monday.com Finds Australian IT Professionals More Than Double Software Investment in 2022, Spending More Than US and UK Counterparts

Over half of Australian IT decision-makers increased their software budgets in 2022 despite economic challenges, with additional increases expected in 2023

SYDNEY--(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 Australian IT decision makers for insights on how they are approaching work, IT spend, and software.

The research found that Australian professionals are more positive towards the use of software in business compared to their US and UK counterparts, with over one-third extremely satisfied with the capability of their tools to maximise efficiency. However, Australian respondents also led the survey at 35 per cent, compared to the US and UK at 29 per cent and 26 per cent respectively, in identifying the significant room for improvement in their tools to further enhance overall productivity and efficiencies.

Conducted in partnership with independent research company RepData LLC, monday.com surveyed 1,500 IT managers, 500 each from the US, the UK and Australia. The report found that despite the challenging economic climate and ongoing tech skills shortage, Australian teams increased their software budgets in 2022 by more the 56 per cent. The research also found that spending is set to continue in 2023 with 68 per cent of local IT professionals looking to raise software budgets while consolidating platforms, focusing on tools that are both easy to use and integrate with other platforms.

“These results emphasise that digital transformation is not only well underway here in Australia, but set to accelerate over the coming years,” said monday.com Vice President Asia Pacific and Japan, Dean Swan. “While trends emphasise consolidation and platforms that work intuitively with others, we expect 2023 to be a strong year for the software industry with companies doubling down on tools that increase efficiencies. It’s clear Australian IT professionals are more focused than ever on making their teams more productive and efficient through software that has high adoption and enables productivity in any environment, whether in person, remote, or hybrid.”

The research also found that Australians use the least amount of software tools critical for their daily job function, with only 50 per cent using four or more platforms every day. Despite their streamlined use of platforms compared to US and UK decision-makers, Australian IT professionals are more likely to reduce the total number of software platforms, stating that three or more tools could be removed without impacting productivity.

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.
  • More than half (56%) of AUS IT decision-makers increased their software budgets in 2022.
  • More than two in three (68%) expect to increase their software budget in 2023.
• IT teams are streamlining their work by consolidating platforms.
  • 87% of AUS IT decision-makers say their organisation is likely to consolidate platforms to streamline work in 2023.
  • 60% of AUS IT decision-makers say that workflow efficiency is the highest consideration for consolidating platforms.
  • 28% believe three or more tools could be removed without impacting everyday work efficiencies.
• Most AUS IT workers spend some time in the office.
  • 88% of AUS IT decision-makers work in a hybrid environment.

Additionally, the company announces a new strategic hire in Global Chief Information Officer, Tsfarir Ezra, to spearhead data management across the entire organisation.

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.

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