Companies in the UK obstructed by a lack of technology, processes, training and support from leadership to get the most from their technology spend
READING, United Kingdom, April 30, 2019 /PRNewswire/ -- UK 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 including 100 from the UK, and reveals that UK companies see an average return of $2.10 USD for every $1 USD they invest in improving data management, lower than the global average of $2.18 USD for every $1 USD spent.
As a result, three quarters (75 per cent) of UK businesses expect to see an even higher return. Just one in five (20 per cent) achieved the ROI they were expecting, but none of the UK organisations surveyed said their ROI exceeded expectations.
Businesses in the UK admit the key factors preventing them from improving their ROI are inadequate employee engagement or training (51 per cent), a lack of the right technology to support data management (39 per cent), and a lack of internal processes (31 per cent). Over a quarter (28 per cent) cited a lack of funding as a barrier to achieving a higher return on data management investment, while 28 per cent also admitted they received no support from senior management.
"Poor management of data is costing UK businesses over £1.2 million in security vulnerabilities, lost revenues and missed opportunities. Those that do invest in taking care of their data expect to reap the rewards, but too many are still being held back by technological or people-related challenges," said Jasmit Sagoo, senior director, Northern Europe, Veritas.
"UK business leaders need to begin promoting a cultural shift in the way data is managed, with tools, processes and training that empower employees with full accountability, visibility and control of data. With funding and buy-in from the top, companies will arm themselves with the ability to access, protect and derive insights from their 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. Respondents in the UK 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, four in five (82 per cent) say they are already experiencing increased data compliance and reduced data security risks, while 76 per cent are seeing reduced costs. Over two-thirds (68 per cent) are driving new revenue streams or market opportunities as a result of investing in data management.
"As high-profile data breaches and threats of hefty fines for GDPR non-compliance continue to weigh heavily on businesses, one of the biggest drivers for investing in data management is to protect data. But most are also benefiting from the ability to gain valuable insights from their data which help propel their organisation forward. Companies that work to overcome the barriers to effective data management can expect significant returns in today's digital economy," added Sagoo.
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 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.
Veritas Technologies is a global leader in enterprise data management – our software and solutions help organisations 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 organisations reduce risks and capitalise on their most important digital asset – their data. Learn more at www.veritas.com or follow us on Twitter at @veritastechllc.
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SOURCE Veritas Technologies