Mid-market businesses in Australia and New Zealand must make a significant technology pivot in order to successfully take on the challenges of a post COVID-19 world. However, adapting to new ways of working through basic digitisation is not enough.
The core systems of a business must be upgraded in order to navigate future challenges, unlock productivity, and stay ahead of the competition. The new MYOB commissioned study, conducted by Forrester Consulting, reveals that unified, cloud-based business and people management systems are vital to a mid-market organisation’s ability to thrive and succeed.
This blog summarises the major points of the study and provides the study as a downloadable PDF at the bottom of this blog.
Four Challenges Faced by Mid-Market Businesses
Doing business 'as usual' is costing mid-market businesses
Inefficient and ineffective business and people management software systems contributes an average of 28% addition to the cost of your system.
Businesses that are hesitant to take advantage of modern technology not only halt their growth, but also waste resources and incur unnecessary costs every year.
In fact, the study shows that for an organisation with 100 employees, 12.5 hours of wasted time per employee each week equates to roughly AUD $2.8 million per year in extra costs. It doesn't have to be this way.
Business growth is taking a hit
94% of owners recognise that the challenges they have encountered from their current business software had a negative impact on growth.
Mid-market businesses that continue to rely on desktop platforms or piecemeal integrations for their core systems are missing out on growth opportunities. Fully unified cloud platforms help these businesses simplify processes, connect data, reduce manual tasks, and unlock growth.
Businesses are falling behind their competitors
This study found businesses using future-fit platforms and practices grow 3.2 times faster than their industry peers. Additionally, it revealed that more than 50% of current business and people management solutions are still hosted on-premises with either siloed or make-shift integrations across separate solutions.
Put simply, businesses that fail to digitise their processes and transform their core business systems risk falling behind competitors that do.
Business leaders aren't driving positive change
More than a third of decision-makers report leadership don’t fully understand the impact business and people platforms have on broader business goals.
In order to successfully convince business leaders to seize the benefits of a unified business and people management platform, decision-makers need to make a strong economic case for a technology pivot. Presenting a business case that clearly highlights the cost of inaction and how a centralised platform will unlock productivity, efficiency and revenue benefits is key to achieving buy-in.
Cloud-based solutions, such as MYOB Advanced, can increase productivity and flexibility to ensure your business is achieving your goals and meeting your customers’ needs. Don’t let your current system hold you back. Contact us today to find out how we can help you achieve success.