Global organisations 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 USD 2.18 for every USD 1 they invest in improving data management, an overwhelming majority (82 per cent) of businesses expect to see an even higher return. In Singapore, while companies see a similar ROI at USD 2.16, 86 per cent of companies still demand more from every USD 1 they invested in data management.
Just 15 per cent achieved the ROI they expected to receive, while only 1 per cent said the ROI they achieved exceeded expectations.
Globally, businesses admit the key factors preventing them from improving their ROI are a lack of the right technology to support data management (40 per cent), a lack of internal processes (36 per cent) and inadequate employee engagement or training (57 per cent). A third (33 per cent) also cited an absence of support from senior management as a barrier to achieving a higher return on data management investment. In Singapore, 70 per cent of the businesses cited inadequate employee engagement or training as a significant factor, in addition to a lack of right technology to support data management (48 per cent), insufficient internal processes (37 per cent) and a lack of buy-in from senior management (38 per cent).
“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, technological or people-related challenges have hindered the ability of organisations to realise the full value of their data,” said Sheena Chin, country director for Singapore, Veritas.
“To fully reap the benefits of effective data management, organisations 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.”
Take care of your data, and it will take care of you
Organisations 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. Globally, 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. In Singapore, organisations cited similar key benefits, in addition to empowering employees to be more productive by improving data management.
Of the organisations that are investing in looking after their data, four in five (81 per cent globally and 79 per cent in Singapore) say they are already experiencing increased data compliance and reduced data security risks, while 70 per cent globally (69 per cent in Singapore) are seeing reduced costs. Nearly three-quarters (72 per cent globally and 66 per cent in Singapore) 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 businesses to invest in data management is to protect their data. Importantly, many are also benefitting greatly from the ability to use their data more intelligently. Organisations that invest in overcoming the barriers to effective data management will reap significant competitive advantages in today’s digital economy,” added Chin.
Read more about the key findings of this study in a VOX blog here. To learn more about how Veritas can help global organisations capitalise their data investments, download the full report here. For more information on implementing a centralised data management strategy, visit www.veritas.com.
A total of 1,500 IT decision makers and data managers were interviewed in October and November 2018 across the US, the UK, France, Germany, Switzerland, the UAE, Canada, Mexico, Brazil, Australia, New Zealand, Singapore, China, Japan and the Republic of Korea.