4 business challenges for mid-market enterprises
1. Doing business as normal is costing mid-market businesses
Inefficient and/or ineffective business and people management software contributes an average of 28% extra in costs.
Businesses that are hesitant to take advantage of modern technology not only halt their growth, but also waste resources and incur unnecessary costs each 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.
2. Business growth is taking a hit
94% or more recognise that the challenges they have encountered from their current business software have 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 businesses simplify processes, connect data, reduce manual tasks and unlock growth.
3. Businesses are falling behind their competitors
Businesses using future-fit platforms and practices grow 3.2 times faster than their industry peers.*
The study 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.
* Source: “Beyond Agility – Adaptive Enterprises Hold The Winning Hand,” Forrester Research, Inc., May 7, 2019.
4. 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.
Mid-market success depends on new solutions
Mid-market businesses in Australia and New Zealand must make a significant technology pivot to successfully take on the challenges of a post COVID-19 world.
However, adapting to new ways of working through basic digitisation isn't enough.
The core systems of a business must be upgraded to navigate future challenges, unlock productivity and stay ahead of the competition.
An 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.
Disclaimer: Information provided in this article is of a general nature and does not consider your personal situation. It does not constitute legal, financial, or other professional advice and should not be relied upon as a statement of law, policy or advice. You should consider whether this information is appropriate to your needs and, if necessary, seek independent advice. This information is only accurate at the time of publication. Although every effort has been made to verify the accuracy of the information contained on this webpage, MYOB disclaims, to the extent permitted by law, all liability for the information contained on this webpage or any loss or damage suffered by any person directly or indirectly through relying on this information.