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
The SWOT analysis for Intuit Inc is presented below in a table followed by the detailed analysis report.
Strengths | Weaknesses |
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
|
Opportunities | Threats |
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
|
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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.
The PESTLE / PESTEL analysis for Intuit Inc is presented below in a table followed by the detailed analysis report.
Political | Economical |
1. Lobbying with the government for third-party tax assistance | 1. Impact of the tax reforms
2. Global economic slowdown affecting the financial state of companies
|
Social | Technological |
1. Technological trends upon the advent of Industry 4.0
2. Disruptive impact of fintech on traditional finance-related companies
3. Money benefits and offerings matter more than ever
| 1. Adoption of AI-driven platform for the provision of financial services
2. Exponential growth in the POS software market
|
Legal | Environmental |
1. Legal charges of customer scams to pay file taxes
2. Subjected to large number of government laws and regulations
| 1. Contributing to the global movement for corporate climate action
2. Lowering environmental footprint by becoming carbon neutral
3. Opting for renewable sourcing methods
|
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Detailed Pestle Analysis of Intuit Inc
Political
This section is available only in the 'Complete Report' on purchase.
Economic
This section is available only in the 'Complete Report' on purchase.
Social
This section is available only in the 'Complete Report' on purchase.
Technological
This section is available only in the 'Complete Report' on purchase.
Legal
This section is available only in the 'Complete Report' on purchase.
Environmental
1. Contributing to the global movement for corporate climate action: The globe is becoming more and more aware about the urgency of mitigating harmful impacts of global warming. As a part of its CSR activities, Intuit has set four core sustainability targets to achieve 100% renewable electricity by 2030, reduce carbon footprint as well as the total operational footprint by 80% and 50% respectively by 2025 and divert 90% of the wastes by 2020. Owing to these sustainability targets, the company has earned validation from the Science Based Targets initiative. More than 200 companies have verified their goals with SBTi (Intuit included), in order to join the global movement for corporate climate action. Intuit is on its track to surpass the core sustainability targets it has set, which are more than three times faster than the originally projected goals, set in 2016.
2. Lowering environmental footprint by becoming carbon neutral: All the companies across sectors are striving to achieve carbon neutrality, and lowering their harmful impacts on the environment. Several initiatives and programs are being undertaken for reducing the environmental footprints. Similarly, Intuit has participated in the Project Drawdown in alignment with its commitment to become carbon neutral since 2015. The company has been involved in the purchasing of carbon offsets in order to mitigate its direct and indirect greenhouse gas emissions. Intuit’s intentions behind partnering with Project Drawdown is to work towards preserving environmentally sensitive habitats and encourage small business growth, female entrepreneurship and community-based conservation, by supporting the carbon offset projects. Also, the company offsets the employee environmental footprint by reducing the carbon emission involved in business travel.
The remaining section of “Environmental” 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
On purchase the Intuit Inc SWOT and PESTLE Analysis PDF report will reach you within minutes. At rare times, a slight delay not exceeding 1 hour might be caused.
TABLE OF CONTENTS
DELIVERY AND FORMAT
WHY CHOOSE US?
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References used in Intuit Inc SWOT & PESTLE 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 and PESTLE analysis has been conducted by Anindya Anindita and reviewed by senior analysts from Barakaat Consulting.
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