Last Updated: 01 Aug 2019 | 5 min read
In the XaaS (Everything as a Service) economy, products and services are continuously rendered with respect to the customer as opposed to considering and delivering them as individual sales. With XaaS occupying the core position, enterprises are leveraging to upgrade operational and business model to a greater extent to engage customers, employees, and business associates in new ways. In the upcoming context, we will check out how many organizations are truly embracing the XaaS service model, what are their setbacks and overall, what does the future hold for service industries.
Just over a 1/5th of all the business has shifted to a fully subscription-model pricing system and about 50% have partly adopted subscription pricing. Moreover, it is observed that many businesses are welcoming the change and a whopping 61% have stated that making some kind of arrangement to their business model as a result of XaaS economy. However, overall businesses have agreed with the positive influence over business, product, and service due to XaaS. It has undoubtedly shifted the power from vendors or clients to customers. Top mobile app development company along with other industry peers have concluded that businesses who are not harnessing the XaaS economy are majorly missing out as compared to their competitors who have adopted the model to deliver new value through the business services.
What Has Changed?
The enterprise software industry was infamously not able to deliver the solution needed to vendors and clients. Which ultimately, was reflected in the services provided to a customer. Because of the complexity involved and incomplete knowledge, it was hard to utilize the full potential of the software. Additional support was showered from vendors in delivering consulting services, customized software for customers and charging for consultant’s time. Enhancements were made to ensure that customers problems are solved at any given time of the day at a recurring fee. Vendors were not able to deliver the value of the service from technology on an ongoing basis to the customers.
More Changes Are On The Way
The drastic change in today’s digital economy is based on the fact that unless a decade ago as large organizations and business houses use to control the access of technology and platforms, much of it has changed now and brought down to a level playing field. This means that an organization’s success is far less depended upon the access of the software but rather depends upon how they use and implement the tech to provide and generate unique customer value creation.
Software industry pundits have predicted that more changes are on the way with customer becoming more and more aware of the software, technologies and its usage for their business & industry. Due to gathering knowledge, customers now have a detailed understanding of what can and can’t be done with that technology.
Technology In Its Best Advantage Form
We have still not reached a stage where the technology and its potential have been fully explored and made available. Record-Breaking software companies are competing to meet the customer’s ends need in the least amount of time before their competitors could approach them. By understanding the customer’s business process and going beyond the usual standardized offerings with customizable components – technology becomes the catalyst for a business model rather than to be the business model itself.
As we move forward with the XaaS economy model, which becomes imperative for the companies is not only to gauge their customer’s success with their own but also to leverage by the use of technology and how it supports the people and process.
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