By Andreea Andrei, Marketing and Business Administration Executive at The Cloud Computing and SaaS Awards
The tech industry is rapidly evolving, and while artificial intelligence might have seemed a futuristic concept a couple of years back, it is currently a popular trend that many SaaS firms are seeking to take advantage of. Former 2021 Cloud Awards winner, Moogsoft, showed impressive use of AI within their cloud computing services, being an AI-driven company which gives excellent consumer experience and automation of services.
AI is considered by many experts as a way of gaining a competitive advantage. The CEO of Google, Sundar Pichai, says: “Artificial intelligence will have a more profound impact on humanity than fire, electricity and the internet”.
The impact can be felt amongst SaaS, as this Price Intelligently case study illustrates the increase in competition and lower barriers to entry in the industry. This is why well-established companies who aim on keeping their stable positions are now turning towards AI. This consolidates today’s consumer’s expectations and differentiates firms from their competitors.
How is AI giving competitive advantages to SaaS firms?
Prestigious corporations are already well aware of the benefits that AI can bring to their SaaS firms. By observing the market trends, such as the great consumer-orientated market wave, AI is an extremely useful tool. A high level of customization can be offered, as well as personalized experiences and smooth touchpoints that will satisfy their demands. This micro-targeting is effortlessly done through the automation of AI, as prediction and personalization are top-tier characteristic factors.
Artificial intelligence can be a game changer for the coding world, as it can predict and correct bugs and crashes within codes. This leads to the quick deployment and lack of reputation and liability damage that can otherwise be created from crashing codes. Microsoft, another leader in the industry, is already using AI as a way of creating a self-coded software that can trace and automatically correct bugs without human intervention.
Another important aspect within the Software-as-a-Service industry in which artificial intelligence can prove invaluable is security. This is a hot trend for the dynamic computing industry, especially when conventional security tends to be consistent and undeviating from traditional forms. The traditional ways would require human intervention to constantly prevent new threats. However, AI can be used as a service to recreate and automatically learn from new threats. Once again, this leads to the absence of human input and higher chances of pleasant experience from users.
How to use AI in SaaS?
Artificial intelligence can be more agile than human intervention across many areas of business
In order to take advantage of the latest trends in the SaaS industry and prevent disruptions, there are ways in which AI can be implemented smoothly and successfully. The best way to add value to your service or products through artificial intelligence is by achieving high-quality consumer experience. This can be done by touching upon some of the points below:
- The disruption of your SaaS product should be minimal. Thus, avoid unnecessary impact of your existing IT infrastructure, provide training about the topic to new employees, and secure your team with experienced software architects.
- You must analyze and decide which AI features will work for your product. Analyze how each feature will benefit your customer base as well as your company. It is recommended to prioritize according to your values and aims. In addition, having discussions with stakeholders and management boards can lead to a detailed analysis and variety of perspectives that can bring valuable AI features within your product.
- It is crucial to look at the costs that this new integration will come with as well. An estimation of using a cloud platform (if you don’t have one already) is one of the main costs to consider. Followingly, the cost of development tools for AI implementation on your service/product and other administrative activities that might occur from it are essential.
AI might means high quality user experience and high revenue
Overall, AI represents the benefits that the tech industry is able to produce. While an apparently innovative dream, the changes in the industry and innovations are well-functioning already, giving development opportunities to many SaaS firms. This is prone to create a new era for the consumers as well as the companies. However, the experiences will differ, as consumers tend to aim for higher quality and attentive support, while companies will decrease its human intervention volume with disruptive SaaS products.
Nonetheless, it is crucial to keep in mind that the industry is developing at a high pace and artificial intelligence is a great opportunity to take advantage of. Enterprises and start-ups are embracing this new wave, while trying to gain the desired competitive advantage within the SaaS industry.