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Logik.io Partners with CDS Visual, a Dover Company, to Simplify How Manufacturers Sell Through 3D Configuration

Manufacturers use the combined power of Logik.io and CDS Visual to improve buying and selling experiences for e-Commerce and CPQ with 3D-powered configuration

Logik.io, creators of Commerce Logic Engine technology powering configuration and guided selling for e-commerce and CPQ experiences, announced today that it has partnered with CDS Visual, a Dover company, to empower manufacturers to simplify the buying process for complex products by using 3D configuration for e-Commerce and Configure, Price, Quote (CPQ) applications.

For manufacturers, the partnership delivers a best-in-class, integrated selling solution that helps to differentiate companies in the selling process, drives sales efficiency, and modernizes how they go to market. Logik.io’s Commerce Logic Engine powers the complex configuration logic and guided selling actions that are foundational to effectively selling complex manufacturing products across all sales channels. In addition, CDS Visual enables Logik.io users to see what they are configuring in real-time by leveraging immersive 3D experiences, augmented reality, and production-ready CAD models & drawings.

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“As companies look to modernize their commercial operations, this partnership introduces a new and innovative approach to digital transformation for manufacturers,” Christopher Shutts, CEO, Logik.io, said. “It strengthens the foothold both brands have as leading solutions for manufacturers looking to deliver best-of-breed solutions to better serve customers by simplifying an often complex buying process.”

Logik.io and CDS Visual have already partnered on several projects involving leading global manufacturers that will go live later this year.

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“We’re excited to partner with Logik.io to address the complex visualization needs of manufacturers,” John Major, General Manager, CDS Visual said. “By combining Logik.io’s best-in-class configuration engine with CDS’s immersive 3D visualization, manufacturers can shorten their sales cycles, build brand trust, and improve customer experience. We look forward to working with Logik.io to continue to drive innovation and simplicity for manufacturers.”

Manufacturers can support advanced visual configuration by establishing configuration rules and product attributes in Logik.io. Customer selections are passed to the CDS Visual solution, which delivers real-time 3D visualization or augmented reality directly within Logik.io.

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AppXite Selects Devtech to Help Accelerate Onboarding of ISVs at Scale

Devtech

Devtech, a leader in digital innovation services for emerging and Fortune 1000 businesses, and AppXite, a cloud platform provider that helps businesses transition into the digital as-a-service world, announced today that the companies have entered into a partnership to help AppXite accelerate the onboarding of independent software vendors (ISVs) at scale.

Based on Devtech’s deep expertise in cloud marketplace enablement and onboarding, as well as the company’s world-class customer references, global presence, and standardized delivery process, AppXite chose Devtech to help take its cloud marketplace enablement and integration to the next level.

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“With extensive experience in cloud ecosystems, Devtech is an excellent partner to further our goal to help our customers expand and scale their ecosystem marketplaces. This includes helping our customers onboard new offerings, launch new services, and create stickier subscription bundles – ultimately driving ARPU for our customers.”

“We are excited to welcome Devtech to AppXite’s global partners family,” said Nicolas Albana, CEO of AppXite. “With extensive experience in cloud ecosystems, Devtech is an excellent partner to further our goal to help our customers expand and scale their ecosystem marketplaces. This includes helping our customers onboard new offerings, launch new services, and create stickier subscription bundles – ultimately driving ARPU for our customers.”

“I am thrilled that Devtech was selected as AppXite’s digital innovation partner,” said Milovan Milic, founder and CEO of Devtech. “Our goal is to empower every customer to be the industry’s disruptor, not the disrupted. With our Channel and Marketplace Enablement solution and vast experience in this area, we will successfully help AppXite accelerate its onboarding of ISVs.”

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Elate Raises $4.9M in Series A Funding, Strengthens Investment in its Industry-Leading Strategic Planning Platform

This financing enables Elate to improve and further deploy its end-to-end platform, which guides organizations through the shift from Strategic to Dynamic Planning

Elate, a cloud-based strategic planning software, announced its oversubscribed Series A funding round of $4.9 million led by enterprise startup investor WestWave Capital. Co-founded by Chief Executive Officer Brooks Busch and Chief Operating Officer Abby Parker and loved by world-class Strategy and Operations Leaders at companies like Seismic, Buildertrend and Thornburg, Elate enables companies to connect long-term vision with tactical execution in a simple, intuitive way.

“Elate is redefining the way companies go about strategic planning by simplifying the experience for employees and surfacing insights for strategy and operations leaders that show results in a measurable way,” said Brooks Busch, Chief Executive Officer at Elate. “With this investment and the team we have in place, I am more confident than ever Elate has the ability to become the most dynamic and comprehensive platform to drive the future of strategic planning forward.”

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Elate’s strategic planning solution and all-in-one platform helps businesses define strategies and track execution across disparate teams. Going beyond a traditional objectives and key results (OKRs) framework, Elate’s platform guides leaders through a strategic planning process, providing recommendations and best practices to execute at the highest level and removing internal siloes to maximize transparency organization-wide. As a result, Elate customers are able to build, deliver and report on their strategy more quickly and efficiently.

“The positive impact of introducing a solution like Elate to help amplify our strategic planning process has been felt throughout the company,” said Jeanene Bettner, Managing Director and Chief Operations Officer – Distribution at Thornburg Investment Management. “Elate has helped Thornburg move towards a proactive approach to how we ensure alignment across teams and justify the time and resources we commit to delivering on strategic initiatives.”

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WestWave Capital led the Series A funding round, with additional new investment from The Pritzker Group Venture Capital, Hyde Park Angels (HPA) and Capital Midwest Fund. Elevate Ventures also made a significant follow-on investment in the round along with continued participation from Serra Ventures, M25, and the Flywheel Fund. The capital will be used to invest heavily in product development as well as support current and future customers through an expanded go-to-market strategy.

“In just 18 months since launching their platform, the trajectory, direction and vision of Elate speaks volumes to how they are driving strategic planning and engagement in a new way,” said Warren Weiss of WestWave Capital. “From our own experience, many of the platforms in this space have failed to connect vision with execution to enable a proactive, dynamic strategy. Elate is leveraging innovative tech combined with expert guidance and direction to solve this pain point and serve world-class strategy and operations leaders.”

“We view Elate’s solution as a long-term investment for much-needed change in the strategic planning space,” said Matt Tyner, Partner at Elevate Ventures. “As a former operations executive, Elate is superior in that it provides an end-to-end solution to create a more dynamic planning process and makes it easier for leaders to capture where they are currently at, along with what they need to grow successfully.”

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NTT DATA Business Solutions AG Receives SAP MEE Partner Excellence Award 2023 for Sustainable Growth

Award presented at Q1 MEE Partner Ecosystem Success All-Hands

NTT DATA Business Solutions AG today announced it received an SAP MEE Award for Partner Excellence 2023 for Sustainable Growth. Awards were presented by SAP to the top-performing SAP partners in the Middle and Eastern Europe (MEE) region that have made outstanding contributions to driving digital transformation for businesses that use SAP solutions. Recipients – in partnership with SAP – help customers adopt innovation, gain results rapidly, grow sustainably, and run more simply with SAP solutions.

“We are proud to receive this award from SAP for sustainable growth in our core region MEE, where we achieved record revenue in the fiscal year 2022. It confirms our successful strategy implementation in driving business transformation in the cloud in a sustainable and innovative way. We will continue investing in the MEE region in order to expand our cloud growth as an award-winning SAP partner,” says Norbert Rotter, CEO of NTT DATA Business Solutions AG and SVP of NTT DATA.

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Selected from SAP’s large and diverse partner base, nominations for the SAP Partner Excellence Awards are based on internal SAP sales data. A committee composed of regional and global SAP representatives determine winning partners in each category according to criteria such as sales achievement and performance. Awards are presented in a variety of categories, including overall sales, innovation, technology, services, and solution-specific areas.

“It is your hard work and passion which enables customers to adopt innovation and prepare for a successful and sustainable business in the cloud,” said Susanne Diehm, Chief Partner Officer MEE, SAP. “I am delighted to congratulate NTT DATA Business Solutions as the recipient of the Sustainable Growth award. Thank you for working with us hand in hand to make the transformation in the cloud a success. I look forward to seeing you continue to succeed in 2023.”

NTT DATA Business Solutions began its long-standing SAP partnership in 1989. This award confirms NTT DATA Business Solutions’ close relationship with SAP as one of its longest and top performing partners in MEE when it comes to holistically implementing innovations and driving forward customers’ digital transformation in a future-oriented direction. On a global level, NTT DATA Business Solutions is also considered a successful consultancy for medium-sized businesses, receiving an SAP Pinnacle Award for Sales Excellence – Midmarket in 2022.

“The award is a recognition of our long-standing cooperation with SAP. The trusting partnership and the platform that SAP offers us give us the opportunity to support our customers effectively. How well we are succeeding in this is shown by the accelerating customer adoption in the cloud sector”, says Andreas Pauls, Executive Vice President and Regional Head DACH of NTT DATA Business Solutions AG.

NTT DATA Business Solutions AG received its award during the Q1 MEE Partner Ecosystem Success All-Hands, a regional quarterly event in which the MEE Partner Ecosystem Success leadership team shares important updates on SAP’s strategy with partners.

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nShift Guide Shines Light on the Importance of Post-purchase Customer Experience

nShift has released a new guide exploring how the delivery experience can improve customer satisfaction and cut down complaints

Retailers are potentially undermining their own sales by neglecting to invest in the post-purchase customer experience. That’s according to nShift, the global leader in delivery management, which has today launched a guide to addressing customers’ most common post-purchase complaints.

Available to download, ‘Five customer complaints that matter most – and how to avoid them’ looks at some common complaints that companies need to be aware of in the retail environment. It also includes suggestions so businesses can fix them or avoid them in the first place. Recent research suggests over eight in ten (86%) customers will leave retailers that have poor returns experiences.

The number one complaint is late deliveries, while other common causes of customer frustration include: deliveries turning up unexpectedly, goods arriving damaged or in poor condition, unsuitable delivery options at checkout, and uncertainty or poor communication around the delivery process.

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“Our always-on, instant-access culture increasingly driven by online retail ensures that customers will complain faster than ever before and do so to more people”, said Sean Sherwin-Smith, Product Director Post-Purchase at nShift.

“In many respects, the work for retailers begins the moment the customer leaves the checkout because Post-Purchase is more than just ‘distribution centre to doorstep’. When 84% of consumers are more likely to shop with a retailer who has a smooth returns process, without one, retailers will only ever have the chance to convert 16% of their visitors.”

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More and more retailers and web shops see the value of providing an end-to-end delivery experience that builds customer loyalty, while eliminating costs and risks from the business. nShift’s recently relaunched delivery management suite enables retailers and web shops to take control of their customer experience – from checkout to returns – helping to proactively meet today’s customers’ high expectations.

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Informatica Named a Leader in IDC MarketScape: Worldwide Cloud Integration Software and Services (iPaaS) 2023 Vendor Assessment

Informatica, an enterprise cloud data management leader, today announced that it has been recognized as a Leader in the inaugural IDC MarketScape: Worldwide Cloud Integration Software and Services (iPaaS) 2023 Vendor assessment (doc #US50244723, February 2023). The IDC MarketScape study evaluates the product capabilities and strategies of the cloud integration software and services (also referred to as integration platform as a service – iPaaS) provided by both pure-play and platform vendors.

“Having been in the data market for a longer time than many of its competitors, Informatica has among the broadest support for legacy protocols while balancing that with newer protocols that have emerged as organizations have moved to the cloud.”

The IDC MarketScape report noted, “Informatica’s Intelligent Data Management Cloud™ (IDMC) has matured beyond simple connecting of applications and data sources to robust, end-to-end connectivity automation.” The report also noted, “Having been in the data market for a longer time than many of its competitors, Informatica has among the broadest support for legacy protocols while balancing that with newer protocols that have emerged as organizations have moved to the cloud.”

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Jitesh Ghai, Chief Product Officer at Informatica, said, “In today’s high-pressure digital economy, organizations are searching for the most timely and cost-effective ways to tackle cloud integration and automation challenges. Informatica iPaaS service offered through the Intelligent Data Management Cloud™ (IDMC) and powered by our AI engine, delivers any data to any persona for any integration pattern. Our customers trust us to deliver easy-to-use technology that saves time, increases productivity, and enables great experiences through unparalleled integration, no-code APIs, and holistic AI and automation.”

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Informatica iPaaS, a service of IDMC, supports any data management patterns, such as data integration, API management and application integration, master data management, data quality, data catalog, and data governance. It allows seamless data integration across cloud and on-premises environments. These capabilities empower organizations to rapidly design automated workflows and integration patterns with easy-to-use, self-service wizard builders.

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SalesFocus Solutions Announces the Release of Version 10 of Its MARS Sales Reporting and Data Analytics Platform

SalesFocus Solutions, a fintech leader in sales reporting and data analytics for the asset management industry, announced the release of the enhanced MARS version 10 platform.

MARS v10 integrates client, prospect, trade, and asset data to provide asset management clients with unique multi-dimensional visual, computational and analytical views of their business. MARS v10 transcends business functions including sales, marketing, data processing, and administration with the ability to explore hidden business insights, gain a deeper understanding of trends, identify potential cross-selling opportunities and direct sales and marketing teams to the strongest opportunities.

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“We are excited about the value that this major new release of MARS will provide to our clients to assist them with increasing sales and retaining assets,” said Aaron Wong, MARS Product Manager. “MARS v10 exceeds industry standards for user experience, performance and security and provides a 360 degree understanding of firm, branch/office, rep and account sales and assets to help our clients decrease the cost of engagement while increasing the lifetime value of business relationships.”

SalesFocus Solutions’ Arun Nagashetti, Application Development Manager stated, “Utilizing Angular and Web API frameworks in MARS 10 provides better multi-tasking and multi-processing capabilities. These improvements are important for our multi-dimensional data exploration and insight discovery using visual, computational and analytical tools.

History of Technology Innovation

Anil Ravindran, Vice President of Engineering, stated, “The technology and design enhancements in MARS 10 are a continuation of SalesFocus Solutions’ long history of innovation and carries through to all aspects of the MARS Platform. As an example, MARS 10 further enhances our MARS for Salesforce® integration by leveraging the data aggregation, cleansing, summarization, and business analytics power of MARS with real-time bi-directional synchronization of Account and Contact data with the Salesforce platform.

It further augments the power of CRM with Sales, third party RIA and Market Share data to focus resources on Firms that are most likely to grow wallet share.” Ravindran continued, “Additionally, with MARS 10 we’ve enhanced IntelliMARS, our mobile app, with additional capabilities so that our client’s sales organizations are better prepared for each meeting, more efficient in identifying the highest potential new opportunities (and cross-selling opportunities), and are more effective during each sales call.”

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Superior Data for Actionable Sales Intelligence

The SalesFocus Solutions MARS product suite continues to transform the sales and marketing analytics and reporting landscape for asset managers. The MARS platform includes data collection, data cleansing, sales analytics and distribution reporting across all business lines including mutual funds, UCITs, SICAVs, ETFs, managed accounts, DCIO/retirement platforms and alternative providers.

The innovative MARS product design takes business analytics to a new level by leveraging enhanced graphical data visualization techniques to transform sales, asset, contact and activity data into actionable business insights.

Write in to psen@itechseries.com to learn more about our exclusive editorial packages and programs.

SalesTechStar Interview with Alexandre de Vigan, CEO, Nfinite

Alexandre de Vigan, CEO at Nfinite comments on the increasing use and benefits of interactive 3D experiences in modern retail:

________

Welcome to this SalesTechStar chat, Alexandre; tell us about yourself and more about your role at Nfinite

After finishing law school, I became an attorney focused on Mergers and Acquisitions. Despite finding the work enjoyable, I felt unfulfilled in my ability to make a meaningful impact in the business world. To take more control over business outcomes, I decided to leave law to pursue entrepreneurship. I am now the founder and CEO of Nfinite.

Nfinite is an end-to-end e-merchandising platform that enables brands and retailers to create, display and manage unlimited high-quality product visuals in real time. It offers next-generation photorealistic CGI product imagery, including interactive and lifestyle images, to create immersive shopping experiences for customers.

The platform uses CGI and 3D technology to support brands in making their online operations more dynamic and seamless across channels. It offers multiple benefits over traditional photography, including reducing costs, increasing market speed, reducing product returns, and increasing sales conversion.

How has the platform evolved over the years?

Founded in 2017, our company initially provided computer-based imagery to rent and sell apartments. After realizing a larger market in e-commerce, we shifted focus to creating next-generation imagery for brands and retailers across categories like home and living, home improvement, CPG, and consumer electronics.

We recognize that web and e-commerce are turning virtual, and consumers want an immersive experience, yet retailers cannot match today’s e-merchandising needs. E-merchandising is broken, and retailers need a solution to match e-commerce merchandising needs. E-merchandising struggles with a legacy content stack that hampers the creation of high-quality, flexible imagery and genuinely immersive product experiences for online consumers.

This inspired us to develop an end-to-end one-stop SaaS platform solution for instantly creating, displaying, and managing unlimited product visuals. Over the last couple of years, we have scaled the Nfinite platform through different industries and officially launched the Nfinite Platform in 2022.

Last year we were excited that our platform had been adopted by three of the world’s top five global retailers, and we saw ten times growth in annual recurring revenue year over year. Over the past several years, we have executed well on our vision to deliver next-generation visualization and e-commerce merchandising. In our series B funding this year, we secured an investment of $100 million.

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Can you take us through some of the top challenges of today’s modern-day retailers (including their visual merchandising challenges) and how recent retail tech can enable them?

In the cutthroat world of e-commerce, capturing and retaining the attention of online shoppers is a make-or-break factor that can heavily influence purchasing decisions. Product images are the only means for consumers to gauge the value and quality of their potential purchases.

However, creating compelling product imagery can be a daunting challenge for retailers, with 96% admitting to struggling with the task, according to a recent Nfinite commissioned survey. From changing products too quickly to keep images current to the cost of photo shoots, retailers face numerous obstacles in creating compelling product imagery.

According to Coresight Research, 55% of brands and retailers said more than 10% of their products sold online in 2021 were returned because product visuals/images displayed did not match the products customers received.

With such a demand for product imagery, it’s no wonder that annual product photography budgets are enormous. According to marketing and e-commerce executives, 86% say that their typical photo shoot budget is more than half a million dollars ($500,000) per year.

Companies are now opting for CGI as a substitute for traditional photo shoots to address these challenges. CGI provides a flexible and cost-effective way to create hyper-realistic images and interactive visualizations, resulting in up to a 40% increase in sales, according to WebRotate 360. Leading brands and retailers, including Apple, IKEA, and Nike, are already taking advantage of the benefits of CGI in a virtual imaging studio.

How can retailers today use immersive experiences for their betterment and stand out? A few examples from brands who have been doing this in the recent past?

Providing consumers with an interactive 3D image of products allows for a more comprehensive examination of the product from all angles, creates deeper shopper engagement, and drives higher average order value.

Nfinite’s Dynamic Display tool, which enables real-time product mixing and matching in a scene, has resulted in significant improvements in website and conversion performance, including a 2.5X increase in click-through rate, a 55% increase in conversion rate, and a 2.8X improvement in repeat customer engagement.

Investing in high-quality product visuals, such as CGI, that offer 360-degree views can significantly reduce product returns for brands and retailers and increase shopper trust. According to Coresight Research, 52% of brands and retailers utilizing CGI believe that product returns reduction is a significant advantage of using CGI to produce product visuals. Moreover, 3D models are reusable and easily configurable, making it simpler for brands and retailers to edit product visuals and create different product variants more quickly, which is crucial for managing visuals across various channels.

E.Leclerc, a hypermarket chain, achieved rapid success with Nfinite by producing high-quality visuals that fit its marketing channels. The Nfinite platform offers an unlimited range of possibilities through each 3D model, including easily adapting to customer experiences by changing colors, angles, lighting, seasons, and contexts. Using CGI, E.Leclerc could produce high-quality visuals faster and cost-effectively without requiring new technical skills from their team. In the first year of our partnership, Nfinite helped E.Leclerc save 30% on product imagery costs. By reusing 3D assets to create new variations and images in the second year, they were able to save even more.

We’d love to hear more about the benefits of immersive retail based on the recent research your team conducted?   

As online shopping experiences become increasingly personalized and immersive, e-commerce companies must prioritize turning the customer journey into a memorable and engaging experience. Gen Z shoppers are 42% more likely to purchase when engaging with immersive technology, according to a recent Nfinite consumer study, The State of Shopper Sentiment”.

For instance, imagine you’re an online furniture seller, and a customer visits your site searching for a new office chair. Providing tools to show what the chair looks like in someone’s home office can significantly increase the likelihood of a purchase. e. By utilizing augmented reality, you can offer a digitally immersive visualization that allows the customer to see how the chair looks in context and decide whether it’s the right choice. Not only does this strategy boost sales, but it also decreases the probability of returns caused by an unsatisfactory choice.

Can you highlight more about the future of retail and what tech-enabled features you foresee will dominate the market?

High-quality product images are crucial for online retailers as they play a similar role to product displays in physical storefronts. Next-generation product imagery, such as lifestyle and interactive images, can help brands and retailers create more engaging and effective product visuals, driving sales and enhancing the customer experience.

CGI and 3D image creation are increasingly important for product visualization, offering benefits such as speed to market, reduction in product returns, and improved conversion rates. The cost-saving benefits of CGI can also help brands and retailers weather economic challenges. By investing in next-generation product imagery and CGI, brands, and retailers can improve their online operations, enhance their visual content, and provide a better shopping experience for their customers.

Read More: 4 Strategies to Increase Video Messaging During the Sales Process

Nfinite

Nfinite is a leading e-merchandising platform that empowers retailers to grow their business and deliver better customer experiences through powerful, customizable visual content.

Alexandre de Vigan is CEO at Nfinite

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Episode 154: B2B Business Development Tips for 2023 with Brian Bero, cofounder and VP Sales, Strike Graph

 

 

 

​​Intuit Launches New QuickBooks Small Business Index, Providing Unique and Up-To-Date Insight Into Small Business Economy Through Hiring and Employment Data

-UK small business job vacancies dropped 2.5% in February 2023, with 3,800 fewer job vacancies, continuing a trend which dates back to March 2022

-But vacancy numbers are still 29% higher than the pre-pandemic period according to the Index

Intuit , the global financial technology platform that makes TurboTax, Credit Karma, QuickBooks, and Mailchimp, has launched the Intuit QuickBooks Small Business Index, a powerful new monthly indicator of hiring among small businesses in the UK, as well as employment in the US and Canada, developed in collaboration with leading global economist Professor Ufuk Akcigit.

The Intuit QuickBooks Small Business Index uses purpose-built economic models to normalise anonymised QuickBooks Online Payroll customer data against official government statistics to reflect the general population of small businesses in each country; it is not a reflection of Intuit’s business. This robust methodology expands Intuit’s ability to more clearly delineate between Intuit’s small business customers and the small business community at large, while also providing a powerful new tool that can inform policies that impact small businesses around the globe, as well as to help small businesses make key decisions.

The Index’s primary benefit is its unparalleled focus on small businesses, which are vital to the current and future health of the economy but often underrepresented in economic data. By shining a brighter light on small businesses with timely insights, Intuit hopes to increase small business growth and success rates throughout the UK, US and Canada.

Sasan Goodarzi, Intuit’s Chief Executive Officer, said: “Up-to-date insights like those now available through our index will be invaluable to anyone focused on the success of small businesses, especially in the face of increasingly challenging economic conditions. We’re excited for this unique index to become a key tool economists, policymakers, and small businesses themselves can use in making decisions that will help power small business prosperity around the world.”

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FRESH INSIGHTS ON UK SMALL BUSINESS HIRING

Hiring is a bellwether for overall UK economic health and the first monthly Index reveals:

  • In the UK in February, small businesses with one to nine employees had 3,800 fewer job vacancies compared to the previous month. That’s a monthly decrease of -2.5% to 150,200 job vacancies.
  • Sectors that experienced the largest drop in job vacancies in the UK were: finance and insurance (-6.88%); accommodation and food services (-5.94%); administrative and support services (-5.93%). The education sector stood out as the only sector which saw an increase in job vacancies – an increase of 1.68% to 15,900 job vacancies.
  • Wales saw the largest decrease in the UK, with a drop of -7.35% to 5,000 job vacancies. Northern Ireland saw the smallest decrease, with a drop of -1.71% to 2,300 job vacancies.

Renowned global economist, and Arnold C. Harberger Professor of Economics at the University of Chicago Ufuk Akcigit said: “Intuit QuickBooks Small Business Index shows that the UK economy had -2.5% less vacancies compared to the previous month. Despite the decline, last month’s vacancy numbers are 29% higher than the pre-pandemic period. Since a peak in March 2022, there’s been a steady decline of -2.4% per month on average in job vacancies, and the most recent index shows the decline continued this month at almost the same average pace.

“Job vacancies in small businesses experienced a sharp decline starting in April 2020 due to COVID-19 and reached its minimum level in June 2020. Then the UK economy entered into a massive expansion episode for small businesses for seven consecutive quarters until March 2022. This was an important episode for small businesses where the number of vacancies increased by 4.4 times.

“The Index provides an important new perspective on the small business economy – which are critical to employment, growth and innovation in the UK. Young and small businesses are the fresh bloods that rejuvenate the UK economy by producing disproportionately more employment growth and innovation. It’s encouraging to see that vacancy numbers of firms with one to nine workers, which are closely tied to their employment levels, are well above the pre-COVID levels and small businesses are becoming an even larger part of the UK economy.”

Jolawn Victor, Vice President and UK Country Manager, at Intuit QuickBooks, added: “We’re thrilled to provide this barometer on vacancies, so the small business community and policymakers alike have the tools to make key decisions. By protecting and nurturing small businesses now, we help them become the superstar firms of the future. What’s more, typically, the Index will have a lead time of around two weeks compared to other vacancy data – a real advantage.”

Read More: Why Accurate Forecasts Can Help Weather The Economic Storm

NEW INSIGHTS PUBLISHED MONTHLY

New data insights will be added to the Intuit QuickBooks Small Business Index dashboard and published in regular blog posts at the earliest opportunity every month. To subscribe, and get a full list of publication dates for 2023, visit the Intuit QuickBooks Small Business Index interactive hub.

In the UK, the Intuit QuickBooks Small Business Index shows the number of job vacancies at small businesses with one to nine employees in the previous month and how that number has changed since the month before. These data insights are available at the national (UK), country (England, Wales, Scotland, Northern Ireland), and sector levels; based on a total sample of almost 25,000 businesses. Typically, the Index will be published around two weeks before the Office for National Statistics’ monthly Vacancy Survey is released.

In the US, the Index shows the number of people employed by small businesses with one to nine employees in the previous month and how that number has changed since the month before. These data insights are available at the national, regional, state (when sample sizes are sufficient), and sector levels; based on a total sample of almost 333,000 businesses. Because the Index is powered by a sample of anonymised data from QuickBooks Online Payroll, its data insights are available up to nine months earlier than equivalent official statistics, giving a more up-to-date picture of small business employment.

In Canada, the Intuit QuickBooks Small Business Index shows the number of people employed by small businesses with one to 19 employees in the previous month and how that number has changed since the month before. These data insights are available at the national, regional, and sector levels; based on a total sample of almost 66,000 businesses. Typically, the Index will be published several days before Statistics Canada’s Labour Force Survey is released.

ROBUST METHODOLOGY

The Index methodology is robust and stands out from other reports in the market by being calibrated against official statistics and focusing exclusively on small businesses while also eliminating publication delays. Unlike other small business indexes, it does not rely exclusively on survey data. Instead, a sample of anonymised QuickBooks Online Payroll records are aggregated and normalised against official government statistics before publication using purpose-built economic models created by Professor Akcigit and his international team of independent economists. This means the Index can provide a near real-time reflection of hiring and employment in the broader small business economy — rather than trends only in the QuickBooks customer base — just a few days after small businesses run payroll.

Write in to psen@itechseries.com to learn more about our exclusive editorial packages and programs.