Reduce, Reuse, Recycle — You’ve heard it before, but did you know the saying dates back to the 1970s? That’s when Americans first really got into the underlying earth-conscious movement. As a philosophy, the three Rs have heavily impacted everyone from individual families to large corporations.
How SaaS Companies Can Adopt the Reduce, Reuse, and Recycle Mantra
The Environmental Protection Agency lists some serious benefits following the “Reduce, Reuse, Recycle…” mantra. It’s good for the environment, it’s good for our pocketbooks, and it’s good for the future.
You might almost say it’s good for the soul.
But “Reduce, Reuse, Recycle,” typically applies to physical, tangible objects. After all, tangible things have the biggest impact on the world around us.
That doesn’t mean that the three Rs don’t have their place for companies that provide software as a service. However, “Reduce, reuse, recycle” has implications for these brands’ development, budgeting, and even overhead.
Read more: Top 12 Advantages of Software as a Service (SaaS)
Building on the Back of Established Software
One of the recommendations of the EPA when it comes to the three Rs is to “buy used.” The idea behind it is to use something that’s already in existence rather than putting money and resources into creating something new. For budget-conscious buyers, it’s a helpful tip.
It’s helpful for SaaS companies, too. Not that a software developer can go out and buy a used program to market as their own, but it still applies in principle.
Software development relies on coding, and coding is frequently reused and repurposed in different ways. Going into initial development, SaaS companies can establish best practices that allow for later adaptation of new code, such as writing codes that can be easily extended if necessary, removing extraneous coding, and ensuring that the coding is high-quality.
Other assets are reusable as well, such as test suites, designs, and documentation.
Combining assets and using them as the springboard for new development cuts down on the workforce needed to create new software, lowering the overall cost of the development and providing budget benefits to the company.
Reusing Space Within SaaS Applications
Still, looking for the budget benefits that the three Rs can bring to your SaaS company? A significant avenue that shouldn’t be overlooked is the use of space within the design of the software — specifically, how that space could be leveraged for applicable marketing and advertising.
SaaS design is typically done with attention to both form and function. That means a layout that makes information readily understandable, with plenty of space around the content. But sometimes, that space isn’t necessary for a good user experience, and it may be more efficient if repurposed into advertising space.
However, this reuse of space requires caution, as advertising can detract from the overall UX if not handled judiciously. Typically, advertising in-app or throughout the software is expected for free or open-source software. If a SaaS company charges a reasonable amount for its services, the customer may quickly grow irritated with additional advertising.
Hulu and other video streaming services are good examples of this. Hulu has tiered pricing that dictates how often the viewer sees advertisements. IMDb, on the other hand, offers free entertainment, so ads are expected. However, IMDb still keeps their advertising to a minimum, whereas even the lower-priced tier for Hulu often gets complaints on the frequency of ad breaks.
With caution, overall, reusing in-app or in-software space for appropriate advertising can be an excellent way to stagger your content and repurpose existing space to boost your revenue.
Hardware Is Impossible To Ignore — Even For SaaS Businesses
We all want to pursue a business model that lowers the amount of saleable hardware and requires product packaging. Theoretically, SaaS businesses have it made. Their subscribers don’t have to purchase physical objects, and so recycling is a cinch.
But that isn’t entirely the case. Even for SaaS companies that exclusively sell intangible products, there’s still a certain amount of hardware that must go into the development and management of the company.
It’s pretty much impossible, for example, for a tech company to avoid providing computers and development software to their dev team and programmers. They have to use something to provide a finished product.
When it comes to tangibles, it’s recommended for SaaS companies to keep their developers stocked with up-to-date technology. Ensure that the technology runs well, reduces power usage, and doesn’t need replacement every six months to a year. This requires more of an initial investment, but it’s a reduction of consumption that benefits the company and the environment in the long run.
Of course, when it comes time to jettison existing computer hardware, SaaS companies may be able to resell products to offset the cost of the new. But, if not, it’s time to employ the traditional meaning of the three Rs and recycle your old computers and laptops.
The majority of SaaS companies run on a subscription basis, but some still do offer tangible products — CD-ROMS, for example. In that case, product packaging can also be made to meet best-practice criteria for the three Rs.
The Three Rs for SaaS
Reduce, reuse, recycle — it’s good for the environment, good for a company’s budget, and good for the soul.
The principle of the three Rs is a best business practice, no matter what a company sells, whether it’s software or hardware. Of course, for SaaS brands, it may require a little extra thinking outside the box. But, since the principle benefits the brand and boosts sustainability for everyone involved, it’s definitely worth it.
Zaheer Dodhia is a serial entrepreneur and Founder of LogoDesign.net, a SaaS company that offers brand designs. He has a deep understanding of business needs, search engine, and has expertise in graphic design, computer recycling, and technology, which have motivated him to spearhead several online projects including ZillionDesigns, and PCStore.com. He likes to cover topics like branding, graphic design, and computer recycling.
London-based fintech startup Kennek has raised $12.5 million in seed funding to expand its lending operating system.
According to an Oct. 10 tech.eu report, the round was led by HV Capital and included participation from Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One. Kennek offers software-as-a-service tools to help non-bank lenders streamline their operations using open banking, open finance, and payments.
The platform aims to automate time-consuming manual tasks and consolidate fragmented data to simplify lending. Xavier De Pauw, founder of Kennek said:
“Until kennek, lenders had to devote countless hours to menial operational tasks and deal with jumbled and hard-coded data – which makes every other part of lending a headache. As former lenders ourselves, we lived and breathed these frustrations, and built kennek to make them a thing of the past.”
The company said the latest funding round was oversubscribed and closed quickly despite the challenging fundraising environment. The new capital will be used to expand Kennek’s engineering team and strengthen its market position in the UK while exploring expansion into other European markets. Barbod Namini, Partner at lead investor HV Capital, commented on the investment:
“Kennek has developed an ambitious and genuinely unique proposition which we think can be the foundation of the entire alternative lending space. […] It is a complicated market and a solution that brings together all information and stakeholders onto a single platform is highly compelling for both lenders & the ecosystem as a whole.”
The fintech lending space has grown rapidly in recent years, but many lenders still rely on legacy systems and manual processes that limit efficiency and scalability. Kennek aims to leverage open banking and data integration to provide lenders with a more streamlined, automated lending experience.
The seed funding will allow the London-based startup to continue developing its platform and expanding its team to meet demand from non-bank lenders looking to digitize operations. Kennek’s focus on the UK and Europe also comes amid rising adoption of open banking and open finance in the regions.
Featured Image Credit: Photo from Kennek.io; Thank you!
Radek Zielinski
Radek Zielinski is an experienced technology and financial journalist with a passion for cybersecurity and futurology.
As excitement around generative AI grows, Fortune 500 companies, including Goldman Sachs, are carefully examining the possible applications of this technology. A recent survey of U.S. executives indicated that 60% believe generative AI will substantially impact their businesses in the long term. However, they anticipate a one to two-year timeframe before implementing their initial solutions. This optimism stems from the potential of generative AI to revolutionize various aspects of businesses, from enhancing customer experiences to optimizing internal processes. In the short term, companies will likely focus on pilot projects and experimentation, gradually integrating generative AI into their operations as they witness its positive influence on efficiency and profitability.
Goldman Sachs’ Cautious Approach to Implementing Generative AI
In a recent interview, Goldman Sachs CIO Marco Argenti revealed that the firm has not yet implemented any generative AI use cases. Instead, the company focuses on experimentation and setting high standards before adopting the technology. Argenti recognized the desire for outcomes in areas like developer and operational efficiency but emphasized ensuring precision before putting experimental AI use cases into production.
According to Argenti, striking the right balance between driving innovation and maintaining accuracy is crucial for successfully integrating generative AI within the firm. Goldman Sachs intends to continue exploring this emerging technology’s potential benefits and applications while diligently assessing risks to ensure it meets the company’s stringent quality standards.
One possible application for Goldman Sachs is in software development, where the company has observed a 20-40% productivity increase during its trials. The goal is for 1,000 developers to utilize generative AI tools by year’s end. However, Argenti emphasized that a well-defined expectation of return on investment is necessary before fully integrating generative AI into production.
To achieve this, the company plans to implement a systematic and strategic approach to adopting generative AI, ensuring that it complements and enhances the skills of its developers. Additionally, Goldman Sachs intends to evaluate the long-term impact of generative AI on their software development processes and the overall quality of the applications being developed.
Goldman Sachs’ approach to AI implementation goes beyond merely executing models. The firm has created a platform encompassing technical, legal, and compliance assessments to filter out improper content and keep track of all interactions. This comprehensive system ensures seamless integration of artificial intelligence in operations while adhering to regulatory standards and maintaining client confidentiality. Moreover, the platform continuously improves and adapts its algorithms, allowing Goldman Sachs to stay at the forefront of technology and offer its clients the most efficient and secure services.
Featured Image Credit: Photo by Google DeepMind; Pexels; Thank you!
Deanna Ritchie
Managing Editor at ReadWrite
Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.
As Web3 companies increasingly consider leaving the United States due to regulatory ambiguity, the United Kingdom must simplify its cryptocurrency regulations to attract these businesses. The conservative think tank Policy Exchange recently released a report detailing ten suggestions for improving Web3 regulation in the country. Among the recommendations are reducing liability for token holders in decentralized autonomous organizations (DAOs) and encouraging the Financial Conduct Authority (FCA) to adopt alternative Know Your Customer (KYC) methodologies, such as digital identities and blockchain analytics tools. These suggestions aim to position the UK as a hub for Web3 innovation and attract blockchain-based businesses looking for a more conducive regulatory environment.
Streamlining Cryptocurrency Regulations for Innovation
To make it easier for emerging Web3 companies to navigate existing legal frameworks and contribute to the UK’s digital economy growth, the government must streamline cryptocurrency regulations and adopt forward-looking approaches. By making the regulatory landscape clear and straightforward, the UK can create an environment that fosters innovation, growth, and competitiveness in the global fintech industry.
The Policy Exchange report also recommends not weakening self-hosted wallets or treating proof-of-stake (PoS) services as financial services. This approach aims to protect the fundamental principles of decentralization and user autonomy while strongly emphasizing security and regulatory compliance. By doing so, the UK can nurture an environment that encourages innovation and the continued growth of blockchain technology.
Despite recent strict measures by UK authorities, such as His Majesty’s Treasury and the FCA, toward the digital assets sector, the proposed changes in the Policy Exchange report strive to make the UK a more attractive location for Web3 enterprises. By adopting these suggestions, the UK can demonstrate its commitment to fostering innovation in the rapidly evolving blockchain and cryptocurrency industries while ensuring a robust and transparent regulatory environment.
The ongoing uncertainty surrounding cryptocurrency regulations in various countries has prompted Web3 companies to explore alternative jurisdictions with more precise legal frameworks. As the United States grapples with regulatory ambiguity, the United Kingdom can position itself as a hub for Web3 innovation by simplifying and streamlining its cryptocurrency regulations.
Featured Image Credit: Photo by Jonathan Borba; Pexels; Thank you!
Deanna Ritchie
Managing Editor at ReadWrite
Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.
