According to a new report by workplace automation platform developer Workato, there’s been a sea change in the way enterprises approach technology since the pandemic took hold in early 2020. The company’s State of Business Technology 2021 report attempts to put some numbers behind the transformation, and the results are interesting.
One of the report’s top-line figures shows that 65% of business technology teams received an increase in their budgets, presumably to accommodate necessary investments to support demand on remote work and collaboration. The report found that 13% experienced a budget decrease while the remainder were static. COVID-19 was noted by 76% of organizations as the primary reason for engaging in new digital initiatives. Among the top digital initiatives accelerated by COVID-19 were:
- Cloud Applications 50%
- Cybersecurity 45%
- Data Analytics/Business Intelligence 45%
- Cloud Infrastructure 44%
- Systems/Data Integration 42%
- Data Storage 42%
- Automation 35%
Do More with Less
One of the realities that organizations often face is that the ability to use technology to “do more with less” often means spending more up-front for a long-term benefit in productivity. The State of Business Technology report looked deeper and found that, of the 500+ organizations that responded to their survey, many small- and medium-size businesses (SMBs) spend 70% of their budget on “keeping the lights on” while 30% is dedicated to innovation. Larger enterprises report nearly the inverse, with 80% of business technology resources spent on innovation.
What we find interesting is the cultural change that has taken place because of the pandemic. Anecdotally, many organizations that were previously reluctant to make changes to their technology estates, or who had long-term plans that included a great deal of study and planning before embarking on their “digital journeys,” found themselves forced by circumstances to make sudden changes to adapt to their newfound circumstances.
Growing Comfort with Automation
That seems to be reflected in the 78% of respondents who said they are “highly or somewhat comfortable” with adopting business process automation to support various business functions within their organizations. Some of the leading areas for building and adopting automations include:
- Customer Support 58%
- HR 47%
- Finance 44%
- Marketing 40%
- Sales 38%
- Analysts 34%
- Operations 33%
At Coviant Software, we are big fans of business process automation. It is integral to our Diplomat MFT managed file transfer platform. As a means of streamlining repetitive, day-to-day tasks automation offers a great deal of benefits not only in saving time, but also in increasing the satisfaction employees gain from their jobs when they are able to spend their time on more challenging and innovative things.
Automation also helps to decrease the risk of errors that are inherent to the human condition. Even the best employees make mistakes, and automation mitigates that factor. When the routine tasks that are automated include the transfer of sensitive information, including regulated financial and medical information and high-value intellectual property, every error that is eliminated is a major cost avoided.
Award Winning Performance at a Great Price
Coviant Software’s Diplomat MFT is trusted by thousands of healthcare, legal, financial services, retail, manufacturing, government, and charitable organizations to handle the sensitive task of executing secure, managed file transfers of every kind of sensitive information. Our product is award-winning and is recognized as the value leader in our industry. Robust enough to handle large-scale transfers, but at a price within reach of SMBs. And you can try us for free to test whether Diplomat MFT is right for automating your organization’s managed file transfer needs.
We hope you are and will continue to remain safe and healthy. We also hope that you have found a way to adapt to meet the needs of your employees, customers, and community. As our experiences and studies like this demonstrate, innovation should be at the heart of how businesses operate, advance, adapt, and succeed.