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.
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.