Intuit Inc. Strengths, Domain Expertise, and Key Differentiators
In the United States, Intuit has carved out a significant share of the small business market with QuickBooks, its popular accounting and ERP package. In addition, Intuit sells an array of applications and attached services for payroll, inventory tracking, time and expense management, payment processing and services operations management for professional accountants. In the Cloud applications market, Intuit’s QuickBooks Online product subscribers growth is consistent with the solid performance of Intuit as it continues to demonstrate its commitment to the small business market with easy to use products that have won a huge following from its loyal installed base.
The AWS cloud is good enough for Intuit, evidently. The company first set up a few small apps tools to run online. Impressed with the results, the company then proceeded to move to the cloud one of its data centers that were coming up for lease renewal. Doing that cut costs by up to six times. In addition to cost savings, running on AWS brings Intuit a number of other advantages including the ability of developers to create services more quickly. if Intuit acquires a company that already uses AWS, the integration process goes a lot more smoothly. Intuit runs 33 applications, 26 services, and eight tools on AWS. The company’s popular Mint financial adviser service now runs on AWS. Over time, the company will move all of its offerings to the cloud.
Intuit Inc. Recent Developments
In November 2017, TurboTax, from Intuit Inc. has introduced a new way of doing taxes: TurboTax Live. Combining the ease of use and technology of TurboTax software with a nationwide virtual network of credentialed tax experts, TurboTax Live delivers confidence and expertise to living rooms across the country, on-demand.
In October 2017, Intuit Inc. the maker of TurboTax and Mint, introduces Turbo, the first and only financial health profile that unleashes the power of verified IRS-filed income, debt-to-income ratio and credit score, showing consumers where they truly stand – beyond the credit score.
In May 2017, Intuit Inc. published the availability of free Practice Management features in QuickBooks Online Accountant, significantly reducing the number of tools accounting professionals need to manage their practice. Accountants in Australia, Canada, France, the United Kingdom and United States can now access the features directly in QuickBooks Online Accountant. The new work dashboard is fully mobile-enabled and gives accountants the power to track their work in the same place where they get it done.
The availability of this first set of practice management features is the first step toward providing an end-to-end practice management solution designed with the accounting professional in mind.
Intuit Inc. Mergers and Acquisitions (M&A) Activities
In June 2019, Intuit has acquired Origami Logic, the makers of an advanced data integration, ingestion, and analytics platform. Silicon Valley-based Origami Logic developed technology to analyze and gain insights from multiple data sets. Origami Logic’s platform collects data from a variety of sources and generating insights quickly and efficiently. This acquisition accelerates Intuit’s ability to organize, understand, and use data to deliver personalized insights that help customers quickly achieve success and build confidence whenever they use Intuit products.
Intuit Inc. Customers in ARTW Customer Database
Leveraging a rigorous data-centric research methodology, APPS RUN THE WORLD asks the simple question: Who’s buying Intuit Inc. applications and why? And we provide the answers – supported by decades of research – to our clients around the world. Our Customer database has over 100 data fields that detail company usage of Intuit Inc. and other enterprise apps by function, customer size, industry, location, implementation status, partner involvement, Line of Business Key Stakeholders and IT decision makers contact details. List of Verified QuickBooks, TurboTax, Mint, ProConnect customers.
Intuit Inc. Overview
Ownership: - NASDAQ: INTU
Number of Employees: 8900
Key Verticals: Aerospace and Defense, Automotive, Banking and Financial Services, Communication, Construction and Real Estate, Consumer Packaged Goods, Distribution, Education, Government, Healthcare, Insurance, Leisure and Hospitality, Life Sciences, Manufacturing, Media, Non Profit, Oil and Gas, Professional Services, Retail, Transportation, Utility,
Intuit Inc. Key Enterprise and Cloud Applications
QuickBooks, TurboTax, Mint, ProConnect
Intuit Inc. Revenues, $M:
|Type/Year||2018||2019||YoY Growth, %|
|Total Revenues, $M||Subscribe||Subscribe||Subscribe|
|Enterprise Applications Revenues, $M||Subscribe||Subscribe||Subscribe|
|Cloud Applications Revenues, $M||Subscribe||Subscribe||Subscribe|
* Enterprise Applications Revenues = License + Support & Maintenance + SaaS
** All revenue figures are estimates based on public records, Cloud and Non-Cloud business models in Apps Run The World's vendor database, and annual survey results including vendor feedback.
Intuit Inc. Revenue Breakdown By Type, $M:
|Type||License||Services||Hardware||Support & Maintenance||SaaS|
|% of Total Revenues||Subscribe||Subscribe||Subscribe||Subscribe||Subscribe|
Intuit Inc. Enterprise Applications Revenues By Functional Markets, $M:
Intuit Inc. Enterprise Applications Revenues By Verticals, $M:
Intuit Inc. Revenues By Region, $M
|Region||% of Total Revenues||2019 Total Revenues, $M||2019 Enterprise Applications Revenues, $M||2019 Cloud Applications Revenues, $M|
Intuit Inc. Direct vs Indirect sales
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Intuit Inc. Customers - Breakdown by Geo, Size, Vertical and Product
No. of Intuit Inc. Customers: 5000000
No. of Intuit Inc. Enterprise Applications Customers: 5000000
No. of Intuit Inc. Cloud Customers: x
No. of Intuit Inc. Cloud Subscribers: 34000000
Intuit Inc. has around 5000000 customers around the world.
Over the past years, Intuit QuickBooks Online has been gaining tens of thousands of new subscribers every quarter. The online population growth is going to skyrocket for Intuit as it focuses its marketing efforts almost entirely on Cloud adoptions even at the retail level, as small businesses continue to shift to the Cloud.
Intuit Inc. Market Opportunities, M&A and Geo Expansions
Averaging a new QBO subscriber nearly every minute globally, Intuit continues to make international growth one of its key priorities. In addition to delivering localized versions of QuickBooks Online in Europe and Asia, Intuit plans to pursue non-US accountant community with a vengeance. One of the approaches is through the Harmony toolkit designed to unify different Intuit user experiences across Intuit products, platforms and devices.
The goal is to extend its ecosystem of more than 300,000 accountants that currently use its products (including the 230,000 that currently use QuickBooks Online for Accountants) to help it better package QuickBooks for a global audience through ease-of-use accounting, payroll and payments features. The initial targets are users in Canada, UK, India, Australia and France. Users in 45 languages now run QuickBooks Online, which can handle requirements from 300 tax agencies and 560 customer tax rates. In addition to its core QuickBooks Online product, Intuit is also targeting the growing ranks of self-employed, 1099 tax-classified marketplace with its QuickBooks Online Self-Employed product.
The service, which makes it easy for the rapidly expanding population of freelancers and independent contractors to streamline their finances, is part of a broader initiative to reach the projected 43 percent of the US workforce that is expected to reshape the economy by 2020.
Intuit Inc. Risks and Challenges
Intuit faces intense competition in all of the businesses, both domestically and internationally. Competitive interest and expertise in many of the markets they serve have grown markedly over the past few years and expect this trend to continue. Some of Intuit existing competitors have significantly greater financial, technical, and marketing resources than they do. In addition, the competitive landscape can shift rapidly as new companies enter markets in which Intuit compete. This is particularly true for online and mobile products and services, where the barriers to entry are lower than they are for desktop software products and services.
To attract customers, many online and mobile competitors are offering free or low-priced products which Intuit must take into account in their pricing strategies. Intuit most obvious competition comes from other companies that offer technology solutions similar to theirs. However, for many of Intuit products and services, other important competitive alternatives for customers are third-party service providers such as professional accountants and seasonal assisted tax preparation businesses. Manual tools and processes, or general-purpose software, are also important competitive alternatives.
Intuit Inc. Ecosystem, Partners, Resellers and SI
Intuit sales and distributes through mobile application stores and direct sales channel, many of Intuit products and services are sold directly through their websites and call centers and retail locations across the United States. Intuit coordinates online, offline, and retail presence and promotions to support an integrated, multi-channel, shop-and-buy model. An additional sales channel is through selected alliance partners and accountants that help to reach new customers at the point of need and drive growth and market share by extending Intuit online reach.
Intuit Inc. Cloud Infrastructure Insights
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Data used in research reports are derived from publicly available documents, continuous surveys of applications vendors, customers, resellers, Independent Software Vendors, systems integrators and other verifiable sources.
Vendor shares and market forecast results are based on a combination of existing databases as well as demand side and supply side research conducted throughout the year with validation from vendors, customers, channel partners and documentations such as earnings releases and 10Q and 10K filings, vertical industry studies, regional and country-level statistics from public and private institutions(i.e. colleges, universities, government agencies and trade associations).
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