Did you know that the average desk worker uses 11 different applications in their day-to-day work?
Workers are regularly switching between apps to do their job, meaning scattered data, additional time added to their processes, new tools to learn, and significantly more room for error. Having multiple applications also makes it harder to integrate and utilize emerging technologies such as AI.
Secured finance businesses who find themselves falling into this trap should consider a digital transformation strategy to consolidate all the tools they need and streamline their processes. SaaS applications are the way forward, with everything you need in one place, especially when the application allows for third-party integrations into the one platform. These applications are often highly customizable to suit the needs of your business, so they are a great way to streamline your operations. The previous blog in the series can help you overcome the resistance to change when approaching a digital transformation strategy.
But, then comes the question:
To what level should I configure my SaaS application?
It can be very tempting to customize and configure a solution as far as it allows. After all, you want something to meet your specific business needs. But sometimes, this can result in a system that is overly complicated and more expensive than it needs to be for your business.
Avoid falling into the trap of seeing customization as the only way to digitally transform. Identifying your customers’ needs is crucial in a digital transformation project. Know what they need, and as a result, what you need in order to meet their requirements.
The beauty of SaaS technology is that configuration is not often needed to such a large degree. SaaS is built to suit the needs of the demographic they are targeting, so much of the functionality you need is already included. For example, Solifi understands the needs of businesses across the secured finance space, so we ensure that our solutions address the common pain points we have identified.
Overly complex systems can be challenging to use and you may find yourself not needing all the functionality anyway. If your customers are fairly standardized in their needs, you will benefit from an SaaS application with out-of-the-box functionality, which comes with the added benefit of quick deployment. What’s important to consider is make sure to choose a SaaS application that can scale up with you, and has long term strategy in mind, so that it can enable you to futureproof your business.
Can I still benefit from configurations?
Configurations are an important part of SaaS solutions, however, and many businesses can seriously benefit from it to some degree. Every business works differently, even if you share a common goal, so configurability allows you to continue working in a way that suits your business.
Futureproofing your business also becomes a lot easier with configurations; while you can scale up your solutions without major configurations, the larger your business becomes, the more you can benefit from them. With SaaS applications that include API’s, you can also ensure your specific business needs are met on one platform. Integrations can be a great way to maintain a competitive advantage, making the customer journey seamless. For example, a DocuSign integration makes customer data easier to process, as it is all contained within their account.
Overall, configurations are a great way to ensure your business needs are met, but you don’t need to add every configuration and integration that is available to your platform in order to have a solution that suits you.
Solifi Equipment Finance Go offers out-of-the-box, standardized functionality to support your business. This means you can hit the ground running, with easy-to-install software that meets your needs from day 1.
Want to discover how to choose the best SaaS solution for your business? Read the next blog in the series.
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