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Wednesday, 08 May 2019 11:17

Like Oliver Twist, Australian firms want more... from data management

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Like Oliver Twist, Australian firms want more... from data management Pixabay

Organisations in Australia achieve more than double what they expect when they invest in data management, but still want more, the enterprise data management company Veritas says, based on a study that was carried out across 15 countries.

Market research firm Vanson Bourne interviewed 1500 decision-makers and data managers in the US, the UK, Germany, France, Switzerland, the UAE, Canada, Mexico, Brazil, Australia, New Zealand, Singapore, China, Japan and South Korea in October and November to collect data for the study.

The Value of Data study found that as far as Australia was concerned, only 17% achieved the return on investment they expected.

Not a single one of the Australian participants in the study said the RoI exceeded what they had expected.

But the businesses in Australia were frank about what was preventing them from earning more from their investment.

Factors cited were a lack of the right technology to support data management (39%), lack of funds (39%) and inadequate employee engagement or training (57%), while 42% blamed a lack of support from senior management.

Among organisations investing in looking after their data, 77% said they were already experiencing increased data compliance and reduced data security risks, while 61% were seeing reduced costs.

Nearly three-quarters (70%) were driving new revenue streams or market opportunities as a result of investing in data management

“Mismanaging data is costing Australian businesses about $2.5 million a year," said Veritas Australia and New Zealand managing director Howard Fyffe.

"This can lead to security vulnerabilities, lost revenues and missed opportunities to provide a better customer experience.

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

Fyffe recommended that Australian organisations 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," he added.

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Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

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