Challenges, Opportunities, & Benefits of Connected Business Transformation
Just as we’ve grown accustomed to picking up a single device to chat with friends, check our emails, shop for groceries or catch a ride (sometimes all at once!), today’s high-performing organizations are in constant search of more and better ways to connect to their customers, partners and employees, across diverse applications and business processes.
Connectivity remains a top priority for businesses, but how are we faring now when it comes to achieving that goal? To get a better idea, official Avicado partner Dell Boomi surveyed 900 IT decision-makers in 13 countries on the challenges, opportunities and benefits of connected business transformation.
Let’s break down some of the survey’s biggest takeaways and look more closely at the role integration and other technologies are playing in today’s increasingly connected business world.
Poor integration is limiting business growth
Over half (52%) of the survey respondents felt that poor integration is holding their business back from fulfilling objectives, and another 89% reported drawbacks because their integration tools aren’t up to the task. Organizations want to quickly deploy new cloud applications to run more efficiently and profitably. They want to enter new markets, deepen customer relationships and launch new products and services. They’re striving for growth, yet integration remains a roadblock.
Lost efficiency is draining time and money
Of the organizations surveyed, 41% reported that poor integration had resulted in lost efficiencies that cost them money. Poor workflow was a particular culprit, cited by 36%. Both factors contribute to delays in the rollout of new products, cited by 35%. An efficient business runs fast and lean across all processes, from customer onboarding to order-to-cash cycles, yet these hindrances caused by poor integration amount to big disadvantages when trying to keep pace with nimble competitors.
53% of organizations already have an integration solution in place
Legacy enterprise services, in-house developers and third-party consultants have been go-to integration solutions for decades. More than half (53%) of survey respondents already had at least one integration solution in place, with businesses currently utilizing an average of three different integration technologies. This is often necessary due to the limitations of certain tools but usually requires additional development skills.
iPaaS is rapidly becoming the top integration technology
As numerous independent market research studies have shown, integration platform as a service (iPaaS) is by far the fastest-growing sector of the integration market. Boomi’s survey follows that trend: 95% of organizations utilizing an integration solution reported that they will use iPaaS in the next 12 months. Diving deeper, 44% of those already using an integration solution have iPaaS in place now, 40% are in the process of iPaaS deployment and 11% plan to adopt iPaaS within a year.
Connectivity drives multimillion-dollar revenue growth
An integration solution dramatically reduces costs. Boomi’s respondents reported an average savings of $2.7 million since implementing an integration solution. Those savings are seen in IT and other departments as the organization transitions to a faster, more connected business. Nearly nine in 10 (86%) of businesses surveyed saw revenue growth as an outcome of becoming a more connected business. On average, Boomi’s respondents expected revenue to jump 10% within a year of becoming a connected business. That translates into an average of $491 million among respondents, including a sizable number of large enterprises.
A low-code approach minimizes the time and cost of innovation
More than 40% of organizations today use low-code solutions. Survey respondents cited ease of application maintenance as the most important benefit of low-code integration development. Low-code directly reduces overhead for ongoing IT support. Respondents also cited better developer collaboration (47%) and faster time to market (45%). Fundamentally, low code liberates developers from routine chores to focus on innovations that build a connected business.
Improved productivity is the #1 benefit of a connected business
Poor productivity is hard to avoid when employees have to waste time accessing, copying, pasting and manipulating information from a sprawl of disconnected applications. More than two-thirds of survey respondents (67%) cited improved productivity as the #1 benefit of becoming a more connected business, as it reduces cost and accelerates internal and customer-facing processes. Better data accessibility (61%) and more efficient workflows (53%) are also high on the list, as is increased profitability, cited by 47%.
Avicado, Boomi and the Connected Business
Harnessing the power of our Boomi partnership, Avicado provides organizations with an intelligent data platform and the dedicated, expert support that drives connected business. Trusted by more than 7,000 organizations, Boomi’s low-code platform provides the foundation on which your business can innovate, solving tough technical challenges so that you can focus on the things that drive your business success.
To learn more about the advantages of working with Avicado to deploy Boomi’s cutting-edge connected business technologies, get in touch with one of our experts today.