The number brings up a fact that cannot be ignored. According to a recent survey by Intuit, 93% of businesses with 10 to 100 employees say they have outgrown at least some of their digital tools or are paying for features of an Enterprise Resource Planning system that they don’t use.
In fact, 79% report they are underserved by digital tools designed for small businesses, yet large enterprise digital tools are overkill. The survey — "Growing Pains: Mid-sized Businesses are Challenged to Find Right-sized Digital Tools" — queried 1,000 business owners at US-based companies with 10 to 100 employees to understand how well their digital tools are meeting their needs.
The survey’s findings take a deep dive into how mid-sized businesses are working in an ever-evolving technological world. For 49%, purchasing an Enterprise Resource Planning (ERP) system was a path to growth. Yet, 47% say they do not use all of the ERP capabilities and feel they overpaid for solutions.
Other Key Findings:
Excess capabilities are a waste of money: About 2 in 5 businesses cite cost as one of the disadvantages to their current ERP system (41%).
Apps are appealing, but as part of an integrated suite: On average small business owners use 19 apps to manage their operations, yet 60% prefer an all-in-one suite of business tools over buying individual digital tools.
Eighty-four percent report their current ERP system is too large to satisfy their specific business needs and 32% of the system’s capabilities go unused. A lack of customization is one of the top disadvantages to their current system as noted by 47%. In addition, 48% say they are not currently using digital tools designed for a business of their size.
Kelly Vincent, QuickBooks VP of Mid-Market Small Business at Intuit, says that while these businesses may not want to do a full migration to an ERP system, they are looking for an efficient and customizable solution to meet their needs. “This is where QuickBooks Online Advanced has a unique opportunity to help growing businesses that are either underserved by their old tools—or overserved by enterprise-level solutions. Advanced leverages the goodness of QuickBooks Online and integrates additional capabilities, delivering all the functionality mid-sized businesses need at a fraction of the price of a traditional ERP.”
While technology adoption is on the rise, understanding what tools are right-sized for a particular business is critical for future growth. Surveys like this, which was conducted by Wakefield Research, help reinforce the need for digital tools that grow with the changing needs of small businesses, and demonstrates the market opportunity for QuickBooks Online Advanced in serving the small business mid-market.
Key Resources for You to Check Out
To learn more about QuickBooks Online Advanced, visit quickbooks.intuit.com/online/advanced/
To read additional mid-market related survey data, visit New QuickBooks research reveals the impact of late payments on mid-sized businesses
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