Cloud-based technologies have revolutionized the industry. They allow small businesses to play alongside large companies in the middle market. SaaS technology is affordable and can be used by almost anyone in an organization to address the most pressing problems. Cloud technology, among other things, allows remote work and increases efficiency. This enables businesses to shift to new ways of working and increase profitability, allowing them to grow stronger and more profitable. My company AvidXchange provides such solutions and services.
These are the questions to ask if you want to know how SaaS can help your middle-market company.
* What keeps your business running smoothly?
* Where are you located today?
* What is required for it to grow?
Next, evaluate your business strategy.
* What are your trouble spots
* Do they work behind the scenes, perhaps in finance or operations? Or are they customer-facing issues?
* Do buyers see you differently after the pandemic?
These are just three ways that cloud-based software and tools could help solve some of today’s most pressing problems and concerns for mid-market businesses.
1. Assisting with the management of supply chain delays and shortfalls
The U.S. is one of the huge at-risk countries in the global supply chain crisis. Nearly every industry has been affected. Smaller companies are often more challenging to handle because they don’t have the resources, time, or expertise to manage delays and shortages in their supply chains.
Middle-market businesses can use cloud-based supply chain management software to manage crises with the same benefits as their enterprise counterparts. Cloud technology allows for capturing large amounts of data from multiple business systems and combines it into one database that anyone within an organization can access. Companies can use SaaS-based analysis tools to make decisions and communicate with customers immediately to reduce frustration.
Splunk and SeSense are business analytics and intelligence tools that can assess who or what is in trouble. Prediction software and modeling can help identify potential problems and empower entire organizations to change direction whenever and wherever necessary.
SaaS software tools can be combined to reduce disruptions in supply chains and maintain business continuity. They can also position middle-market businesses for growth that could catapult their companies to enterprise status.
2. Encouragement of competition with large enterprises for top talent and customers
A historic 4.3million worker left their job last year to seek better and more fulfilling work. It’s difficult to replace them, especially for small companies that don’t have the funds to invest in retention and hiring strategies.
SaaS software and tools that are affordable can be an excellent option for short-staffed companies. First, it creates a high-tech work environment that can make smaller businesses more attractive to young workers looking for such technology. Cloud technology can also make AI-driven automation available to growing companies. This can help reduce the labor shortage by making jobs more appealing and allowing small businesses to achieve more with fewer workers.
Automated accounts payable software is one example. Automated reports payable software can reduce the time-consuming, mundane tasks in the AP department. This allows employees to concentrate on more strategic, impactful work. This solution can reduce the need to hire additional employees by reducing the manual labor required.
Cloud-based automation is also a great way to help mid-market businesses compete for customers and keep them. Marketing automation tools and platforms such as 6Sense, Marketo, and HootSuite, can slow down the address channel by better identifying potential customers. My company has a relationship with Marketo. They can help smaller businesses offer superior customer service through chatbots or virtual assistants that rival big-name brands.
3. Streamlining adjustments to new ways of working
Many companies now allow remote work. Many rely heavily on Zoom, Google Drive, and Slack to keep their teams connected. (A disclosure: My company has a relationship with Google. Cloud-based technology offers more to the remote middle-market workplace. It can help them better protect their data using security tools such as VIPRE or enhance their work product.
Webinars and hybrid events have been the most popular marketing strategy for connecting with clients and prospects in remote areas. Ninety-nine percent of marketers surveyed in 2021 said webinars were essential to their plans. Most agreed that they have an impact on revenue and pipeline.
SaaS solutions can provide advanced webinar platforms and broadcasting tools that allow for larger, better, and more widely distributed events. You can raise your brand with the right technology by improving attendees’ experience, streaming live to multiple platforms, and enabling on-demand viewing. What are the results? Higher participation, higher conversion rates, and happier customers are the results.
Uncertain Where to Start?
Cloud-based technologies can transform middle-market companies, helping them adapt and grow in a new environment.
It may sound difficult or overwhelming, but it is possible. Next, consider the benefits of cloud-based technology.
Your team will need to dedicate time and effort to implement any new technology. Many organizations find it useful to include change management activities in project plans. This includes identifying the actions required for training and the communication level needed to implement your new method of working. This will help you avoid surprises, establish clear expectations, and ensure that your new technology is ready for use.