Australian organisations demand more from their data, despite achieving 102% return on data management investments.
Australian 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 Australian companies see an average return of $2.02 USD for every $1 USD they invest in improving data management, an overwhelming majority (79 percent) of businesses expect to see an even higher return.
Just 17 percent achieved the ROI they expected to receive, while none 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 (39 percent), a lack of funding (39 percent) and inadequate employee engagement or training (57 percent). 42 percent of the respondents also cited an absence of support from senior management as a barrier to achieving a higher return on data management investment.
“Mismanaging data are costing Australian businesses about AUD$2.5 million a year. This can lead to security vulnerabilities, lost revenues and missed opportunities to provide a better customer experience. In Australia, technological or people-related challenges have hindered the ability of organisations to realise the full value of their data,” Howard Fyffe, Managing Director, Australia & New Zealand, Veritas Technologies.
“Australian organisations must equip 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 to make more informed decisions.”
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. 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 organisations that are investing in looking after their data, 77 percent say they are already experiencing increased data compliance and reduced data security risks, while 61 percent are seeing reduced costs. Nearly three-quarters (70 percent) are driving new revenue streams or market opportunities as a result of investing in data management.