As you’re evaluating ERP systems, you’ve probably realized the importance of cloud connectivity.
However, do you know which ERP vendors are at the forefront of cloud and SaaS technology? Which ones have already embraced emerging trends, and which are in the best position to embrace future trends?
The only way to know is to understand what these SaaS technology trends are to begin with. Then, you can determine which of your potential vendors are embracing the trends that matter most to your business. Today, we’re taking a look at the top trends you need to know.
Top Saas Technology Trends
Greater Demand for Collaboration Software
Remote work might have been born out of necessity during the worldwide COVID-19 pandemic, but it’s here to stay. As of September 2022, 18% of all global companies had gone fully remote — an increase of 91% over the last 10 years.
Now, most U.S. workers have the option to work from home at least a few days each week, if not all week. Increasingly, organizations are realizing that online messaging systems and emails alone aren’t enough to keep everyone on the same page. In response, they’re turning to ERP consulting services like Panorama, for help choosing collaboration software, which help remote teams work together more effectively.
The 2023 ERP Report
92% of respondents said they deployed or plan to deploy business intelligence at their organization. For the full story, download our report.
A Rise in Different Cloud Computing Models
In 2023 and beyond, we can expect a shift away from a one-size-fits-all version of the cloud. Today, companies are reviewing all their solutions and choosing one that makes the most sense for their business. This means exploring the full suite of options, including:
• Software-as-a-Service (SaaS)
• Platform-as-a-Sevice (PaaS)
• Infrastructure-as-a-Service (IaaS)
Each option has its pros and cons to consider.
For instance, while SaaS offers companies complete, immediate service, its out-of-the-box features are often limited in scope. For businesses seeking more customization, PaaS can be more appealing. With PaaS, they can build custom applications that live and operate on the cloud.
Tech-Savvy Martech Offerings
Martech is specialized software that marketers use to optimize their campaigns and reach their goals. While it can be effective, it’s often synonymous with old-school advertising and outreach.
Today, it isn’t enough to have compelling and visually dynamic product demos. Modern customers value different factors over appearances alone. For instance, one of their chief concerns is transparency. This is where new Martech startups are coming in.
These ERP systems focus less on selling and more on showing. Their pricing is clear and transparent, and their features are more accessible to all users. Instead of a demo, users get free trials, and the entire process is more straightforward.
Artificial Intelligence on the Rise
Artificial intelligence (AI) continues to take the world by storm, and this includes the SaaS industry. While its benefits are far-reaching, one of the biggest advantages it provides to companies is the ability to hyper-personalize the customer experience.
Whether a business is set up as a B2B, B2C, or DTC model, customization and personalization are key. Consumers want to know that they matter to a brand, and AI helps brands meet that need. Not only can account managers use AI to quickly access buyer data, but they can also harness these insights to provide other perks, including:
• Higher-quality support services (e.g. chatbots)
• Faster security breach identification
• Easier code reviews
• More accurate, dynamic pricing
This year and beyond, we can expect to see a major uptick in SaaS solutions that are integrated with AI features and technology.
An Increase in Vertical SaaS
A vertical SaaS solution is one created specifically for a certain industry, such as the retail or insurance sector. This year, more vertical SaaS apps are emerging, designed to cater to a very targeted audience.
Much more economical than building software from scratch, SaaS makes customized software solutions accessible for smaller companies.
For instance, if you need an accounting solution for your saltwater pool business, you could hire a big-name vendor to develop a custom product for you. Yet, this investment could set you back thousands of dollars. With a SaaS solution, you can receive the same product but only pay a fraction of the price.
Unprecedented Growth of Machine Learning
Machine learning (ML) is a subset of AI. In short, it focuses on a machine’s capability to learn and process data. As we move into 2023, we can expect to see a greater number of SaaS platforms with built-in ML features.
This will enable them to provide a greater number of services, including:
• The ability to learn about each customer’s preferences and habits
• Easier internal communication and collaboration
• Improved customer engagement
• The ability to organize vast amounts of contextual data for decision-making and market positioning
Put simply, ML allows SaaS systems to improve themselves over time. In turn, this leads to more efficient operations. As ML becomes a key part of AI-assisted SaaS, we expect that companies will want to harness greater control over their ML software.
If this occurs, ML may transform into Machine Learning as a Service, or MLasS. Early adopting providers are already using MLaaS to perform many different functions, including:
• Data preprocessing
• Data visualization
• Natural language processing (NLP)
• Facial recognition
• Predictive/preventative analytics
While the results are leveraged in-house, the actual computation takes place at the MLaaS provider’s off-site data center. This helps ensure accuracy and eliminates bias.
Leverage These Top SaaS Technology Trends
The SaaS space is rapidly changing. Can your organization keep up? If you’re still relying on outdated tech to power your business, it’s time to check out these SaaS technology trends.
As you research possible solutions, we’re here to help you make an informed decision. A SaaS platform can play a major role in your company’s greater digital transformation, but it’s important to take the right approach.
Contact our independent ERP consultants below for a free consultation and learn how we can help you get started!