More than 9 in every 10 (94%) firms are pursuing IT modernisation, but half of decision makers admit their company isn’t innovating at competitive rate, according to Boomi.
Boomi, a Dell Technologies business, partnered with Vanson Bourne to survey more than 1,200 IT decision makers and business decision makers from 19 countries across North America, EMEA, and Asia Pacific.
Findings show that 59% of survey respondents said effectively using technology has been the key to transformational success.
Companies that find ways to maximise their budget when investing in digital strategies and technologies have the opportunity to improve their ROI by more than 1,000%.
Results reveal that the top barriers for digital transformation and innovation efforts include insufficient in-house skills (41%) followed by a restrictive budget (33%).
APAC respondents find that technical knowledge (56%) is one of their organisation’s biggest challenges, more so than their counterparts in North America and Europe (46% and 43% respectively).
The data suggests that although APAC organisations might have intentions to modernise, they are currently more likely to struggle finding the right expertise required to do so successfully.
Artificial intelligence (46%) is the standout technology for organisations in the next five years, followed by security innovation (35%) and big data analytics (35%).
“The next decade will undergo an even more rapid pace of change than the 2000s and 2010s,” said Chris Port, COO of Boomi.
The survey also revealed that businesses are turning to ‘low-code’ to drive transformation initiatives. Almost half anticipate they will introduce a low-code development platform before the end of 2020.
Companies are honing in on customer experience and employee productivity, which are crucial for supporting more modern, agile customers and workforces. Business and IT decision makers agree the biggest benefit they have seen from modernisation is improved customer experience (49%).
Further, the CEO currently drives innovation among C-suite, but within three years innovation will be companywide responsibility: Organisations. However, 56% of respondents anticipate that in three years, innovation will be everyone’s responsibility and not just that of the leadership. APAC respondents are more likely to rank the CEO as their organisation’s leader of innovation, rather than the CIO or CTO.