Top Features to Consider & Steps to Build a SaaS Software: Your go-to Guide

1. Top features to consider & steps to build a SaaS Software: Your go-to guide Higher flexibility, significant scalability, and an optimum level of security have made SaaS a preferred choice among business enterprises. As many as 73% of the business enterprises planned to adopt SaaS more rigorously in 2020. As per Software Development stats, the Global SaaS workload is to cross a whopping 380 million by 2021. As many business enterprises and entrepreneurs are leveraging this technology, we have come up with this article to give you a sound understanding of SaaS. Before we discuss the top features and easy steps of creating SaaS software, have a quick look at this infographic below depicting the user spending on SaaS from 2015 to 2022.

2. Source: Statista What is SaaS? SaaS stands for software as a service. In simple as ABC, it can be defined as a software licensing & delivery model where the software is centrally hosted and licensing gets done on a subscription model. Being a centrally hosted software, a user can access it from anywhere. The classic example of a SaaS solution includes Google Apps, which are used worldwide. The various advantages of SaaS solutions have made them an indispensable technology for business enterprises. A whole article can be done separately listing the benefits of SaaS solutions. However, sticking to our topic, we discuss it lucidly.

3. Benefits of SaaS solutions: ● Convenient upgrading and downgrading of the software make it highly scalable. ● It offers a high level of security via user authentication, data encryption, etc. protects client's data. ● Requires lesser investment as hardware cost gets eliminated. ● Highly accessible from anywhere at any time. ● Comes with trial sessions. ● Highly reliable as servers are distributed all over the globe which means if few fail others continue to work thus not affecting the accessibility of the software. ● Maintenance cost gets distributed among all the clients thus gets reduced significantly. ● Automated backups with minimum user intervention. ● It gets delivered through the web and has a simple learning curve facilitating high adoption among the users. Here are the top things to consider before you buy a SaaS product ● Analyze your requirements

4. The common reasons behind implementing a SaaS solution include minimizing the focus on software management and maximizing the focus on business processes, collaboration improvement, etc. There may be multiple reasons running at the back of your head while choosing a SaaS solution. Therefore, it is wise to focus on the exact requirements you are looking for in the SaaS solution. To ensure you are on the right track, find answers to the following two questions. ❖ What software services do you want from the SaaS solution? ❖ What essential features your SaaS needs to offer? ● Look for effective Service Level Agreement The features you imagined and those promised by the vendor are 100% trustable only when you have them on the signed Service Level Agreement. A standard SLA clearly illustrates what the vendor offers and possible consequences when the promised features are not met. Effectively investigate the agreed performance indicator in the SLA to ensure business enhancement. Also, inspect the compensation policies before signing the service level agreement. ● Stick to try and buy approach

5. Most of the SaaS solutions come with trial sessions at a reasonable amount. While everything may seem beneficial with the deployment of the solution, the trial option prevents you from any unprecedented financial loss of the firm. The trial of the SaaS solution also lets you learn whether your current team of employees can effectively utilize the software or training programs required. Complex solutions with little documentation sometimes need enterprises to hire IT professionals, leading to unexpected financial bearings. ● Level of scalability offered SaaS solutions are renowned for offering high scalability to enterprises as it grows effectively with the growing user base. However, it is ideal to discuss scaling infrastructure services with your increasing client base with the vendor. ● Transparency level A reputed and trusted SaaS solution provider offers you a significant level of control over servers, policies, billing systems, performance indicators, etc. Moreover, highly transparent SaaS solutions facilitate enterprises with smooth management and better allocation of budget for IT.

6. Having covered the basic definition & top features in SaaS software while choosing one, you are now well prepared for learning the steps of creating one. Here are 7 simple and easy steps to build a SaaS product Step-1: Perform intensive market research You need to analyze your target audience, which issues will be resolved by your product, the significant competitors offering similar services, etc. Dedicated market research will help you gain information in all of it. It will also help you analyze whether the target audience is willing to pay for your product, the additional features necessary to make your solution unique and innovative, mistakes and errors that must be avoided, etc. The idea is to find out the high-level market needs that resonate with the success of the software by appealing to the target audience of the SaaS. Step-2: Discover top features in a SaaS software necessary for your enterprise

7. A SaaS platform performs multiple functionalities owing to the availability of tons of features in the solution. Therefore, while creating a SaaS solution, the key features must provide the following: ● Multi-tenancy: This feature allows the clients to have a segregated database and customize the application for a significant level of personalization. ● High accessibility: The SaaS solution must be conveniently accessible 24/7 across the globe. ● Automated provisioning: Predefined automated procedures makes the system highly consistent and scalable for the enterprise. ● Data & Application Security: An excellent fundamental management framework that separates clients' data and does not allow a client access data of others is essential. Similarly, application security must consist of multi-factor authentication, duties separation, checking unauthorized sessions, DoS & DDoS protection, etc. SaaS solutions' other notable features include single sign-on, elastic infrastructure, subscription-based billing, rate limiting, etc. Apart from the core SaaS features, you might require to integrate multiple additional ones to stay ahead in the competitive market. Step-3: Develop your MVP The core features chosen by you in the previous steps constitute the minimum viable product of the final software. An MVP is created with the focus on performing the core functions of the absolute software. It helps you save time and cost in software development and gives a practical idea of what additional features can be added post MVP launch. Step-4: Create an audience-based pricing strategy

8. You can go for a diverse pricing strategy of the SaaS solution. However, ensure that the chosen pricing strategy pleases the target audience of the software. Finding out what your competitors are offering is an effective way of determining the most compatible pricing for the target audience. The standard pricing strategy includes the following: ● Features-based pricing where the user is charged for a single or a set of features. ● Usage-based pricing allows users to pay based on usage only. ● Pricing per user will enable you to charge for the entire product, like Netflix. Step-5: Create a technical team of experts You can either connect with a top custom software development company to fully outsource your SaaS project or hire a panel of experts. While complete outsourcing is preferable when you lack technical IT knowledge, hiring experts prove beneficial if you want more dedicated control over the SaaS development.

9. Hire software developers in India who come at an affordable hourly rate ranging from around $25 to $49. In contrast, European developers charge about $100 to $150 for similar services. Step-6: Determine the technology stack The technology stack of the SaaS solution refers to all the tools, frameworks, libraries, programming languages, etc., necessary for the development of the project. There are tons of technology stacks available out there, and choosing one requires technical expertise. The standard technology stacks used for SaaS development includes the following: ● MEAN: It is open-source and suitable for modern programming projects of mid-level complexity. ● LAMP: It is regarded as the first open-source technology stack and proves beneficial for large-scale complex projects. ● Ruby on Rails: It is a preferred technology stack for eCommerce-based solutions. ● Serverless Stack: It benefits you with the option of pay for what you use. Step-7: Plan your budget A SaaS development project costs around $30,000 to $50,000 depending on the project features, complexity, the nation of hired developers, etc. Therefore, it does not make sense to begin the project without proper budget allocation. So, plan your resources effectively. Wrapping Up Top world-class brands like Google, Netflix, etc., are using SaaS solutions effectively. While Cloud-based solutions aren't strictly necessary for every enterprise out there, SaaS has gained popularity owing to its incredible benefits.

10. In this blog, I have listed simple and easy steps for creating a SaaS solution. Connecting with a top software product development company in India significantly reduces the budget of the project.