Failed SaaS product offerings are not uncommon. If you are a CTO responsible for developing new technologies, you know how it feels when your SaaS product is a miss instead of a hit you expected it to be.
Why do SaaS Projects Fail?
SaaS projects fail primarily due to –
- Not being able to keep up with change
- Not being in control, especially with the rapid rise in outsourcing and cloud services
- Failure to keep up with innovation while keeping the costs in check
- Instability and outages due to complexity and colossal systems, processes and applications integration
- Cyber security
- Feeling overwhelmed in responding to regulations and audit issues
How can you become a SaaS success story?
Here are five most important keys to SaaS success.
Customer is still KING
Do not make the mistake of measuring your outcomes by how well your product functions and performs, alone.
What you are looking for is customer acceptability. Customers are looking for reliable platforms which they can trust and interact on while saving time.
IT is the Business
Your IT department is a business in itself. From managing objectives, resources, budgets and ROI to create game changing products, you are not only supporting a business – you are the BUSINESS.
Keep Your Eye on the Stack
While business wisdom is essential, don’t forget the stack and architecture. It is vital that you have complete knowledge of each and every little detail of your SaaS product development process (for example, how vendors fit into your portfolio) to prevent project failure.
Take Calculated Risks
You can make a difference if you are willing to take a risk on new technologies, solutions, partners and investors. However, when you increase your risk tolerance for new players, you also need improved vendor management to manage the new vendors.
Evolve to Grow
Continuous innovation and improvement are what make successful CIOs. If you can take your capabilities, such as processes for new product introduction or customer fulfillment, to give your company a competitive edge, you can make it to the top.
Last but not the least; do not forget to play to the strengths of your team. Build internal leadership; identify business and functional leaders who can advance your company’s culture, foster innovation and an attitude for success.
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