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Intuit Inc SWOT & PESTLE Analysis

ID : 52815953| Nov 2020| 12 pages

COMPANY PROFILE -Intuit Inc

Business Sector :Fintech

Operating Geography :United States, North America, Global

About Intuit Inc :

Intuit is an American business and financial software company headquartered in Mountain View, California, U.S. It was founded in 1983 by Scott Cook and Tom Prolux. It develops and sells financial, accounting, and tax preparation software and related services for small businesses, accountants, and individuals. Its products mainly include TurboTax, QuickBooks and Mint. It is a financial platform that gives everyone the opportunity to prosper. As of 2020, the company has more than 9,000 employees with 20 locations in 9 countries. Intuit TurboTax launched a new brand campaign “All People are Tax People” which showcases that all the things people accomplish each and every day is proof they can do their own taxes.
The company’s mission statement reads, “Powering prosperity around the world.” It is featured on People Magazine Companies to Work and Forbes America’s Best Employers for Diversity. Intuit’s USP or unique selling proposition lies in it being #11 on Fortune’s 100 Best Companies to Work For with its 50 million users around the world.

Intuit Inc Revenue :


USD 7,679 million – FY ended 31st July 2020 (y-o-y increase of 13.2%)
USD 6,784 million – FY ended 31st July 2019 (y-o-y increase of 13%)
USD 6,025 million – FY ended 31st July 2018

Competitive Analysis of Intuit Inc

SWOT
PESTLE
The SWOT analysis for Intuit Inc is presented below in a table followed by the detailed analysis report.
StrengthsWeaknesses
1. Strong technical capabilities with an AI-driven expert platform
2. Strong customer relationships owing to its trusted reputation
3. Consistent double-digit growth over consecutive years
4. Easy and accurate compliance capabilities
1. Failure in upgrading Mint post-acquisition
2. Non-cooperation with FBI’s on website attack investigation
3. Intuit’s tax business is highly seasonal
OpportunitiesThreats
1. Opportunity in consumer tax and SMB financial management software segment in the United States
2. International expansion to increase the total addressable market
3. Provide a connected ecosystem with business-critical offerings
4. Strong portfolio of five bets to accelerate growth
5. Virtual solutions increasingly expected and embraced
1. Aggressive competition in the business and financial software industry
2. Business segments subject to federal, state and international government regulations
SWOT & PESTLE (combined)
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Detailed SWOT Analysis of Intuit Inc

Strength

1. Strong technical capabilities with an AI-driven expert platform: In hopes of revolutionizing the customer experience, Intuit has rightfully studied the myriad opportunities that surfaced upon the advent of artificial intelligence. With the fundamental reshaping of the world by AI, the company has made plans to utilize this technological revolution to its fullest. By capitalizing on this opportunity, Intuit has strategized an AI-driven expert platform with main focus areas of machine learning, knowledge engineering and natural language processing to deliver the goals of doubling the household savings rate and increasing the small business survival rate for customers. The company, as of 2020, employs 104 machine learning models being utilized in production and has more than 400 filed patent applications related to AI, to deliver instant value with frictionless offerings.

2. Strong customer relationships owing to its trusted reputation: Intuit’s strategy can be considered as customer-obsessed, with its inclination towards building advantage by efficient delivery to the customers. The continuous improvements over 35 years driven by customer needs, has helped the company to gain unprecedented opportunities in the form of a trusted reputation. Intuit is highly trusted upon by its customers, ecosystem partners because of its trusted and company brands including TurboTax, QuickBooks and Intuit. The company has over 52 million customers engaging with it at the critical moments of truth along with very trusted stewards of sensitive financial data and personal information.

The remaining section of “Strength” is available only in the 'Complete Report' on purchase.

Weakness

This section is available only in the 'Complete Report' on purchase.

Opportunity

This section is available only in the 'Complete Report' on purchase.

Threats

This section is available only in the 'Complete Report' on purchase.

Major Competitors :

  • The Sage Group
  • Xero
  • FreshBooks
  • Automatic Data Processing
  • Inc
  • (ADP)
  • Paychex,
  • Gusto
  • Elavon
  • Global Payments
  • BlueVine
  • Kabbage
  • H&R Block,
  • Free Tax USA,
  • TaxSlayer
  • Blucora’s TaxAct
  • SimpleTax
  • StudioTax

Major Brands :

  • TurboTax
  • Mint
  • QuickBooks
  • ProConnect
SWOT & PESTLE (combined)
Complete Report
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Check Out Analysis of Other Relevant Companies

TABLE OF CONTENTS
DELIVERY AND FORMAT
WHY CHOOSE US?
References used in Intuit Inc Analysis Report

1. 2019 Corporate Responsibility Report - https://www.intuit.com/content/dam/intuit/intuitcom/documents/company/intuit-cr-report-2019.pdf
2. Intuit Joins 200+ Companies in Global Movement for Corporate Climate Action - https://www.intuit.com/blog/social-responsibility/intuit-joins-200- companies-in-global-movement-for-corporate-climate-actio/
3. Í Annual Report For the fiscal year ended July 31, 2019 - https://s23.q4cdn.com/935127502/files/doc_financials/quarterly/2019/q4/817655_007_Print_CLEAN.pdf
4. The Tech Take Intuit grows more defensive - https://www.accountingtoday.com/opinion/intuit- grows-increasingly-defensive-against-accusations-of-misleading-taxpayers
5. TurboTax Tricked Customers Into Paying to File Taxes. Now Several States Are Investigating It.- https://www.propublica.org/article/turbotax-tricked-customers- into-paying-to-file-taxes-now-several-states-are-investigating-it
The detailed complete set of references are available on request in the 'Complete report' on purchase.

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Intuit Inc SWOT & PESTLE Analysis - SWOT & PESTLE.COM

SWOT & PESTLE.com (2021). Intuit Inc SWOT & PESTLE Analysis - SWOT & PESTLE.com. [online] Available at: https://www.swotandpestle.com/intuit/ [Accessed 16 Jan, 2021].

In-text: (SWOT & PESTLE.com, 2021)

Copyrights and Disclaimer

Intuit Inc SWOT and PESTLE analysis has been conducted by Anindya Anindita and reviewed by senior analysts from Barakaat Consulting.

Copyright of Intuit Inc SWOT and PESTLE Analysis is the property of Barakaat Consulting. Please refer to the Terms and Conditions and Disclaimer for usage guidelines.

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