Poor data integration is leading to missed revenue opportunities for unknowing businesses, according to new research.
The latest research commissioned by Dell Boom (Boomi)i, a provider of cloud integration and workflow automation software to build The Connected Business, and carried out by Vanson Bourne, has revealed 86 per cent of IT decision makers believe becoming a more connected business would mean revenue growth for their organisation over the course of twelve months.
Despite the potential to achieve an average revenue growth of 10 per cent or approximately $500million (approx. £357million) within this timeframe, the report found that six in ten (59 per cent) think their organisation is struggling to become more connected. What’s more, over half (51 per cent) believe their CEO doesn’t fully realise the potential of a connected business.
There is some hope though, as 97 per cent of organisations plan on investing in emerging technology trends, with around six in ten (57 per cent) investing in cloud native applications and platforms, 52 per cent in security automation, 47 per cent in real-time data analytics and insight platforms and 43 per cent in AI/cognitive IT.
While it’s clear organisations understand emerging technology trends will affect their future business, it’s worrying to see the vast majority (96 per cent) of respondents reporting ongoing challenges surrounding the deployment of additional applications. This poor integration has led to nearly two thirds (64 per cent) of organisations missing at least one opportunity in the past twelve months, with a further 11 per cent admitting they may be missing opportunities without even realising.
Almost all respondents (99 per cent) said there would be benefits to their organisation if it could improve integration and become more connected. To overcome these issues and help connect new applications, data sources and business functions, an integration solution is vital.
Four in five (80 per cent) of those surveyed agree the right integration solution would greatly improve their organisation’s performance, with those already using integration solutions saving, on average, $2.7million since implementation. It’s reassuring then that 37 per cent of those surveyed are planning on adopting an integration solution in the future.
“Our report found nearly eight in ten IT decision makers think their organisation’s number one priority should be striving to become more connected. To build a truly connected business and drive real change as part of a digital transformation project however, organisations need specialist support,” said Ian Currie, EMEA Director at Boomi. “A trusted integration solution, built in the cloud, which can quickly connect any combination of cloud and on-premise applications should play a key role in driving this.”
Currie concluded, “Only with dedicated technology, such as integration platform as a service (iPaaS), in place can organisations embrace new innovations and easily transfer, analyse and learn from data, in real-time, between applications. Not only is this something which is proving invaluable as businesses seek to remain competitive in the digital era, but is also vital to those looking to take advantage of potential opportunities and new revenue streams.”