Veritas Shares Details from Value of Data Study
How much is your data really worth?
According to a recent study by global leader in data protection solutions, Veritas Technologies, UK companies need more from their investments into data management. Although most organisations believe that they’re achieving a return of over double the amount that they invest, UK businesses still expect more.
In their recent “Value of Data” study, conducted by Vanson Bourne on behalf of Veritas, 1,500 IT decision makers were asked about their data management strategies. Respondents included people from across 15 countries, including 100 individuals from the UK. The study found that UK companies receive about $2.10 on average for every $1 they spend. However, while 20% received results similar to what they were expecting, 75% of UK businesses expect a higher return.
What’s Preventing a Higher ROI?
Organisations in the UK believe a handful of things might be hampering their ROI, including lack of employee engagement or poor training (51%). Other issues may include lack of internal processes (31%), not having the right technology to support data management (39%), and a lack of funding (28%).
According to the Senior Director for Northern Europe with Veritas, Jasmit Sagoo, the poor management of data could be costing UK businesses more than £1.2 million in security vulnerabilities, missed opportunities, and lost revenues. Those who invest in taking care of their data expect to reap greater rewards, but they’re struggling to reach their potential because of people-related challenges or technical problems.
UK business leaders must begin promoting a more significant cultural shift in the strategies available for managing data. Training, processes, and other solutions must be implemented, with full visibility, accountability, and control of data. With buy-in and funding from the top, businesses will be able to better arm themselves with the ability to access insights from data.
The Benefits of Investing in Proper Data Management
UK companies that are investing in the correct management of their data solutions are seeing positive results according to Veritas. The study suggests that these companies are achieving the objectives that they set out to accomplish. In the UK, respondents ranked reduced security risks, increased data compliance, cost savings, and the opportunity to drive new revenue streams as some of the most attractive benefits of managing data properly.
Additionally, Veritas found that of the organisations that are currently investing in caring for their data, about 82% say that they see better data compliance. Another 76% of respondents have reduced their costs, and 68% are finding new revenue streams.
In a world where the protection of data is more critical than ever, and companies face hefty fines for things like non-compliance with GDPR, data management is crucial. The businesses that take steps to overcome their data management issues will be able to access stronger returns in the new digital economy.