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.
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. In Singapore, while companies see a similar ROI at $2.16 USD, 86 percent of businesses still demand more from every $1 USD they invested in data management.
Just 15 percent achieved the ROI they expected to receive, while only 1 percent 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 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. In Singapore, 70 percent 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 percent), insufficient internal processes (37 percent) and a lack of buy-in from senior management (38 percent).
“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 organizations to realize the full value of their data,” said Sheena Chin, country director for Singapore, Veritas.
“To fully reap the benefits of effective data management, 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.”
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. 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, organizations cited similar key benefits, in addition to empowering employees to be more productive by improving data management.
Of the organizations that are investing in looking after their data, four in five (81 percent globally and 79 percent in Singapore) say they are already experiencing increased data compliance and reduced data security risks, while 70 percent globally (69 percent in Singapore) are seeing reduced costs. Nearly three-quarters (72 percent globally and 66 percent 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. Organizations that invest in overcoming the barriers to effective data management will reap significant competitive advantages in today’s digital economy,” added Chin.