Software as a service (SaaS) solutions are one of the fastest-growing segments in the technology industry, which comes as no surprise given the amazing benefits that some of these forward-thinking businesses provide to their clients. For the most part, SaaS companies are typically subscription-based and are centrally located on remote cloud networks. As a result, they are quickly becoming the go-to for thousands of organizations around the world since they offer unparalleled flexibility and affordability when compared to traditional/legacy systems.
Thanks to these solutions, even small to medium-sized businesses can leverage the immense power of the cloud to help improve efficiency and boost productivity across a broad spectrum of business operations, which is something that was typically only afforded to large multinational corporations who had the capacity to deploy expensive servers on their premises.
Of course, it’s worth pointing out that the global pandemic contributed significantly to the rise of SaaS companies, as millions of employees were forced to work from home where they had little choice but to rely on the cloud to keep their business operations running. With all of this in mind, the global SaaS market is anticipated to reach $ 145.5 billion by the end of 2021, with a further 17% increase expected in 2022. However, if you’re thinking about taking a stab at this juicy new market, just be warned that the SaaS industry is not an easy nut to crack. The level of competition is increasing exponentially with each passing year, and unfortunately, an estimated 92% of SaaS start-ups shut down their operations within three years. On that note, let’s take a look at some of the companies that have managed to defy the odds by developing category-defining solutions that deliver immense value to their users.
Salesforce – CRM Software
Salesforce is one of the world’s biggest SaaS companies with a market cap of over $ 285 billion. The California-based company offers a CRM (customer relationship management) platform designed to help marketing, sales, commerce, service, and IT teams work as one from anywhere in the world. As you might expect, Salesforce has seen the demand for their service skyrocket over the past years, partly due to the rise of remote working but also due to the huge uptick in global eCommerce sales.
Salesforce focuses on providing companies with the tools and resources to engage customers with highly relevant and empathetic marketing campaigns optimized for conversions. They also allow businesses to sell smarter through AI-driven insights that enable sales teams to track their customers better using powerful data analytics and highly targeted core value propositions.
Walnut – Sales Experience Platform
Walnut is a first-of-its-kind, codeless, sales experience platform designed to help customer-facing teams boost conversions and deliver highly optimized product demonstrations. Since their platform is hosted on the cloud, companies can deliver product/sales demonstrations in an encapsulated environment, which drastically reduces the chances of technical glitches and failures, which can significantly reduce the chances of making a sale.
Furthermore, one of the most noteworthy features of Walnut’s platform is that it returns complete creative control to the people who need it the most: sales teams. Since the platform is codeless, sales teams are no longer reliant on back-end departments for demo creation, such as graphic design, IT, and R&D. This allows them to produce highly personalized demos for each customer they encounter, as each product demo may be tailored to the client’s specific needs and unique use cases.
Furthermore, as prospects interact with the demo, Walnut captures valuable information that sales teams can analyze and gain insights from, such as where prospects clicked and which features are most relevant to them, which drastically assist sales teams in overcoming objections.
Workday – Human Capital Management
Workday is a cloud-based software suite for corporate resource planning, human capital management, and financial management. The California-based company offers a diverse set of capabilities utilized by many types of businesses, including small, medium, and large enterprises, covering management, recruitment, development, and human resource optimization solutions.
Workday’s SaaS recruitment service empowers organizations with the ability to discover, share, engage, and select the finest internal and external applicants for their company. Using Workday’s service, companies can integrate the whole recruitment process into a single platform, allowing for transparency and cooperation throughout the entire hiring team. Managers can also utilize real-time data to assess what roles are open and what sorts of applicants they need and then build recruitment tactics based on that information.
Additionally, Workday’s suite of software also provides a range of people management services to assist businesses in getting the most out of their present human resources, including goal management, performance management, succession planning, and career and development planning, all of which help to improve business efficiency and foster growth.
Square – Digital Payments
Square, headquartered in San Francisco, California, is an American financial service and digital payments company. Twitter CEO Jack Dorsey founded the company back in 2009, and it has since gone on to revolutionize the digital payment sector, pulling in annual revenue of around $ 10 billion in 2020.
For those of you that are unaware, Square is a credit card processing software that allows businesses to accept credit card payments without the need for a cash register. Unlike some of its competitors, such as PayPal and Stripe, Square is focused primarily on in-person transactions. The software enables retailers to process mobile credit card payments through a plastic dongle that can be plugged into the port of a smartphone, tablet, or computer, thereby turning everyday electrical devices into modern cash registers. Square also provides companies with various sophisticated tools to help them flourish, including features such as real-time analytics, invoicing and eCommerce capabilities, inventory management, and straightforward integrations with some of the most popular business apps.
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