Planning to Launch a SaaS Solution - These 4 Tips Will Guide You
Meta Description: Upon seeing the success of different SaaS applications, several businesses are seeking to develop in-house cloud-based software. Here are some tips that will help in this.
The changing customer demands, competitive market, and security breaches have forced businesses to go an extra mile. The unpredicted market trends in 2020 have taught us that the forecasts and surveys could be wrong, and nature can bring the unexpected.
Numerous businesses were set to positively disrupt the market in 2020, but the pandemic shut down everything. On the other hand, it has opened new doors for business operations as well. Digitization and virtualization have set new benchmarks for industry experts. The digital world can no longer be ignored, and transformation of existing technologies is required.
Out of the many options available today, one solution is to acquire third-party SaaS (Software as a Service). In many aspects, it is more beneficial than building an in-house solution.
SaaS - Discovering the Undiscovered
SaaS is a software delivery method where a cloud-based solution is used to provide services to businesses and end-users. It is a software developed by third-party organizations on cloud storage that provides services to the customers via the internet. The software services can be accessed anywhere through a mobile or PC connected to the internet. The conventional software does not allow access from places other than where they are installed. The SaaS application runs on the provider’s servers, where it manages the security and performance.
This can be better understood with an example of the Know Your Customer (KYC) process conducted by banks through SaaS.
Banks are legally obliged to perform identity checks on every new customer while opening their account. Conventionally, they used to perform the whole process (Know Your Customer) manually. With the change in customer behaviors and market trends, they started onboarding new customers via online platforms. Now customers can open bank accounts remotely without any visit to the office.
Banks have to develop a module that can authenticate documents, biometrics and extract data from paper images. This can be done through two options: develop an in-house solution or purchase a third-party SaaS. Most banks go for the latter option, i.e. they integrate KYC APIs (Application Program Interfaces) into their existing applications, either mobile or web. The B2B SaaS solutions come with a configurable option giving customization of UI/UX to the clients to add more convenience.
Models of SaaS
SaaS models are categorized into three types, as defined by NIST (National Institute of Standard Technology).
A single company having numerous customers uses this software. it is built exclusively on the needs and directions of that particular organization. There is no partnership of any other business, the client organization has all the right to use the software.
The solution can exist on or off-premises, in case of private application can be fully or partially owned, operated, managed by the client business. The partial ownership is between the client and host organization, they agree on the terms before signing the contract.
The SaaS application that can be accessed by the public, the infrastructure is developed keeping in view the massive usage and users’ data storage. Unlike the Private Cloud, it is managed and owned by a combination of private or public organizations. The management of the application is given to a group of stakeholders from all partner organizations, rather than a single entity. The public cloud software exists on-premises of the host.
The application is primarily developed on one type of infrastructure but can be upgraded into another when the demand is high. Application portability and data transfer are enabled by standardized technology.
To offer a more secure platform and enhanced user control, hybrid cloud SaaS couples SaaS with on-premises data storage. Hybrid SaaS is hosted by the service provider, the user logs in to the application and can access all the specified services. It includes a GUI (Graphical User Interface) and the functionality of transferring files. In most cases, the data is encrypted and adheres to privacy protocols.
Tips While Launching a SaaS Platform
Identify Your Clients and Budget
The first thing every business should do before launching a product is to make a budget draft. You should understand what the market needs and how your solution fits in it. If the market is not ready to pay for your services, you might struggle with your funds in the initial stage.
Analyze User Behavior
Your customers are the key to the success or failure of your product. You can learn many aspects by analyzing the user behavior for other products. If your product is new, you can enroll superusers as design and development partners that are commonly known as Beta Users. Their feedback would prove very helpful in aligning the product with market needs.
Give Customization or Give a Configurable Solution
To have universal customers of your product, customization is a must. The problem most businesses face while using third-party services is integration. The system should be configurable so that it can be synchronized into any other platform without much effort.
Keep the System Updated with all Major Advancements
The market doesn’t stop at any point, it keeps on evolving. Your application should not stop at any point, but upgrades as per the customers’ needs. The brand reputation would be better if you keep adding new features, but not unnecessarily.