Software as a Service (SaaS) has become the dominant model for cloud computing. The idea behind SaaS is simple: instead of buying expensive software licenses, companies pay only for the services they use. This approach makes SaaS a cost-effective way to deliver applications and data storage.
India is home to some of the largest SaaS start-up ecosystems in the world. In fact, according to Gartner, India ranks third globally in terms of number of SaaS vendors. Yet, despite its size, India lags behind other countries in terms of adoption rates.
While SaaS is becoming ubiquitous across industries, Indian firms face unique challenges in adopting it. These include regulatory hurdles, lack of skilled talent, and high costs. Kartik Sharma, founder of SaaSLaunchpad which is 360 Degree SaaS Marketing Firm shares three steps to help SaaS Companies overcome these obstacles.
1. Develop a clear strategy
The first step towards successful SaaS implementation is having a clearly defined business case. For instance, if you want to sell your product or service through a SaaS platform, you need to know how many customers you can expect to acquire and what their lifetime value would be. You also need to understand whether there’s enough demand for your offering to justify the investment required.
2. Hire the right people
To succeed with SaaS, you must hire the right people. A good team should consist of experts who can design and develop the solution, build the infrastructure, manage the operations, and provide support. If you don’t have such resources on board, then you may consider outsourcing this work.
3. Create a culture that supports innovation
To thrive in today’s competitive environment, businesses need to innovate constantly. That means being open to new ideas and embracing change. However, not all organizations are able to do so. They often resist change because it requires them to make significant investments in time and money.
To avoid falling into this trap, create a culture that encourages experimentation and fosters creativity. Some ways to achieve this include providing opportunities for employees to learn from each other, encouraging collaboration between teams, and giving everyone the freedom to try out different approaches.
In addition to these three steps, here are four more things you can do to boost your chances of success:
• Partner with industry leaders
• Build strong partnerships with technology providers
• Use analytics to improve your business
• Make sure your offerings are relevant.
Kartik ventured into SaaS space unexpectedly in 2019 while building StoreMockups – a ASO platform for app companies to increase their conversions and hack user growth. He believes 2022 will be a game-changing year for SaaS companies and the SaaS space as a whole will see explosive growth over next 5 years. This will coincide with a substantial increase in SaaS Vendors and growing demand for cloud based infrastructure.