Learn how COTS SaaS applications can help your company become more modern, efficient, and effective, all the while satisfying your customers' expectations.
COTS SaaS applications could revolutionize how you do business in the life sciences sector. Commercial off the shelf (COTS) software as a service (SaaS) refers to applications that a third party makes available online to individuals and businesses. You visit a platform on the Internet and fill out templates or forms. Or you respond to prompts from the technology. In turn, it maintains a running record of data and analysis.
How COTS SaaS Applications Can Help You
This technology can be used for numerous functions, including accounting and compliance. It replaces clunky legacy systems that require costly and time consuming upgrades. Instead, a third-party vendor consistently updates the COTS SaaS product for you. None of your resources are required. Of course, you pay a fee for the service. But it is always going to be cheaper than investing in more employees or constantly replacing outdated systems.
The Cherry On Top
In addition, the best of these programs puts vital data about your business and customers at your fingertips. It can help you work more efficiently. As if that weren't enough, it often also conducts analysis for you. As a result, you can better assess what's happening in real time. This will help you improve strategies and move forward with confidence.
Many executives fear the unknown. So, they don't give COTS SaaS a fair shot. The first step requires taking a leap. To start, you might sample an accounting application, such as NetSuite. Determine how these applications work and whether it is right for your company.
Once you're comfortable, you can consider using similar products in other divisions. For example, compliance is a sweet spot for such applications. With evolving and emerging regulations around the world, executives have a hard time keeping up. This kind of application keeps up for you. Also, it is intuitive, so it prompts you to gather all the necessary data for reporting to the authorities. As a bonus, you can scan the data to weed out bad actors, streamline procedures, and even find opportunities.
Is your company spending lots of time undoing legacy systems? Do you want to work smarter not harder? Then, you should consider COTS SaaS applications. You can learn more about them in “Top 5 Strategic Technology Trends for Life Sciences Companies.” This e-book is chock full of information relevant to leaders in the industry. Let me know your thoughts. Comment below or reach me at firstname.lastname@example.org.