Overall in the SaaS industry:
the moat of enterprise software has never been the code itself, as the release of the first generation software accounts for only about 2% of the total development. The remaining 98% are scale, maintenance, iteration, superposition of features, security audits, compliance certification, and integration entanglement with a large number of older systems. The SaaS giant who believes that AI can dismantle the SaaS giant, who has accumulated 20 years of institutional knowledge overnight, is just a fantasy of podcasters leaving reality.
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