As the last stretch of 2016 approaches, the age of ubiquitous technology also nears. Today most, if not all, businesses and organizations do the bulk of their operations electronically. With the adoption of electronic processes comes high price tags for the required software. Whether the software is processing transactions, executing licensed applications, or delivering professional services — the expenditures can be costly.
A solution? Software as a Service. Software as a Service (SaaS), is a software licensing model that allows developers to deliver, host and continually manage applications within the cloud – giving their users the ability to access these applications via the Internet. Coined as “On-Demand Software,” SaaS generally runs on a subscription-based model; making SaaS both cost-efficient and tailored to any company no matter the size.
So how does SaaS benefit finance professionals, and why should you be utilizing it? Behold 5 reasons why SaaS is well worth adopting:
1. Ease of use.
SaaS eliminates the requirement for organizations to install and execute applications on their own systems. This removes the hardware acquisition expense, setup and maintenance, in addition to software licensing, installation, and support. Not to mention most applications are automatically updated, which eliminates the need for tedious maintenance and upgrades.
2. Economically flexible.
Instead of buying software to install, or additional hardware to run it, consumers can subscribe to a SaaS product. Customers can pay for these products on a monthly basis, using a pay-as-you-go system. By transitioning costs to a consistent, recurring operating expenditure, businesses are better able to budget and stop services at any time.
3. Collaborative Nature.
Many SaaS applications are catching onto what made social media so successful: networking and sharing. SaaS applications offer intuitive ways to engage, such as the ability to share documents, make comments, draft ideas virtually or assign tasks – both privately and in a collaborative environment.
SaaS offers high scalability, which provides customers the option to integrate services or features on-demand.
Perhaps one of the biggest challenges of adopting SaaS in finance is getting organizations to change their misconceptions about cloud security. SaaS is secure, in fact, many industry experts are now saying cloud is safer than on-premise applications.
Whether you are looking to increase efficiency, stay on budget, minimize tedious tasks, increase security or a combination of it all, a SaaS solution is the right route for finance professionals.