SaaS Companies Killing the Competition!
This year is set to be another bumper year for the cloud service provider (CSP) industry. Growth is expected to rise 18% to £198.1bn.
Research indicates that in 2017 software as a service (SaaS) will overtake business process as a service (BPaaS) as the number one market sector, by market size, outside of cloud advertising services, whilst infrastructure as a service (IaaS) will continue to grow to £26bn.
Research indicated that by 2020 the combined market value of CSP’s will be worth £295bn, with SaaS worth £58.7bn, IaaS worth £55.04bn, and PaaS worth £43.19bn.
So, what does the future hold for SaaS companies?
The immediate future looks promising, and both established and emerging service providers should be aiming to grow sales at the mean market rate of around 19.5%.
CharlieHR, for example, is a human resource tool that streamlines HR process for SME’s. Since January 2016 has consistently recorded 40% month-on-month growth, and raised £1 million in seed funding.
However rapid expansion and business growth can present challenges; and operational inefficiencies can occur and cause problems if not preempted. Typical examples include a lack of well-trained staff, poor customer service and product development which does not keep up with product demand.
The reputation of your business is at risk when customers leave negative feedback; not meeting and responding to customer expectations in modern business is dangerous when anybody’s feedback can become public.
Another challenge facing companies experiencing growth is the inability to lead and manage their teams. Increased demand puts work processes under pressure. It is important to scale internal business processes to meet demand. This can be achieved by increasing permanent or temporary resources, and running efficiency and continuous improvement programmes.
To maintain momentum in growth periods, companies must plan the requirements placed upon them by assessing their future HR needs.
Authentic Recruitment understands the SaaS market. If you are currently enjoying a period of growth, we would love to speak to you about how we can support you during this exciting time.