Prior research from MuleSoft revealed seven digital transformation trends for 2023, including deeper investments in IT automation and greater adoption of low-code and no-code solutions to scale productivity and output. Also: OpenAI launches ChatGPT Plus, a new subscription service Here’s the executive summary of the 2023 MuleSoft Connectivity Benchmark Report:
IT Delivers More as Leaders Invest in Efficiency - Leaders today want more out of IT and have increased their IT investment to $11.7 million on average. IT is better able to meet business demands as more teams successfully completed all projects asked of them last year.The Cost of Failing to Digitally Transform is Higher Than Ever - While most organizations are ahead of progress, the stakes for digital transformation have never been higher. The average organization could lose $9.5 million should they fail to complete their transformation initiatives.Integration Challenges Remain as App Volume Surges - Integration challenges block digital transformation as enterprises add even more applications to their ecosystem (1,061 on average vs. 976 in 2022). Those that turn to custom integration labor to solve these issues pay a high price ($4.7 million per year)Customers Now Expect Connected Experiences - More than a third (36%) of organizations provide a completely connected user experience across all channels, an increase from 30% in 2022. However integrating user experiences remains a challenge for many organizations.Teams Across the Business Demand Automation - Automation adoption is on the rise. Most IT organizations centrally manage (67%) and track (59%) automation work, but as more non-IT roles request automation organizations are turning to no-code tools and approaches to meet demand.APIs Help Maximize Cost Saving and Revenue - APIs are the key to digital transformation. They streamline development and generate 38% of the average organizations’ revenue. Of enterprises ahead of their anticipated digital transformation progress, 93% have a clear API integration strategy.
Here are 25 key takeaways of responses from 1,050 IT leaders of enterprise organizations:
Leaders are investing in efficiency
The cost of failing to digitally transform is higher than ever
Integration challenges remain as app volume surges
Customers now expect connected experiences
Teams across business demand automation
APIs help maximize cost saving and revenue
Growing businesses value and invest in building strong IT delivery capabilities. As businesses look to compete efficiently in a digit-first and more decentralized knowledge sharing economy, we will see increased investments in IT. Digital transformation starts and begins with people in mind. All stakeholders — employees, customers, partners, and communities that we serve — expect more connected, intelligent, and personalized engagement experiences with companies that they chose to do business with. These connected experiences mean that businesses must deliver value at the speed of need. In order to reduce time to value, IT teams must partner with all lines-of-business, in order maximize cost savings and revenue opportunities. To achieve this, IT teams must rely on APIs and application integration strategies that eliminate data silos and increase automation across all their internal and customers facing processes. To learn more about the MuleSoft Connectivity Benchmark Report 2023, you can visit here.
