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73% Cos Expect Negative Revenue,if Digital Transformation Initatives not Completed: MuleSoft

Digital transformation is on top of the mind for IT leaders  and key to business initiatives, modernizing legacy systems, migrating applications to the cloud, automating business process and other critical business goals.

MuleSoft recently announced the findings of the 2020 Connectivity Benchmark Report on the state of IT and digital transformation. The global survey of 800 CIOs and IT decision makers (ITDMs) in organizations with at least 1,000 employees revealed that digital transformation has widely become a strategic imperative for businesses.

The below figure shows the goals organization would like to achieve through digital transformation in their organization as per the survey.

 

The report further finds that if organization cannot integrate data and transform digitally , revenue generation will suffer and impacting negatively said 90% of IT leaders. 73 % said they will lose revenue.

Businesses are struggling to overcome a common obstacle: of the almost 900 different applications used by the average enterprise, only 28% of those applications are integrated – preventing a single view of the customer. As a result more than half of businesses are unable to provide connected experiences for customers.

IT must innovate faster, and with fewer resources

Traditional IT operating models are broken and organizations are being forced to find new ways of accelerating project delivery and reusing integrations. At least half of respondents say their IT budgets will increase by less than 10% this year despite their project workloads skyrocketing by 40% (up from 32% last year). Yet 82% of businesses are now holding their IT teams accountable for delivering connected customer experiences.

  • When IT can’t keep up with business demands, projects slip: More than half (59%) of organizations weren’t able to deliver on all of their projects last year, creating a backlog for 2020.
  • IT faces the constant balancing act of keeping the lights on and innovating: With current IT operating models, nearly 70% of IT’s time is spent running the business, instead of focusing on innovation and development.
  • Organizations struggle to maintain the pace of our digital world: Nearly two-thirds (64%) of ITDMs find it difficult to introduce new technologies because of their IT infrastructures.
  • New technology investments only increase the need for integration: The top four IT investment priorities for 2020 are security (53%), big data and analytics (48%), multi-cloud strategy (41%), and AI/machine learning (41%) – all of which will require deep integration with existing systems.

(Image Courtesy: www.verdict.co.uk)

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