According to research, there are around 1500 software as a service, SaaS, companies in the U.S. These companies serve approximately 14 billion customers globally. Their work is usually to host applications and make them available to their customers over the internet. The hosted applications generally sit on the server of these companies. The customers of such companies are usually able to access these applications remotely. Below are more details on the duties of SaaS companies.
The Work of a SaaS Company
SaaS companies usually maintain software, databases, and servers in which different applications are stored. The software and servers allow people to access the stored information remotely. You can access the stored application from any device using a web browser.
To access these applications, you will need to pay a certain fee. The amount of money that you will give as fees will depend on the amount of stored data and the number of people who need to access the applications. The technical support level required when accessing the stored data will also determine the amount of money you will pay to a SaaS company.
The Business Functions that SaaS Companies Handle
SaaS companies usually handle different business functions. For instance, these companies help business owners to track sales and manage customer information. These companies can do this with the help of customer resource management (CRM) applications. This can be utilized across many different industries. A notable example is the use of SaaS companies for venture capital firms via a private equity CRM platform.
SaaS companies also offer accounting services with the use of SaaS accounting software. The SaaS company usually hosts the software instead of being installed in the customers’ computers. As a customer, you can access this software through your mobile device or personal computer. Below are other business functions that SaaS companies handle.
Project Management
Projects are usually endeavors that are designed to produce unique products or services. These endeavors are generally constrained by staffing, funding, and time. That is why people value project management. Project management involves managing projects to achieve project goals within the given time. The main reason why people wish to manage projects effectively is to comply with the client’s objectives.
A SaaS company can help you manage your organizational projects. Such a company will use project management software to help you manage the projects. The software usually has many capabilities, including bug tracking, budget and cost tracking, customer management, and task management.
When you let a SaaS company help you manage your projects, you will experience many benefits that you would have otherwise not experienced if you used on-premise project management tools. For instance, with the help of the software offered by a SaaS company, you will eliminate most of the barriers to team collaboration since all the team members will be able to contribute to the project regardless of their location. A SaaS company will also help you save a lot of money since SaaS companies usually offer project management services at affordable prices. Also, when working with such a company, you will not have to worry about the costs associated with software upgrades and maintenance since SaaS companies usually take care of that.
Analyzing and Securing Company’s Data
Company data include employee records, loyalty schemes, transactions, and customer records. Such data needs to be protected against cyber attacks since third parties can use it for fraud. When you work with a SaaS company, you will not have to worry about the security of this data since the company will handle that. The company will use different practices to protect the stored data.
One of the practices that the SaaS company will use is data encryption, which offers protection to both the stored data and the data in transit. You can provide more security to the data by applying your own encryption. Other practices that can be implemented include monitoring the sharing of data and using data loss prevention software.
Final Thoughts
SaaS companies usually host applications that belong to different businesses. For you to access these applications, you will need to pay a certain fee. The amount of money that you will pay will be determined by the amount of the stored data and the number of people who need to access the data.
Read more: Getting Started with the Trial Version Of SAP S/4 HANA Cloud
