91% of organisations say revenue will be harmed if digital transformation plans aren't completed
If digital transformation initiatives aren’t successfully completed, nine out of ten organisations (91%) believe business revenue will be negatively impacted, according to a new report by MuleSoft Inc.
The software company also found that while 90% of organisations are currently undertaking digital transformation initiatives, integration challenges are hindering efforts for 84% of organisations.
Almost half (43%) of respondents said that 1,000 applications are being used across their business but only 29% are integrated, trapping valuable data in silos.
“Today, businesses are competing on speed and agility as they race to meet customer expectations. As a result, every organization is undergoing a digital transformation in order to offer a completely connected customer experience. It has put integration in the spotlight as a top-level business priority,” said Greg Schott, CEO of MuleSoft.
"With the IT landscape only growing more complex, organizations can build their applications networks one API at a time, providing businesses with an agile foundation for success in the digital era.”
Surveying around 650 respondents, the research also highlighted that IT is struggling to keep up with business demands, with almost two thirds (64%) of respondents noting that they were unable to deliver all projects last year.
The MuleSoft Connectivity Benchmark Report highlighted that legacy infrastructures and systems was the most frequently reported challenge to integration.
The majority of IT departments’ time is spent “keeping the lights on compared to innovation”, according to the report.
Interestingly, MuleSoft also observed how organisations are increasingly turning to APIs to reduce data silos and close the IT delivery gap.
Nine in 10 respondents reported significant business outcomes from their APIs, including greater productivity, decreased operational costs and increased revenue growth.
"As organizations across all industries digitize their business models, the ability to connect and reuse technology assets becomes a critical capability,” explained Steve Stone, technology advisor and former CIO of several Fortune 500 brands including Lowe’s and L Brands.
“Reusable APIs serve as building blocks in the application network, enabling new business models and simplifying the expansion of a connected partner ecosystem. MuleSoft’s Connectivity Benchmark Report demonstrates the importance of adopting a comprehensive API strategy in driving desired business outcomes."
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