The technology pivot ANZ businesses must make
A new study by Forrester Consulting reveals the impacts of outdated business software on mid-market businesses, and the technology pivot they can’t afford to miss.
Businesses that aren’t seizing the benefits of a modern
business and people management system are struggling
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.
4 challenges facing 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.
94% or more 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 using future-fit platforms and practices grow 3.2 times faster than their industry peers. 1
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.
1 Source: “Beyond Agility – Adaptive Enterprises Hold The Winning Hand,” Forrester Research, Inc., May 7, 2019.
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.
Head of Go To Market
Snapshot of the study
Get a snapshot view of why mid-market businesses must
make the technology pivot to a unified business and people
Read the full study
Get a comprehensive picture of how outdated
business and people solutions are negatively affecting