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Thursday, 09 May 2019 11:18

Australian businesses pay a high price for ‘data mismanagement’: report Featured

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Australian businesses pay a high price for ‘data mismanagement’: report Image Stuart Miles at FreeDigitalPhotos.net

Mismanaging data is costing Australian businesses about $2.5 million a year, according to a newly published research report that also reveals Australia’s IT decision-makers are demanding more from their data management investments, despite most estimating that they achieve more than double the amount they invest.

And according to Howard Fyffe, managing director, Australia & New Zealand, Veritas Technologies, this data mismanagement can lead to “security vulnerabilities, lost revenues and missed opportunities to provide a better customer experience”.

Fyffe made his comments following the release of Veritas’ "Value of Data" study conducted for the company by Vanson Bourne.

“In Australia, technological or people-related challenges have hindered the ability of organisations to realise the full value of their data,” Fyffe said.

“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.”

And although the study revealed that Australian companies see an average return of US$2.02 for every US$1 they invest in improving data management, an overwhelming majority (79%) of businesses expect to see an even higher return.

And it is also revealed that just 17% of the Australian companies achieved the ROI they expected to receive, while none said the ROI they achieved exceeded expectations.

According to the study, businesses admit the key factors preventing them from improving their ROI are a lack of the right technology to support data management (39%), a lack of funding (39%) and inadequate employee engagement or training (57%).

In addition, 42% of the respondents also cited an absence of support from senior management as a barrier to achieving a higher return on data management investment.

And the global survey total of 1500 IT decision makers and data managers in a number of countries, including Australia, showed 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.

In addition, of the organisations that are investing in looking after their data, 77% say they are already experiencing increased data compliance and reduced data security risks, while 61% are seeing reduced costs – and nearly three-quarters (70%) are driving new revenue streams or market opportunities as a result of investing in data management.

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Peter Dinham

Peter Dinham - retired and is a "volunteer" writer for iTWire. He is a veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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