If you search for POS solution in this era, then you will surely hear the term, “SaaS”. It is referred to Software as a Service that is a model used for selling software on a subscription basis through the internet. In simple words, a business can use SaaS-based software by paying monthly for the services or modules they are using. It is updated and cost-effective from both desktop and cloud-based POS. Do you know why? The added cost of deployment and hardware adds extra expense in web-based point of sale whereas, the ownership cost of cloud POS along with the customizations and licensing costs make them comparatively expensive. While, if you as a business opt for SaaS-based model, then you are only required to pay the rent on per month basis for using the software while the system gets updated without charging any extra customization cost. Above all, it offers all the features of desktop and cloud-based systems. Other than these, 8 most obvious benefits of SaaS-based model are discussed as follows:
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Instant Subscription
The POS-based on the SaaS model with cloud computing have already installed and configured software application that makes it easy for the users to provision the servers for the cloud in order to instantly have the application. This model is perfect for all the businesses as it allows quick demonstrations as well as prototyping for taking instant benefit of cloud-based accountancy. Majority of these POS systems ensures to offer high user-friendliness making it easy for the operators to use it.
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Highly Efficient
These SaaS-based POS systems are online therefore; they are usually built on a strong database and have extended memory capacity. This makes it easy for the business to get along with the new software without exerting any extra efforts and investment in employees training and troubleshooting errors. This provided user-friendliness by SaaS POS based on cloud computing improves the efficiency of the business operations because you only have to connect to the internet for getting started. Storage on the cloud is the other main feature makes this software advantage. These systems are highly updated that they manage the recording and tracking even if you lose internet for some time. In short, the deployment period and maturity of handling the unfavorable situations improve the operations and efficiency of the business.
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Freedom from any Contractual Commitment
Investing in desktop or cloud-based solution for your business only to have ownership of the software restrict you to change it even if does not operate as per your expectations or business approach. On the other hand, the negotiable cost of these SaaS-based POS makes it convenient for the businesses to switch to new software easily if they find any issue with the system or service provider. The eliminated restriction by heavy investment and no signed contracts make has given the freedom to the business for switching the system if needed. You as a business can take the decision of moving to online accountancy without any risk.
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Flexibility
The new updated POS systems based on cloud computing have the flexibility of remaining responsive to changes. And this SaaS-based model makes it comparatively more flexible because it is already tailored according to the general workflow of the industry. Do you know these SaaS-based POS have become one of the main sources of bringing change and advancements in the industry? The Artificial intelligence used in these systems present ideas of improvement on the basis of the stored industry data.
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Cost Effective
First of all the subscription charges of these SaaS POS solutions are unbeatable by traditional as well as the cloud-based system. It offers highly competitive pricing that motivates the businesses to take the decision of shifting impulsively without risking money, efforts or data. The businesses can have improved accessibility on their data, efficient accountancy, effective CRM in highly affordable prices even for a small store or restaurant. Secondly, the added expense in legacy and cloud-based POS is because of the after sales service especially customizations. Having the complete ownership of these systems also make it your responsibility to make the relevant updates in the system by yourself. Whereas, the vendor of the SaaS-based software took all the responsibility of updating without charging any additional charges other than stated in the signed agreement. Even these charges are distributed among all the users therefore; they are bearable as well as efficient comparatively.
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Eliminates the Need of In-house IT Department
Shifting towards modernized accountancy is not a one-time investment thing. After deploying any software, you constantly need backup support for resolving daily issues occurring in the system and also for keeping it updated with the changes in the industry. This makes it compulsory for the businesses to either take support services from their deployed software vendor or have an in-house IT department. But SaaS-based POS has given them one more cost-effective yet competitive option. They offer long-term customer support service by making seamless, automatic as well as frequent upgrades in the software and considered it as a part of user’s subscription charges. In these support service, the vendor helps the users in remaining responsive with the changes occurring in the industry without spending an extra dollar.
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High Levels of Security
The SaaS-based POS has the responsibility of handling the data of different industry operators while their sustainability is dependent on the trust of the businesses. This pressurizes the software vendors to provide high security to the businesses. They usually have the servers of this POS software scattered in multiple geographical locations and offer the backup feature. This makes them comparatively more secure than having a customized system.
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Supports Business Expansion and Integration
The subscription of SaaS-based POS is usually on the basis of per user or per module. So if a business is operating on a small basis but needs to implement a modern accountancy method, they can! It is affordable for all sized enterprises. Instead, the business can increase the number of users or can add modules in their existing package if they plan to expand or integrate. This will remain cost-effective as compared to the customizations and add-ons in the desktop or cloud-based POS system.
Conclusion:
It can be stated that the SaaS model is the future of software because of its offered benefits and high competitiveness. I will be justifying this statement with the statics of organizations planning to shift on complete SaaS-based solutions (figure below).
(Source: https://financesonline.com/2018-saas-industry-market-report-key-global-trends-growth-forecasts)
The other reason for these increased percentages of organizations shifting to SaaS is their incapability of competing on technology with their owned solutions. They restricted profit margins as compared to their competitors that are using SaaS-based model will be forcing them to operate purely on SaaS. And it is also expected that the offered benefits will also be increasing in the coming years that will make traditional as well as other customized POS solutions completely obsolete. Plus their maturity and used Artificial Intelligence will effectively optimize all operations and enable the businesses to sustain by understanding and working as per the industry set standards.