Let’s face it, with acronyms galore in the Technology industry, it’s sometimes hard to keep them all straight. One term that has emerged in the past decade and is talked about prevalently is SaaS– but what exactly does it mean?
What is SaaS?
SaaS stands for Software-as-a-Service – essentially meaning that instead of purchasing a hard copy of software and installing it on your desktop, the software is delivered to you via the Internet and is centrally hosted, or more commonly referenced to as “the cloud.”
The SaaS industry has catapulted to the forefront of the software industry –according to a study recently published by Report Linker, "The global cloud computing market size is expected to grow from USD 371.4 billion in 2020 to USD 832.1 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 17.5% during the forecast period."
Additionally, Cisco has projected that 75% of all cloud workloads and compute instances will be SaaS by 2021!
Every day more businesses are making the choice to migrate to the cloud as it opens up opportunities that traditional IT solutions just simply couldn’t provide.
Here are just a few of the perks associated with SaaS:
There is no longer a need to wait for a package to be delivered with your software or the long download times of having to manually install it on every single workstation. By leveraging SaaS you can begin the download process in a matter of a few clicks and have it up-and-running in just a few minutes! Internet speeds may have an impact on the total time needed for SaaS deployment. Most everyone who has a WiFi network in their establishment will be running adequate speeds for deployment.
No Hardware Required
Since SaaS is centrally hosted and provided via the Cloud, you no longer need to fork up the huge initial investment of purchasing your own server—like you would with older systems. With the Cloud, you can trust your data is safe and quickly retrievable. Hosting your data in the Cloud reduces the need for maintenance and saves you from needing to do a major update in the future—which will save you boatloads of money!
Frequent Updates & Reliability
When you buy traditional software, you are subjected to the constant need to purchase newer versions in order to account for recent updates. With SaaS, the software provider is able to frequently update the software which ultimately, leads to increased reliability. At Bravo, we roll out a new update every 6-8 weeks and so far – knock on wood – have experienced 0% downtime, exemplifying reliability at its core.
Customization & Application Options
Unlike traditional software, SaaS isn’t a one-size-fits-all solution... which in this day and age is perfect for your business! Depending on the SaaS you are purchasing, the provider is able to manipulate and customize solutions (or add applications) to enhance the services offered to the customer.
For instance, say you needed to be able to post an inventory item onto eBay or Buya – by using a SaaS, like Bravo, you will have a fully implemented integration that facilitates your eCommerce needs with just a few simple clicks. It also makes it much simpler to use and won't force you to recruit a "tech-guru" to do easy (yet necessary) tasks.
A major added functionality that SaaS possesses is the ability to offer more in-depth and real-time analytics. Most SaaS providers automatically include detailed reports within their software and at Bravo, we help you drill into your company’s daily, monthly, and annual performance instantly with easy-to-use analysis services.
Not only will you be able to analyze what happened in the past, but you also have the ability to attain an accurate view of what is happening today AND in the future! While it is a smart solution—it's also a NO BRAINER.
Probably the biggest asset to utilizing a SaaS is the ability to access the software from anywhere with an Internet connection. With traditional software, you are limited to the devices where that software was installed. This is usually an immobile desktop or outdated piece of hardware.
However, with software hosted on the Cloud, you can have the software on your laptop or tablet. This gives you the ability to work on from home or on the go and rest assured that your shop is properly operating.
With so many great attributes, why would anybody resist implementing SaaS?
Those reluctant to migrate over usually mention their biggest concern is data security in the cloud. If you are among those doubters, let me direct you to an analogy that Salesforce – a leading SaaS provider- made:
“A good way to understand the SaaS model is by thinking of a bank, which protects the privacy of each customer while providing service that is reliable and secure – on a massive scale. A bank’s customers all use the same financial systems and technology without worrying about anyone accessing their personal information without authorization.”
Granted, there have been a few security breaches among major financial institutions, particularly credit card companies, however since they occur so few and far between, we still use them on a daily basis and trust that our prized possessions are safe. In cloud computing, the likelihood of a security breach occurring is just as slim and security is of the SaaS provider’s utmost concern—so you can rest easy with your data in the cloud.
So What Does All of This to You as a Pawn Shop Owner?
If you are still struggling to come to terms with switching to a cloud-based POS software, think of all the perks and advantages that you are missing out on.
With the Bravo Pawn Platform:
- You would increase efficiency
- You will have improved analytics
- You will have more free time to focus on your shop
- You can get back to the sales floor and work with customers
- You will have safer data and the ability to work from anywhere
Let us help you take your business to the next level and contact us today to request a demo! Just click the link below and our team will reach out to you ASAP.
About the Author:
Tally Mack is a fifth-generation pawnbroker and eCommerce enthusiast. She loves traveling, being outside, and working out.
Before taking the reins as CEO, Tally served as Bravo's Vice President of Business Development, leading the company's sales and marketing organization. She's been instrumental in leading and executing many of the company's strategic shifts, including the acquisition of CompuPawn and the recent launch of UsedGuns.com.
Tally earned her Doctorate of Law (J.D.) from DePaul University College of Law in 2013 after attending the University of Colorado at Boulder, where she earned her B.A. in Communication Studies. She also completed the Key Executives Program from Harvard Business School in 2013.
Tally is a pawnshop lover and eCommerce enthusiast—dedicated to the success of both her employees and customers!