Organizations Demand More from Their Data, Despite Achieving 118% Return on Data Management Investments
Companies Obstructed by a Lack of Technology, Processes, Training and Support from Leadership to Get the Most from Their Technology Spend
Global organizations are demanding more from their data management investments, despite most estimating that they achieve more than double the amount they invest, finds research from Veritas Technologies, a worldwide leader in enterprise data protection and software-defined storage.
The Value of Data study, conducted by Vanson Bourne for Veritas, surveyed 1,500 IT decision makers and data managers across 15 countries, and reveals that although companies see an average return of $2.18 USD for every $1 USD they invest in improving data management, an overwhelming majority (82 percent) of businesses expect to see an even higher return.
Just 15 percent achieved the ROI they expected to receive, while only 1 percent said the ROI they achieved exceeded expectations.
Businesses admit the key factors preventing them from improving their ROI are a lack of the right technology to support data management (40 percent), a lack of internal processes (36 percent) and inadequate employee engagement or training (57 percent). A third (33 percent) also cited an absence of support from senior management as a barrier to achieving a higher return on data management investment.
Marketing Technology News: Social Media Censors Game Changing Consumer Privacy Product
“Mismanaging data can cost businesses millions in security vulnerabilities, lost revenues and missed opportunities, but those that invest wisely are seeing the incredible potential of their data estates. Unfortunately, too many are being held back by technological or people-related challenges,” said Jyothi Swaroop, vice president, Product & Solutions, Veritas.
“Organizations must arm themselves with the ability to access, protect and derive insights from their data. By promoting a cultural shift in the way data is managed, which includes buy-in from leadership as well as tools, processes and training, companies can empower employees with full visibility and control of data.”
Marketing Technology News: Many Retailers Not Getting the Most Out of Their Data, Says New L.E.K. Report
Take care of your data, and it will take care of you
Organizations that are investing in the proper management of their data say they are already benefiting from their investment and are achieving the objectives they set out to achieve. Respondents ranked increased data compliance, reduced security risks, cost savings, and the ability to drive new revenue streams and market opportunities, as the most attractive benefits of improving data management.
Of the organizations that are investing in looking after their data, four in five (81 percent) say they are already experiencing increased data compliance and reduced data security risks, while 70 percent are seeing reduced costs. Nearly three-quarters (72 percent) are driving new revenue streams or market opportunities as a result of investing in data management.
“As cases of high-profile data breaches and threats of hefty fines for regulatory non-compliance continue to plague the headlines, one of the biggest drivers for investing in data management is to protect their data. But many are also benefitting greatly from the ability to use their data more intelligently. Those that invest in overcoming the barriers to effective data management will reap significant rewards in today’s digital economy,” added Swaroop.
Marketing Technology News: IntelliMedia bags two Product of the Year Awards at NAB Show 2019