COMPANY PROFILE -MYOB Group
Business Sector :Information Technology
Operating Geography :Australia and NZ, Global
About MYOB Group :With a passion statement of “Making business life easier for you”, MYOB is the leading accounting software provider in Australia and New Zealand. It was started in the year 1991 in the form of a home office. Currently it is headquartered at Glen Waverly VIC, Australia. It also has international partners, present in countries like USA, Canada, Malaysia, Singapore and Hong Kong. They provide more than 50 products and services in the domain Accounting, Payroll, Professional Tax Solutions, etc. There range varies from desktop software to cloud based solutions. They have expertise in providing solution to small-medium scale industries. With more than 20 years of business history, currently they possess a client base of around 1.2 Million. It has a total of 1200 people within its establishments, with a varied number of consultants, accountants etc.
MYOB Group Revenue :AU $416.5 million - FY ended December 2017
Competitive Analysis of MYOB Group
|1. Market leader in SME software, practice software & enterprise software|
2. Highly efficient management team
3. Strong customer support
4. Diverse product portfolio
5. User centric designs
6. Strong cloud base applications
7. Robust research & development activities
8. Patent registration
9. High customer retention
10. Strong work culture
11. Strong professional network
12. Strong financial position
13. High level of recurring revenue
|1. Less penetration into medium to large scale industries
2. Concentrated geographic presence
|1. Improvements of nation’s online infrastructure|
2. Increasing online presence of most of the SMEs
3. Growing popularity in mobile payment solution
4. Strongest revenue performance of SMEs
5. Increasing adoption of cloud
6. Growth in finance and insurance sector of SMEs
7. Optimism approach of Generation Y
8. Drop in global fuel price
9. Shift from non-paying MYOB user to paying MYOB user
|1. Strong presence of competitors with similar product portfolio
2. Political uncertainty
3. Increasing cost of internet
4. Diminishing speed of internet
5. Low entry barrier in the category of the product
6. Online security
7. Softening consumer base of SMEs
8. Up gradation to new technologies
- with PayPal
- with Debit/Credit card
Detailed SWOT Analysis of MYOB Group
1. Market leader in SME Software, Practice Software & Enterprise Software: MYOB is market leader with 60-70% of market share all categories. It is leader in SME S/W market by user, Practice and Enterprise S/W market by revenue.
2. Highly efficient management Team: All the members of executive body have ample amount of prior IT experience in various domains and their leadership approach helps bringing new innovations.
3. Strong Customer Support: They provide 24*7 online customer’s support. Also they have a good number of mentors who guide the firms in setting and successful execution of the software.
4/5. Diverse Product Portfolio & User Centric Designs: They have a very diverse portfolio in domain accounting, tax, payroll and enterprise resource solutions. Most of their products are market leader in its category. With more user-centric design approach they are able to reach their customer’s expectations. They acquire firms to provide diversified products and services. MYOB PayDirect is an award winning Product which was first in its category to hit the market.
6. Strong cloud base applications: The small business economy of Australia and NZ has been transformed with wide range of cloud accounting solutions by MYOB. With constant innovation they have provided many Cloud based Enterprise and accounting software for all size business. Recently they have developed one MYOB Portal.
7. Robust Research & Development Activities: MYOB has spent over $100 Million on Research and Development activities in last 3 years. They encourage innovations.
8. Patent Registration: As per the data from Intellectual Property rights Australia, MYOB has a good number of registered patents which enhances the brand image of MYOB.
9. High Customer Retention: MYOB has a huge client base and every client continues to do business at least for 6 to 7 years. Hence they have a very high customer retention rate as they provide efficient cloud based business solution to their clients.
10. Strong Work Culture: They work with a motivating statement called “Love your work”. Structured division of work as per the technical expertise leads to development of efficient solutions. They provide employee benefits on retirement, disability and death.
11. Strong Professional Network: MYOB has 1.2 billion of customers with 500000 as paying customers in Australia and NZ. It has business partners in the countries USA, Canada, Malaysia, Singapore and Hong Kong. Hence its professional network is quite strong.
12. Strong Financial Position: The strong financial position of MYOB can be proved by the 16% revenue growth, 15% of EBITDA growth and 86% conversion of operating cash flow from EBITDA by the end of financial year 2014.
13. High Level of Recurring Revenue: MYOB has achieved recurring revenue of 270 million representing 94% of group revenue by the end of financial year 2014.
- with PayPal
- with Debit/Credit card
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MYOB Group SWOT & PESTLE Analysis - SWOT & PESTLE.COM
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