Businesses and service operations are no longer restricted to the confines of offices, their desks or the local network of computers in them. All businesses, regardless of their size or industry rely on technology to operate smoothly and deliver value to their customers. There is a digital transformation all around us evident from the way that businesses offer their products and services from any place and at any time. Human living too has undergone tremendous transformation with smart machine making our lives easier and more comfortable.
These technological changes have led to greater flexibility, reactivity along with product customization to cater to increased complexity of changing customer preferences. At the base of all such digitization lies a gamut of software product that exploit technological opportunities to provide enhances business output and services. From cloud technologies, sensor responses, data utilization to app operations, software products have opened up endless opportunities for all-sized businesses and startups to offer radically new products, services and business management.
Let’s explore some of the major domains where software products have revolutionized the way that businesses and services operate today.
Software-as-a-Service (SaaS)
Software as a Service (SaaS) is also known as web-based software, hosted software and, on-demand software. It is at the base of the business model where a company hosts the application on the cloud and makes it available to consumers. The software is accessed via an internet-enabled device such as a laptop or smartphone. The software itself and business data are stored in the cloud data centers that can be accessed from any place and at any time.
Operations are no longer stuck to desktops with specified Operating System and particular hardware configuration to deliver the desired output. Using the SaaS products have helped businesses and operations across industries become wireless and hassle-free. It is enough for both the business and its customer to have access to any handheld device with internet connection and access the portal to be able to carry out transactions. No more physical presence of officials and buyers at the counter during scheduled business hours. These products have not just increased business possibilities but revolutionized the way that all types of businesses and services operate.
Startups and small businesses immensely benefit from using the SaaS as they can build customized business operations using these software. There is no dearth of their innovative use for a host of businesses without having to spend much in terms of infrastructure costs.
The software and all the relevant data are stored on the cloud in different data centers which makes it accessible via the internet and from any web browser. Statistics show that startups and small businesses stand to gain more by using SaaS apps while mid-sized companies stand to gain more when using SaaS tools.
SaaS solutions have made business operations and service providing cheaper, faster and simpler than it used to be with the traditional licensed business model. These solutions offer subscription-based business models with provisions to upscale and downscale as per operational goals and requirements. It has completely removed all physical barriers to achieve evolving business goals and become the major factor initiating business innovations across industries.
Internet of Things (IoT)
Internet of Things include devices/ gadgets/things that are connected to the internet so that they can share data with the software inside or outside them to carry out specified operations. These things can be anywhere – in homes, offices, business establishments or industrial sectors. Devices connected to the internet collect data, store and act on them to facilitate human work, life and living. Smart homes with heating and lighting systems, smart industrial machines enabled to detect operational flaws and automatically warn or adjust to avoid them are all parts of Internet of Things. Once again, at the base of all data exchange and operational output by these devices are software products that actually guide them.
IoT plays a huge role not just in the digitization of daily lives and industrial operations, but it also plays a crucial role in understanding consumer needs, improve system quality and streamline operations. Software solutions for IoT unite data analytics with real-time in-store and market data for contextual listening, understanding and responding accordingly.
Wearables and other medical connected devices that monitor sleep patterns, exercises and other health habits have software that streams real-time data to give the visual output. Software for IoT can also enable precise diagnosis and formulate treatment plans while enhancing patient safety and streamlining care providing. Internet of Things with geo-fence enabled location intelligence along with AI come with software that provide exact logistic data that tracks and monitors goods locations, connected vehicles and freight in real time.
Fintech Products
Financial services when combined with technology, Fintech in short, is the innovative way that enhances and automates use and delivery of financial services. Fintech products have changed the way we save, invest or borrow money. In reality these are software that have made financial transactions simpler without users having to go to banks or financial institutions.
Both companies and customers make use of the internet, mobiles or any other devices along with specialized independent or cloud-based software to carry out financial transactions. Think PayPal and you’ll understand how Fintech products have disrupted the financial service industry!
Applications or apps
Apps are nothing but software products that operate on handheld devices or desktops/laptops and have brought about a digitized revolution in the way that the world operates today.
Business apps
Mobile commerce and mobile-based services have taken over operations univocally because of the immense advantages they offer to businesses. These apps whether built as standalone units or on SaaS platforms, make services and businesses seamlessly accessible and fully interactive compared to traditional operation models.
Be it a financial product app, travel and tourism app, retail shopping app or medical service app, they help build an instantaneous and direct relationship with their respective service or business provider. Users and customers are able to avail of these services 24/7 from any place. Mobile applications with order fulfillment abilities to make reservations, book tickets, buy goods and services act as ready revenue channel apart from brick and mortar stores.
Augmented Reality (AR) Apps
Augmented Reality as the word suggests, is a technology that helps bring in a virtual 3D reality to give a real-world experience. It is a process that uses a software to give the app users a look where the virtual object is juxtaposed in the real physical world around them. Though it is known to give gaming a realistic experience, but AR has already become immensely popular for building shopping apps that allow try ons that are actually difficult to achieve in real life.
In fact these software products have revolutionized the way people shop as they try on furniture and other accessories in their rooms before buying them. This enables customers to see how they actually fit in the room or how the bag looks on them before making the final investment!
Concluding remarks
With more and more innovative software solutions coming into the market to fulfill the needs of consumers, there has been a considerable shift in the way the world runs today! Thanks to these products, we all expect seamless doorstep delivery of items we buy from the comfort of our homes. Connecting with consumers across the seas and oceans is just a matter of clicks and taps, and business flows without a hitch. Cloud-based technologies have come to give small businesses and startups a new life that was unimaginable even a decade back. Business models and service modes are all the result of the digital revolution that these amazing software products have brought about.
