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

November 16, 2022 at 07:00 AM EST

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

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.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221116005127/en/

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.

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