Boards slow to unlock data-driven value in their businesses, new research finds
LONDON, Feb. 8, 2024 /PRNewswire/ -- A new global study* from IFS and Boomi, conducted by leading IT market research and advisory firm IDC, reveals that enterprises are missing out on transformational capabilities and insights due to the combination of legacy technology platforms and a lack of Board-level understanding about the essential role of composability in unlocking business data.The study polled over 1,000 C-level respondents from manufacturing, energy and utilities, aerospace & defense, construction & engineering, telecoms and service industries across 12 countries in Europe, North America, EMEA and Asia Pacific in December 2023.
- The research highlights clear cause and consequences of outdated technology platforms, such as the negative impact of departmental silos (18%) and continued lack of visibility of data (24%).
- With more than two-fifths (41%) of organizations lacking a composable strategy, businesses risk stagnation and mounting technical debt.
- Whilst the value of a composable architecture is well understood by over 70% of the respondents, these are the C-suite with business and functional responsibilities.
- Speed to realizing value requires a strong data foundation and a mature cloud strategy as pre-requisites to the adoption of other advanced technologies.