Increasing agility and speed
Now is the time for businesses to focus on real-time data analysis, rather than data input. Embracing a cloud platform helps leaders to make faster, moreHarness informed decisions, as well as offering the ability to modify strategies to accommodate changing markets.
Workflows such as Quote to Cash that includes invoicing, fulfilment and accounts receivable, or Workforce Management that includes onboarding, rostering and payroll are at the heart of daily operations, yet more than half (54 per cent) of mid-market firms continue to host their current business and people management solutions on-premise – requiring manual input and updates, increasing risk and costing valuable time.[iv]
Security and compliance
In addition to being more user-friendly, cloud platforms are designed to help businesses stay secure and compliant.
Having workflows integrated means a smaller attack surface and less opportunities for bad actors to compromise security, and encrypted cloud security is more robust than most desktop options.
Rapid changes in cyber risk mean real-time updates to cloud systems are critical to ensure business operations remain safe and compliant. What’s more, choosing a locally designed solution means region-specific compliance requirements are inherent.
Long-term investment
For the numerous mid-market businesses still working on desktop solutions or owned servers, the cost of a transition to the cloud is a common barrier. However, the upfront cost of a cloud platform can be balanced out by the reduced need for onsite servers and storage, as well as the productivity gains achieved.
In the current economic climate, many organisations find themselves in a business-as-usual holding pattern. It takes courage to make bold changes right now, but change and innovation are critical to growth and success and now is the time to invest in the future.
MYOB wants to see more mid-market businesses realise their ambitions. Through investment in its cloud platform and valuable partnerships, they’re making it easier than ever for businesses to maximise the benefits of moving online. To support this, it has also established a dedicated program to help some of its existing mid-market customers with this transition.
To find out more about MYOB’s mid-market cloud solutions, including the award-winning MYOB Advanced platform, visit: https://myob.com/advanced.
*Businesses with between 20-500 FTEs and annual revenue of over $5million.
[i] Digitisation in the mid-market, MYOB, 2022
[ii] Characteristics of Australian Business, ABS.gov.au, 2023
[iii] The economic value of cloud services in Australia, Deloitte Access Economics, 2019
[iv] Seizing Advantage: The Technology Pivot ANZ Businesses Must Make, 2021
