Organisations in the UK are seeing an average return of $2.10 (USD) for every $1 of their data management investments; this is lower than the global average of $2.18 for every $1 spent, a report reveals.
The report is based on an independent survey, commissioned by Veritas Technologies, of 1,500 IT decision makers and data managers across 15 countries including 100 from the UK.
Only 20% of UK organisations surveyed said their data management investments achieved the expected ROI, while none said their ROI exceeded expectations.
According to the research, UK organisations believe the key factors preventing them from improving their ROI are inadequate employee engagement or training, 51%, a lack of the right technology to support data management, 39%, and a lack of internal processes, 31%. Over a quarter, 28%, cited a lack of funding as a barrier to achieving a higher return on data management investments, while 28% also admitted they received no support from senior management.
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“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.”
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Good data management investments pay off
On the other hand, organisations that are making proper data management investments are already seeing the benefits. Respondents in the UK ranked increased data compliance, reduced security risks, cost savings, and the ability to drive new revenue streams and opening new verticals, as the biggest benefits to improving data management investments.
Of the organisations investing in good data management, 82% said they are already experiencing increased data compliance and reduced data security risks, while 76% are seeing reduced costs. Over two-thirds, 68%, 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.
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