The world’s leading integration and API platform, MuleSoft forecasts more than USD6 million loss in revenue for APAC companies based on a survey of 400 CIOs and IT decision-makers in Singapore, Hong Kong, Australia, and Japan.
According to their 2022 Connectivity Benchmark Report, 7 out of 10 client contacts in the region are digital. Yet, only 30% of companies have successfully integrated a complete end-user experience, indicating the need to meet customers' digital needs. The report also highlights different challenges and rising opportunities that APAC faces digitally.
APAC companies have higher average use of marketing, finance, and cloud applications and tools than US and European countries. However, more than half (54%) of these companies experience difficulty integrating user experience with security and governance as the highest hurdle. 48% cannot keep up with the ever-changing processes, tools, and systems while 47% lack internal knowledge about digital integration.
In addition, 92% of the respondents recognize integrating siloed apps and data, business and IT misalignment, and risk management, compliance, and legal implications as the biggest challenges in slowing down digital transformation initiatives.
Digital transformation is costly. More than 4 of 5 organizations (84%) have increased their IT budget yearly. Despite these challenges, 99% of APAC businesses use APIs, which directly leveraged revenue growth of 38% of the respondents.
Other benefits of digital integration initiatives are increased customer engagement, greater ROI, improved innovation, and better visibility.
“In this all-digital world, customers and employees expect truly connected experiences. However, siloed applications and data continue to hinder customer experience and digital transformation — and it is now costing businesses millions of dollars per year. This issue is particularly important in the Asia Pacific, where organizations report that they use more applications than any other region surveyed. To continue driving growth in the post-pandemic digital economy, companies need to be able to easily integrate a growing number of apps and data sources to automate their business and create seamless digital experiences for their customers.” said Brian Kealey, area vice president for Asia at MuleSoft.
“Digital agility is essential to successful transformation, allowing organizations to drive innovation at scale, deliver new initiatives faster, and create the experiences that customers want. A modern strategy that combines integration, API management, and automation is central to achieving digital agility. It enables organizations to easily connect and integrate their data, applications, and devices to create new digital capabilities and drive transformation projects,” said Kurt Anderson, managing director and API transformation leader, Deloitte Consulting LLP.