Innovations in SaaS
Latest innovations in SaaS solutions include low-code or no code development, which involves creating applications without coding expertise, democratising software development and empowering businesses to create solutions themselves. Another innovation is offering data analytics and visualisation tools that helps users make better decisions based on the data collected and analysed.
Cloud-native architecture, allows faster deployment and scaling of solutions, along with greater flexibility and resiliency. Additionally, there is artificial intelligence and machine learning which enhance the capabilities of products, providing greater insights into customer behaviour, streamlining workflows, and automating manual processes.
SaaS solutions have faster deployment and lower upfront costs compared to traditional software solutions, as they typically involve a subscription-based pricing model. Another merit is their scalability. SaaS solutions can be scaled according to business needs, making it more flexible. It also gives access to the latest features as these solutions are typically frequently updated.
“However, there are some short-term challenges as well. SaaS solutions may need to be integrated with existing systems. Also, customisation options are limited compared to on-premises solutions, which is a drawback for organisations that require customised solutions to suit their unique requirements,” says Walid Gomaa, CEO Omnix International.
CIO game plan
According to Omnix International’s Gomaa, CIOs can build cost efficiencies when negotiating medium to long term SaaS contracts by understanding and negotiating subscription pricing and evaluating bundling options. This aids in having better cost efficiencies when negotiating SaaS contracts.
They can also work with their teams to optimise usage of SaaS solutions to ensure that only necessary features and functionality are used. Further, CIOs should carefully review renewal terms and negotiate based on the solutions usage.