monday.com’s Latest Data Report Finds 64% of IT Decision Makers Across Regions Plan to Increase Software Budgets In 2023

Rhea-AI Summary

monday.com (NASDAQ: MNDY) has announced the appointment of Tsafrir Ezra as its new Chief Information Officer, aimed at enhancing data management. Their latest report, based on a survey of IT decision-makers in the U.S., U.K., and Australia, shows a significant increase in software budgets for 2023, with 67% of U.S. leaders planning boosts. The report highlights a trend toward software consolidation for efficiency, with ease of use being a top priority. The ongoing global digital transformation indicates promising growth in the software sector.

Positive

• Appointment of Tsafrir Ezra as Chief Information Officer enhances corporate data management.
• 57% of U.S. IT decision-makers increased software budgets in 2022, with 67% expecting further increases in 2023.
• IT teams are streamlining processes by consolidating software tools, which can boost productivity.

Negative

• None.

The company also announces a new strategic hire in Global Chief Information Officer, Tsfarir Ezra

NEW YORK & TEL AVIV, Israel--(BUSINESS WIRE)-- monday.com Ltd. (NASDAQ: MNDY) (“monday.com”), a work operating system (Work OS) where organizations of any size can create the tools and processes they need to manage every aspect of their work, today released a new report where they surveyed IT decision-makers from the U.S., U.K., and Australia (AU) to learn how IT teams globally are approaching their work, IT spend, and software decisions. Together with these insights, monday.com is also hiring a Global IT executive of their own in newly appointed Chief Information Officer Tsafrir Ezra, hired to spearhead data management across the entire organization.

Infographic featuring monday.com's Global results from the IT Decision Makers survey. (Graphic: Business Wire)

The report, created in partnership with independent research company RepData LLC, found that IT teams across the world are most focused on finding software that increases organizational efficiency, and they’re willing to consolidate their tech stacks to create a more productive workplace.

“These survey findings emphasize that the global digital transformation is well underway and here to stay,” said Tsafrir Ezra, Chief Information Officer, monday.com. “While trends are emphasizing consolidation, we expect 2023 to be a promising year for the software industry, with increased budgets and expansions. IT leaders are more focused than ever on ensuring their tools are making their teams more productive and will be more likely to cut unnecessary tools in favor of doubling down on the ones that increase efficiency.”

The report includes a number of notable findings about how IT decision-makers are approaching work this year and beyond, including:

• Software budgets are increasing globally.
  • More than half of IT decision makers (57% of U.S., 54% of U.K., 56% of AU) increased their software budgets in 2022.
  • Even more expect to increase those budgets in 2023 (67% of U.S., 55% of U.K., 68% of AU).
• Global IT teams are streamlining their work by consolidating their software tools.
  • More than half of U.S., U.K., and AU IT decision-makers use 4+ tools every single day for their work.
    • But, 8 out of every 10 say there is room for improvement in their tools and processes.
  • Nearly a third say they could remove 3 or more tools from their current tech stack without impacting productivity.
  • When deciding to consolidate, over 60% rank benefits to their efficiency and workflows as the highest factors in deciding which platforms to keep.
• Ease of use is the #1 priority for software tools.
  • U.S., U.K., and AU decision-makers rank ease of use as the top priority in choosing new software tools.
  • This is followed by integrations as the second most important feature for software tools across each region.
• Global IT teams embrace hybrid work.
  • IT decision-makers are working in a hybrid environment more than 80% of the time across the U.S. (83%), U.K. (89%), and AU (88%).

As global IT teams make decisions about where to put their software budgets, more and more leaders are focused on cutting unnecessary tools and consolidating to increase their team’s overall productivity. While budgets will increase again in 2023, software providers need to continue demonstrating that their tools will provide a wide range of value to customers as the way we work continues to shift.

To review the full survey results and learn more, visit this page.

About monday.com

The monday.com Work OS is an open platform that democratizes the power of software so organizations can easily build work management tools and software applications to fit their every need. The platform intuitively connects people to processes and systems, empowering teams to excel in every aspect of their work while creating an environment of transparency in business. monday.com has teams in Tel Aviv, New York, San Francisco, Miami, Chicago, London, Warsaw, Sydney, São Paulo, Singapore, and Tokyo. The platform is fully customizable to suit any business vertical and is currently used by over 152,000 customers across over 200 industries in 200 countries and territories.

Visit us on our LinkedIn, Twitter, Instagram, YouTube, TikTok and Facebook.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221116005127/en/

Media Relations:

Leah Walters

leah@monday.com

Source: monday.com Ltd.

FAQ

What are the key findings from monday.com's IT decision-makers survey?

The survey found that software budgets are increasing globally, with over 67% of U.S. IT decision-makers expecting boosts in 2023. Many IT teams are consolidating tools to enhance efficiency.

Who is the new Chief Information Officer at monday.com?

Tsafrir Ezra has been appointed as the new Chief Information Officer to lead data management efforts.

What is the trend in software budgets according to monday.com?

The trend shows that over half of IT decision-makers have increased their software budgets in 2022, with more than 67% in the U.S. planning to further increase in 2023.

How are IT teams adapting their software tools according to monday.com's report?

IT teams are consolidating their software tools to improve organizational efficiency, preferring ease of use and integration as primary factors in their software decisions.