technology before reopening. For others, the pause might mean more time spent researching solutions or tweaking current ones to better match the demands of the upcoming “new normal”.

This was an exciting sign for SaaS solution suppliers. As more industries adopt cloud-based MDM solutions and technology, managing multi-tenant SaaS applications at scale became the need of the hour and these companies found new markets for their products. Technology is currently evolving at a breakneck pace, and staying ahead of the curve will take some effort.

Tackling Data Protection

Since almost everything is now going digital, security is a major concern for everyone. The most significant multi-tenant SaaS best practice is the approach for preventing a data breach, which largely involves the use of various technologies for data security. Customers can manage their encryption keys in best-practice solutions, preventing cloud operations personnel from decrypting customer information. 

Cloud computing technologies are incredibly safe, and multi-tenant SaaS security companies have a lot to offer their customers in terms of operational efficiency, alignment, and accessibility. With the correct customer support, SaaS companies could address this disparity. Also, SaaS organizations could keep their clients’ data secure and preserve it for extended periods of time if they have the correct infrastructure in place.

SaaS Visualizations: Easiest Way to Automate Business Insights

In order to better understand data, organizations need data visualization and analytics. Graphics are tools for deducing meaning from numerical data. The most effective way to explain, analyze, and summarise a set of numbers is to look at pictures of numbers. One of the benefits of SaaS companies leveraging data visualization tools is that they can visualize as well as analyze data and share actionable insights with anybody in the organization.

COVID-19 to conclude, customers who are holding back on their spending are turned off by traditional enterprises that charge the whole cost of a product upfront. Subscription businesses, such as SaaS, on the other hand, offer more affordable access in the short term while also increasing customer loyalty over time as recurrent income funds product upgrades. Adding on, by using data visualization techniques, companies are identifying the latest business patterns, exploring business insights, and taking quick action that is beneficial for the business. As a result, SaaS companies are already well-positioned to weather the economic effects of a pandemic and play a key role in digital transformation initiatives.

IITSWEB
IITSWEBhttps://iitsweb.com
IITSWEB is the Chief Business Development Officer at IITSWEB, a Magento design and development company headquartered in Redwood City, California. He is a Member of the Magento Association and an Adobe Sales Accredited Magento Commerce professional. Jan is responsible for developing and leading the sales and digital marketing strategies of the company. He is passionate about ecommerce and Magento in particular — throughout the years his articles have been featured on Retail Dive, Hacker Noon, Chief Marketer, Mobile Marketer, TMCnet, and many others.
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