Content-as-a-Service (CaaS) is a service-oriented mode, where service provider provides content on demand to the content consumer as a service which is licensed under subscription. Many research institutions adopt this mode to provide services on line, such as Gartner, Forrester and Infotech, etc.
The core digital assets are stored in Enterprise Content Management (ECM) system. ECM manages the authoring, versioning, approval workflow, archiving and content retention policies, etc. Web Content Management (WCM) / Content Management 
System (CMS) is in charge of presenting these content on line.
In previous career life, I experienced multiple combinations between ECM and WCM in different organizations...
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