Connect with us

Politics

How to Build a Solid SaaS Plan for Your Organization

Published

on

Where Does Your Software Company Go From Here?


In the digital and cloud era, there are countless software-as-a-service applications and many ways you can integrate, customize, and configure them for your business processes. Yet, before any organization — be it a government entity, oil refinery, or third-party logistics firm — starts evaluating online business applications, they should have a SaaS plan in place and understand the tech’s nuances.

Why Are Businesses Adopting SaaS Technologies?

1. Accessibility

Remote and hybrid work styles existed before the pandemic. Yet, the past few years significantly increased employee demand for working outside the office; employer willingness to support it also increased.

According to a 2021 Upwork survey, 28% of the workforce will be entirely remote by 2026. SaaS applications are making information accessible to users from wherever internet connectivity is available. Cloud-hosted software broke down the traditional boundaries of the office, and many of us want to continue to work from home, in customer locations, or wherever our days take us.

2. Security

Many organizations resisted cloud-based applications in the early years of SaaS. Yet, as online application security has increased with better encryption and multifactor authentication, even regulated industries such as oil and gas and insurance are embracing cloud apps.

3. Speed

Wired, Wi-Fi, and mobile network speeds are faster than ever. This gives SaaS applications more speed and more data inclusion so that you can make faster, more accurate decisions.

4. Reliability

Much like security, even leading SaaS vendors used to have a bad reputation for stability and application availability. However, cloud platforms have evolved with better load balancing, disaster recovery planning, and cloud-oriented architectures. Cloud enterprise resource planning (or ERP) applications and data availability are better than ever without the added technology overhead that on-premises applications require.

5. Technological Advancements

In the early days of SaaS, applications were developed with similar methods and coding languages to on-premises software. Fast forward to today, where continuous development and deployment, microservices development methodologies, open APIs, and cloud-native applications (not cloud-based) are making SaaS business applications fast, reliable, and secure.

Holistic Approach to SaaS Adoption

Many companies in industry segments such as oil drilling or pipeline construction have office workers hundreds or even thousands of miles away from core operations, enabling field workers to share privileged access with their head offices. Information such as how their day-to-day efforts to meet standards related to employee safety, equipment health, and production quotas can be easily accessible.

Many companies contract consulting firms for the full lifecycle of vendor evaluation, procurement, implementation, customization, and integration of their SaaS applications.

This is because when companies try to take on SaaS alone, they tend to fall behind their competitors and jeopardize their other business initiatives.

After all, it’s challenging to juggle core responsibilities while implementing new SaaS applications.

Challenges With SaaS Implementation

The reason it is so hard to juggle these tasks is that most cloud-forward businesses run SaaS applications for:

· Accounting and financials

· Collaboration, productivity, and communication

· Data collection, capture, and conversion

· Document and contract lifecycle management

· Project management

· Asset management

· Human capital management

· Analytics and reporting

· Supplier, partner, and customer relationship management

· Marketing, graphic design, and online sales

There are many industries and business-niche-specific cloud applications available on the market. A technology consultant with suitable industry expertise can help determine if cross-industry or industry-specific apps are best suited for your digital transformation initiative.

The Importance of SaaS Plans

If you didn’t create a SaaS plan when you began your cloud journey, it’s not too late. You might learn about some information you should include in your plan by talking to SaaS vendors or consultants. For example, you should think about the following when creating your SaaS plan:

· What goals are you looking to achieve by adopting cloud-based business applications?

· What business processes are you looking to streamline and digitize?

· What are your ideal success metrics for your cloud ecosystem or specific applications?

· What is your annual SaaS budget, and what are your ROI expectations?

· Will you adopt a single interdepartmental ERP platform or interoperable applications from multiple vendors?

· What will your change management process look like?

SaaS platforms can help businesses overcome challenges and optimize processes when structured, implemented, and configured properly.

Integrating the ERP platform with emerging technologies such as blockchain, the Internet of Things, and AI-powered automation tools can accelerate business processes and increase efficiencies.

Three Critical Ingredients for a Successful SaaS Plan

To develop an effective SaaS plan, you need to ensure it maps out:

· How business processes will translate from your on-premises software to cloud-based SaaS platforms. Broken or unnecessarily complex workflows don’t magically become efficient by moving to the cloud.

· Your data scrubbing, cleansing, conversion, and migration processes. Your legacy applications might be storing old, duplicated data in multiple silos. What data will you keep, and what will you delete to ensure you have reliable sources of truth in the cloud?

· What will your decision-making process look like, and who will be involved in project phases such as vendor selection, business process digitization, and the like? Who should be on the SaaS steering committee to work with the consulting firm throughout the project?

Conclusion

Most organizations in industries such as utilities, oil and gas, and financial services have oceans of data but struggle to extract actionable insights from it.

A SaaS plan can help ensure you have the tools to get full value from your data and create important efficiencies, including allowing users to access the right data at the right time and in the proper context of their roles. There is a wealth of helpful information about SaaS planning and execution out there — you just have to find it.

Featured Image Credit: Austin Distel; Unsplash; Thank you!

Vince Dawkins

President

Vince Dawkins, president and CEO of Enertia Software, graduated from North Carolina Agricultural and Technical State University with a Bachelor of Science in Mechanical Engineering. Between 1998 and 2008, Vince worked with industry-leading organizations influencing engineering, IT, and enterprise resource planning solutions. In August 2008, Vince joined Enertia Software as a senior business analyst where he contributed to the design, development, and implementation of an enterprise application for upstream oil and gas producers. Since joining the Enertia Software team, Vince has been integral in nurturing the growth and development of the Enertia application into a resource currently used by over 150 leaders in the upstream oil and gas industry.

Politics

Fintech Kennek raises $12.5M seed round to digitize lending

Published

on

Google eyed for $2 billion Anthropic deal after major Amazon play


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.

Continue Reading

Politics

Fortune 500’s race for generative AI breakthroughs

Published

on

Deanna Ritchie


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.

Continue Reading

Politics

UK seizes web3 opportunity simplifying crypto regulations

Published

on

Deanna Ritchie


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.

Continue Reading

Copyright © 2021 Seminole Press.