The acronym "SaaS" stands for Software as a Service, a cloud computing model where software applications are hosted and delivered over the internet. SaaS eliminates the need for users to install and maintain software locally, as the applications are accessible via web browsers. It offers scalability, flexibility, and cost-effectiveness, allowing organizations to pay only for what they use. SaaS provides services across various domains, including productivity tools, customer relationship management (CRM), and enterprise resource planning (ERP), making it an essential component of modern business operations.