Software-as-a-Service (SaaS) is not a new concept. Modern-day SaaS developed around the millennium, at the same time the internet became more accessible for the masses. These applications were more simple at the time, and ones which are used on a day-to-day basis now, such as email software. Originally, they faced many challenges, such as slow internet speeds and bandwidth. For some, this has painted a negative picture of SaaS solutions that stops many companies from starting their digital transformation.
Over the years, SaaS has become much more sophisticated. With the Cloud, deploying these services is simple, cost effective, and quick to implement. Secured finance businesses are now adopting SaaS solutions in droves as part of their digital transformation. Here are the frequently asked questions we hear at Solifi when looking at implementing a SaaS solution.
1 – What is SaaS?
Before we dive into the specifics, first you need an understanding of what SaaS is.
A SaaS application is one which is accessed over the internet using the Cloud. Rather than downloading and installing software, it’s hosted online, which gives both your business and the application itself a lot more flexibility. With SaaS, the provider manages all of the implementation maintenance and updates. You are most likely using a number of SaaS applications in your everyday life – from streaming sites, to video calling, to your design software.
Learn more about SaaS in our previous blog.
2 – Will we still have full control over our business?
One of the biggest worries we hear around SaaS is losing control over your business, with processes having to fit in with the technology rather than the other way round. In its infancy, SaaS offered less flexibility, as the applications were often much more simple, re-hosted versions of an on-premise software. This meant that businesses lacked the ability to mold it to their needs, and had less control over the final outcome.
Now, SaaS platforms are much more configurable, with the ability to scale up or scale down as required. With platforms such as Solifi Open Finance Platform, you can also take advantage of third-party integrations too, meaning you have a lot more configurability with a SaaS solution – not less.
3 – Is it more expensive to use a SaaS solution compared to on-premise?
SaaS products are a very cost-effective way to run your business operations. On-premise systems have high upfront costs, as well as requiring resources to fix and upgrade as needed. With SaaS software, there’s no need to install and maintain, as this is all done for you. With a set subscription fee, you can budget with ease – unlike an on-premise system, which may have more unpredictable costs if something goes wrong.
And, as previously mentioned, you can quickly scale up or scale down as needed, meaning you only ever pay for what you use. As a result, it’s a great option for businesses of all sizes, and especially for those looking to expand.
4 – How can I ensure my data is safe and ensure there’s no additional risk to my organization?
It may feel more safe to have an on-premise system so you have control over the security. But this is a very time-consuming job, and if you are not regularly updating and maintaining your software, you are leaving your business open to significant risks.
Consider economies of scale – as SaaS is used across multiple businesses, they can invest in much better security than what a single business can afford. SaaS providers will also ensure that your system is protected from any weak points and exploitation by always offering the latest software.
It is important to choose a SaaS provider that is transparent with its security. Solifi meets AICPA standards for SOC 1 and SOC 2 Type II, ensuring the safety of your sensitive data. Get in touch with us today to learn more about our SaaS solutions.
Digital Transformation 2024
Read part 1: SaaS frequently asked questions
Read part 2: Navigating changes in the digital secured finance landscape
Read part 3: Overcoming resistance to change
Read part 4: Keep it simple or completely customize?
Read part 5: How to pick the perfect SaaS solution
Read part 6: Defining success in your SaaS strategy
Read part 7: Best practices for continued success
Stay one step ahead in 2024 and beyond! Read our Digital Transformation for SaaS 2024 eBook