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
SANTA CLARA, Calif., April 30, 2019 /PRNewswire/ -- 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.
"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."
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.
Read more about the key findings of this study in a VOX blog here. To learn more about how Veritas can help global organizations capitalize their data investments, download the full report here. For more information on implementing a centralized data management strategy, visit www.veritas.com.
Methodology
A total of 1,500 IT decision makers and data managers were interviewed in October and November across the US, the UK, France, Germany, Switzerland, the UAE, Canada, Mexico, Brazil, Australia, New Zealand, Singapore, China, Japan and the Republic of Korea.
About Vanson Bourne
Vanson Bourne is an independent specialist in market research for the technology sector. Our reputation for robust and credible research-based analysis, is founded upon rigorous research principles and our ability to seek the opinions of senior decision makers across technical and business functions, in all business sectors and all major markets. For more information, visit www.vansonbourne.com.
About Veritas
Veritas Technologies is a global leader in enterprise data management – our software and solutions help organizations protect their mission-critical data. Tens of thousands of businesses, including 97% of Fortune 100 companies, rely on us every day to back up and recover their data, keep it secure and available, to guard against failure and achieve regulatory compliance. In today's digital economy, Veritas delivers technology that helps organizations reduce risks and capitalize on their most important digital asset – their data. Learn more at www.veritas.com or follow us on Twitter at @veritastechllc.
Forward-looking Statements: Any forward-looking indication of plans for products is preliminary and all future release dates are tentative and are subject to change at the sole discretion of Veritas. Any future release of the product or planned modifications to product capability, functionality, or feature are subject to ongoing evaluation by Veritas, may or may not be implemented, should not be considered firm commitments by Veritas, should not be relied upon in making purchasing decisions, and may not be incorporated into any contract.
Veritas and the Veritas Logo are trademarks or registered trademarks of Veritas Technologies LLC or its affiliates in the U.S. and other countries. Other names may be trademarks of their respective owners.
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SOURCE Veritas Technologies
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