Latest study reveals that 55% of business leaders in UK plan to increase software budgets in 2023

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.

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.