26th November, 2024
Mid-market businesses are ramping up innovation spend, setting their sights on strategic technology investments that will set them apart from competitors and position them for growth. We recently conducted a nationwide survey of over 500 New Zealand mid-market business leaders and decision-makers to discover:
Our recent New Zealand Mid-Market Report details the complete findings.
For most mid-market business leaders, big data and analytics (commonly referred to as big data) are the top innovation priorities for the years ahead. While the motivations for investing in big data and analytics may differ across businesses — from saving costs, to prioritising investment, to identifying new opportunities — the end goal is to drive growth.
The process of collecting, analysing and distilling insights from vast amounts of data can uncover business improvement opportunities. Penny Boland, Group CEO of Avanza Solutions (an implementation partner) explains: “When data is presented in easy-to-read dashboards to the right people, at the right time, smarter business decisions are made.
“Leaders are empowered to anticipate issues before they arise and uncover new opportunities for growth.”
Penny Boland, Group CEO of Avanza Solutions
For MYOB Acumatica users, these insights can be quickly gleaned from in-built, customisable dashboards, then sliced and diced for deeper analysis. VYPA, known as Australia’s fastest rail workwear supplier, has used this functionality to grow the business.
“[They] used the information inside MYOB Acumatica to be able to identify customer segments that were both growing fast and highly profitable for the business, so they were able to focus on those areas and then achieve both growth and profitability,” says Val Valantis, General Manager, Product and Product Marketing.
Other top priorities for mid-market leaders are resource extraction efficiency, AI tools, the Internet of Things, and digital security.
Growth-minded businesses are interested in AI tools and the Internet of Things because these technologies help lift productivity and reduce downtime. By leveraging automation and streamlining workflows, operations can scale more effectively – positioning businesses to add revenue streams and pursue stretch targets.
As cybersecurity threats continue to evolve, businesses are becoming increasingly aware of the substantial risks associated with data breaches and digital vulnerabilities. Prioritising robust digital security measures is no longer optional — it’s essential. Leaders are recognising that partnering with an experienced service provider is a critical step in safeguarding their business, reducing risk exposure, and taking a proactive approach to protecting sensitive information.
When it comes to selecting the right technology, mid-market business leaders overwhelmingly prioritise employee user experience.
“User experience and easy adoption of any software is critical,” says Carl Ferner, Partner at BDO (an MYOB Acumatica implementation partner). “An intuitive software product along with good training are so helpful in making any IT implementation a successful one. If users get frustrated with the software, it can quickly turn into a failed IT project which is so costly to the business.”
The report revealed that 45% of New Zealand mid-market businesses plan to invest in an Enterprise Resource Planning (ERP) system within the next 12 months. With employee user experience ranked as the top priority, and ERP systems representing a significant investment with the potential for even greater returns, Carl offers a key piece of advice for business leaders and decision-makers.
“It’s important to include a wide range of users from across the business in the decision-making process. We always encourage the business leaders to ensure key people are in the room to see the software demo, throw the curly questions and really test the product,” he says.
“The more those key users can quiz the product beforehand, the better buy-in they will have when it gets to the implementation rollout.”
Achieving a measurable return on investment (ROI) should be a key objective of any significant software upgrade—and most New Zealand businesses are succeeding in this goal quickly. The Report revealed that 83% of mid-market New Zealand businesses experienced a positive impact or ROI within a year of a software upgrade. This statistic highlights the transformative potential of the right software to enhance business operations and drive profitability.
The Report also found that the top metrics mid-market New Zealand businesses use to evaluate technology investments are:
To measure improvements effectively, it’s important to have baseline data before you go live with your new system. You should know how much revenue you’re bringing in and what your operating costs are. However, for a more accurate figure you should also consider quantifying how long manual processes take, how much manual processes are costing the business, and how productive the business is overall.
While some of these numbers are easier to calculate than others, knowing your starting point can help highlight the value you’re getting from your technology investments. This data can also help you make the business case for additional software upgrades and implementations.
To achieve a successful software implementation and realise ROI sooner, it’s essential to work with experienced implementation professionals who can guide the process and ensure full value from your solution. Equally important is prioritising change management, including preparing your team for new processes and providing thorough training and support to maximise software adoption.
The Report has uncovered valuable insights into how mid-market businesses in New Zealand are navigating the path forward with resilience and determination. Having weathered recent challenges, these businesses are now focusing on growth, leveraging software upgrades and new technologies to drive their ambitions. By achieving tangible results and a strong ROI, they are not only fueling their progress but also accelerating the pace of their digital transformation, positioning themselves for long-term success.
Explore how MYOB Acumatica can help your business realise its growth ambitions. You can also read the full Report and check out more research from MYOB here.
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.