The verticalization of SaaS across all operating functions within the enterprise is rapidly approaching a tipping point. The average enterprise spends $6 million per year on SaaS platforms trying to keep up with the FAANG cohortand Be More Like Bezos. Enterprises are licensing technologies just to compete. Or, they’re simply buying up startups.
So what makes B2B SaaS platforms so valuable?
The hallmark of technological innovation in B2B has been the application of Big Data and AI-driven analytics to create new automated workflows and marketplaces across verticals and increase connectivity between clients and enterprises. Here’s why that matters.
Almost all businesses are made up of a complex network of stakeholders and decision processes that all need to maintain perfect cohesion and cadence to achieve success. Most of these are only growing more complex and the need to streamline existing processes and/or develop new ones is vital for sustained growth.
COVID has also changed everything or (more accurately) sped everything up. Nowhere is this more apparent than with Future-of-Work platforms. As tech companies like Twitter and Facebook gear up for longer-term remote work solutions, future-of-work has cemented itself as one of the most sought after opportunities in venture capital. Perhaps that’s because the future of work doesn’t just entail gearing up home offices. It also involves gig workers, freelancers, hiring tools, tools for workplace organizing and automation and the framework around which all of these things can exist.
Companies are now engaged in fully re-imagining how we work. Products that solve meaningful problems in the areas of productivity, brainstorming, communication tools, and workflows are some of the more obvious areas of opportunity. Yet, the potential for creating the infrastructure required to facilitate remote and global teams is perhaps even greater.
Thanks to products like Siri from Apple and Echo from Amazon, voice technology is increasingly becoming a daily part of our lives. But voice recognition technology isn’t just for turning on the lights or requesting a weather report.
Voice technology is creating entire new ecosystems. Thanks to Alexa and Google Assistant platforms, developers have created tens of thousands of voice applications that look to eventually rival the mobile app economy. The burgeoning field of smart automobiles, for example, is just one untapped market where Voice will be transformative.
Best-in-class enterprises across verticals have rushed to embrace data analytics for a reason. In today’s digital marketplace, the nature of the game has changed. To succeed, business decisions must now be made based on an enhanced understanding of customers’ preferences and behavior in both online and offline environments.
Data and analytics programs represent the foundation to help enterprises better understand their customers and drive innovation to maintain a competitive advantage.
eCommerce platforms have also been transformed in the age of COVID. There is little reason now to think we’ll ever return to anything resembling the previous “normal” when it comes to how we buy and consume goods.
Technologies that help navigate the big selling platforms like Walmart, Amazon and Instacart are in the best position to succeed. Enabling brands to optimize ad spend on eCommerce sites like Amazon will only become more important as the pandemic stretches onwards and our new buying habits become more ingrained.
In addition, platforms powering the backend of the eCommerce experience — from Try-At-Home technologies to Consumer Insurance — are also primed for future success.
Lastly, the rising tide of eCommerce is also impacting ancillary sectors like Fintech where companies have rushed in to support areas of need (such as securing credit checks, fraud preve