As mentioned in VentureBeat, many profitable SaaS companies live within the “system of record” (SOR) segment:
A SOR is a platform that serves as the sole functioning property for a particular business process. These software solution staples become vital in the workplace to the point that existing without them is eventually deemed impossible or extremely disadvantageous.
Some popular SOR SaaS companies include Salesforce, Intuit, Workday, Guidewire, and Veeva. What makes these companies successful is their sustainability and value-add once implemented.
Systems of Record Software Characteristics:
- Run mission-critical business practices closely related to how a company makes money
- Is ultimate source of business data storage and can share that information with other systems through integrations
- Large numbers of employees interact with the software on a daily and weekly basis
- Reports outputs of software solution in the form of reports and other insights
- Structures knowledge within a company in an easy, repeatable way
- Software improves over time including new processes, incorporates vast amounts of learning within a company’s workflow
PactSafe acts as your legal system of record for all important legal activities related to your business: eSignatures, contract management, important legal events within your software (like creating an account or adding a user), and digital record keeping behind all legal activities.