As the European tech industry moves into 2024, it’s hard not to long for the heady days of 2021 when free-flowing venture capital was at a peak. For Series B to D scaleups that have been highly dependent on venture funding to help fuel their growth, 2023 was decidedly more difficult. But, despite a 33.7% decrease in deal count and a 63.1% drop in funds raised since early 2022, as reported by PitchBook, scale-ups continue to show resilience, with high ambitions for growth and success in 2024. In the current funding environment, investors are demanding demonstrable evidence of revenue growth and scaling. Raising capital, achieving growth, and scaling remain possible – albeit under altered terms.
What we found is that C-Level leaders of European scale-ups and emerging enterprises are acutely aware of the vital importance of automation and integration in ensuring the success of their growth plans. They understand, for example, that they must tackle the persistently high number of manual data processes within the business. Yet, many concede that they struggle to implement the right strategies and technologies, and indeed, part of the problem stems from the conflicting priorities of C-Level leaders.
Thriving in this environment requires efficient, profitable growth strategies. Integration and automation are key, especially as behind every scaleup, there are often tens – even hundreds – of other software, technologies, apps and platforms propelling the business. Effective integration and automation streamline this complex network and are critical in enabling the business to scale rapidly and efficiently. Below, we give you the five overall takeaways from our report that we encourage you to download. The complete report will let you delve further into benchmarks and strategies on how scaleups should approach the integration challenge to navigate these lean times to achieve global success.
1. Get Buy-in from all C-Level Executives:
Every exec has an opinion on the challenges of integration – depending on their role. Yet, full integration crosses departmental divides to benefit the entire enterprise. Gaining every C-Level executive’s support and agreement is crucial before undertaking full business integration and automation.
2. Get an iPaaS to fully integrate
Ambitious scale-ups need more than single-point API connectors and workflow tools that quickly show their limitations. Choose a Premium Integration Platform-as-a-Service with end-to-end capability. A solution that also has an integrated low-code application platform to fully integrate existing tools, and to future-proof for new ones.
3. Buy rather than build:
Don’t be tempted to build integration solutions rather than buy. While many scale-ups may well have the in-house talent to build individual connectors, managing them consistently and keeping them up to date while scaling at pace.
4. Choose an iPaaS provider who knows strategy
When selecting your iPaaS, find a provider that can provide strategic advice and plans, not just the platform. Your business is agile and needs to scale fast, so you need a strategic integration partner that can keep pace with your needs.
5. Tackle integration to reap the benefits of automation
Automation is a hot topic right now, but there can’t be any automation without integration. To succeed and scale with no growing pains, ensure that your automation plans are built on the best integration foundations, created and managed by a central Integration Platform-as-a-Service.
Jitterbit is a global technology business serving over 3,000 customers around the world. We are dedicated to empowering your business transformation through seamless, automated integration. Automating your business processes means accelerated, more informed decision-making and better customer experiences. Our Harmony platform combines API Management, business process optimisation and no-code app creation to help you remove all manual data processes from your business and achieve hyperautomation faster. Find out more about Harmony here at www.jitterbit.com or follow us on LinkedIn.
