3 reasons Software as a Service (SaaS) can make you more profitable

This blog delves into the reasons why businesses are selecting the cloud and what impact such decisions have on their bottom line.

The adoption of cloud computing such as Software as a Service (SaaS) has dramatically increased over recent years. In fact, 90% of companies now use cloud computing technology according to a CompTIA report. 

Organisations with field workers reap some of the largest rewards from cloud-based software. The speed, scalability and collaborative nature of cloud technology closes the disconnection that naturally occurs between the office and the team in the field. This benefit is further confirmed by an IBM study in which three out of five leading organisations said cloud technology has made it easier to locate and leverage the expertise of their employees – an improvement which is particularly valuable for organisations with field-based skills.

These benefits are a good starting point, but purchasing decisions ultimately revolve around the return on investment. So what are the financial reasons to buy a SaaS solution?

Reason #1: Reduced capital expenditure
Software as a Service gives businesses the flexibility to achieve what they need without the burden of paying for and maintaining an on-premises solution. The cost of servers, storage, networking, hardware, software updates or security patches are significantly reduced.

Reason #2: Time is money
Cloud technology is faster to deploy because by its very nature it is designed to be that way. The speed of set-up is further enhanced because it is often easier, and therefore quicker, to integrate with existing systems. Organisations also have the added bonus of not having to upgrade or invest in additional IT infrastructure.

Reason #3: Sustainability
One of the greatest worries when purchasing a new software solution is whether it will still be relevant and add value in years to come. Cloud solutions tend to benefit from more regular updates than installed software and they also bring complete scalability. Businesses only pay for the number of users they have at any given time and are confident in the knowledge that their software will continually be maintained and updated to ensure it remains the cutting edge solution that was first invested in.

A more specific look at cloud software
The three benefits above can be associated with most SaaS products but if we take a more specific look at mobile workforce management software delivered in the cloud, the financial benefits continue.

The very nature of field service means there are countless moving parts which need to work in harmony. If any of these cogs fall out of sync, the revenue of that organisation is diminished because productivity and customer satisfaction cannot be maximised. SaaS mobile workforce management software overcomes these issues by enabling organisations to:

Optimise efficiency
Cloud-based field service management software brings increased mobility. With access to key information anywhere, on any device, everybody in the organisation can complete their job more efficiently. From the engineer having immediate access to all the data they need, such as a full service history; to the office staff being able to precisely schedule jobs, taking many factors into account at the same time; to the managers monitoring service delivery in real-time, highlighting cost savings and areas for improvement. Processes become slick, valuable resources are fully utilised and profitability is increased.

Generate revenue through service
Customers are becoming increasingly sophisticated in their service expectations. Immediate access to information and a more collaborative approach to service delivery allow field staff to exceed these advancing expectations. Although better customer service will undoubtedly attract new customers and thus boost revenue, a great deal of value lies in customer retention. This is highlighted by a Bain and Company study that found a 10% increase in customer retention levels result in a 30% increase in the value of the company. This is further backed up by a separate study which found that it is 6-7 times more costly to attract a new customer than it is to retain an existing customer. Both noteworthy stats which clearly highlight the importance of focusing on service delivery to improve profitability.

Make quicker, smarter decisions
SaaS service management software enables organisations to innovate faster. The software stores a vast quantity of data and through the in-built analytics solution the management team have immediate visibility of the information important to them. This insight feeds evidence-based strategic decisions that drive innovation and achieve competitive edge. Furthermore, such insight also enables organisations to scale their business and respond with immediate effect to any changing circumstances or new business opportunities. It is this flexibility, combined with the speed of data collation and interpretation that drives a cycle of continual improvement and thus, revenue growth.

The cloud revolution is not about software being hosted in the cloud. It is about gaining new benefits and opportunities which were previously unattainable. Organisations can no longer afford to let doubts over the cloud hold them back. Instead they need to embrace this more immediate, more efficient and more powerful way of working to meet customer expectations and generate revenue growth.

Request a demo of Oneserve today to see how our cloud-based field service management software could help you transform your business.