monday.com’s Latest Study Reveals That 55% of Business Leaders in UK Plan to Increase Software Budgets in 2023

Rhea-AI Summary

monday.com (NASDAQ: MNDY) released a report indicating that UK IT teams are prioritizing software that enhances efficiency, with 54% increasing their software budget in 2022 and 55% planning further increases in 2023. The survey conducted with RepData LLC shows that UK decision-makers express dissatisfaction with existing software, often relying on multiple tools. Moreover, 87% plan to consolidate software platforms for improved workflows. The company also announced the hiring of Tsfarir Ezra as the new Chief Information Officer to lead data management efforts.

Positive

• 54% of UK IT teams increased their software budget in 2022.
• 55% of UK IT decision-makers plan to raise budgets in 2023.
• 87% of UK IT decision-makers aim to consolidate software platforms in 2023.

Negative

• 65% of UK IT decision-makers are dissatisfied with their software systems.
• Many UK teams rely on four or more tools daily, indicating inefficiencies.

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

LONDON--(BUSINESS WIRE)-- monday.com (NASDAQ: MNDY), a work operating system (Work OS) where organisations of any size can create the tools and processes they need to manage every aspect of their work, today released a new report surveying UK IT decision makers on how they are approaching work, IT spend, and software decisions. The report, created in partnership with independent research company RepData LLC, found that IT teams in the UK and across the world are most focused on finding software that increases organisational efficiency, and they’re willing to consolidate their tech stacks to create a more productive workplace. Together with these insights, the company also announced a new strategic hire: Tsafrir Ezra has joined monday.com as Chief Information Officer to spearhead data management across the entire organisation.

Global Data infographic from the monday.com IT Decision Makers survey (Graphic: Business Wire)

monday.com’s study emphasises that despite challenging economic conditions, 54% of the UK teams surveyed have increased their software budget in 2022. Moreover, 55% of respondents are going to raise budgets in 2023. Despite looming financial uncertainty, IT leaders see this continued investment as a means to pave the path forward for future success.

The report also indicates that IT decision-makers in the UK were more dissatisfied with their software systems than those in the US and Australia, with 65% stating they have to rely on four or more tools. Furthermore, the research shows that the US and Australia respondents rated their work productivity higher than those in the UK, demonstrating the need for the latter to consolidate tools in order to improve workflow efficiencies. In line with this, 87% of the UK-based IT decision-makers are planning to find ways to best consolidate their software platforms in 2023.

“These survey findings emphasise that the global digital transformation is well underway and here to stay,” said Tsafrir Ezra, Chief Information Officer, monday.com. “While trends are emphasising 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 favour of doubling down on the ones that increase efficiency.”

The report includes a number of notable findings about how IT decision makers around the world are approaching work this year and beyond, such as:

• Ease of use is the #1 priority for software tools.
  • US, UK, 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.
• Software budgets are increasing globally.
  • More than half of IT decision makers (57% of US, 54% of UK, 56% of AU) increased their software budgets in 2022.
  • Even more expect to increase those budgets in 2023 (67% of US, 55% of UK, 68% of AU).
• Global IT teams are streamlining their work by consolidating their software tools.
  • More than half of US, UK, 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.
• Global IT teams embrace hybrid work.
  • IT decision makers are working in a hybrid environment more than 80% of the time across the US (83%), UK (89%), and AU (88%).

Study methodology:

Findings in monday.com’s study, conducted in partnership with the research company RepData LLC, are based on a survey of 1500 IT professionals responsible for making software decisions. The panel of IT managers surveyed spanned multiple three regions: the US, UK, and Australia, with 500 respondents surveyed in each country.

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 democratises the power of software so organisations 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/20221115006218/en/

Leah Walters

leah@monday.com

Source: monday.com

FAQ

What were the findings of monday.com's recent survey on IT budgets for 2022?

54% of UK IT teams reported increasing their software budgets in 2022.

How many UK IT decision-makers plan to increase their budgets in 2023?

55% of UK IT decision-makers are planning to raise their budgets in 2023.

Who has been appointed as the new Chief Information Officer at monday.com?

Tsfarir Ezra has been appointed as the new Chief Information Officer.

What challenges do UK IT teams face according to monday.com's report?

UK IT teams face dissatisfaction with existing software, often using four or more tools, leading to inefficiencies.

What percentage of UK IT decision-makers are planning to consolidate their software tools in 2023?

87% of UK IT decision-makers plan to consolidate their software platforms.