Firms with mature enterprise data strategies in place for at least 12 months enjoy higher profit growth at an average of 5.97%, according to a survey of senior business decision makers (SDMs).
This is from findings of a global research report prepared by Vanson Bourne and commissioned by Cloudera.
Results also show that 96% of SDMs reported that the way data is handled and managed has positively impacted their organisations’ performance, and close to two-thirds (64%) reported stronger levels of resiliency from the presence of a mature data strategy.
Both SDMs and IT decision-makers (ITDMs) share similar views, recognising data as a strategic business resource, but these groups have differing opinions on operational processes and implementation.
“The presence of mature enterprise data strategies, optimised for hybrid and multi-cloud environments, generate better business outcomes,” said Ram Venkatesh, CTO at Cloudera. “Businesses look to data as an essential asset not only to make sense of the constant change and upheaval of today, but also to help prepare for what comes next.”
Mark Micallef, Cloudera’s VP in Asia Pacific and Japan, said the study shows that despite recognising data as a strategic asset, many businesses are still struggling to implement effective enterprise data strategies that efficiently manage growing data volumes and costs.
“It is particularly concerning to see this in APAC, given that 95% of senior decision makers in the region see the value in making sense of all data across hybrid, multi-cloud and on-premises architectures — the highest among regions,” said Micallef.
“As economies reopen, businesses will need to rethink their strategies to be able to drive their digital transformations in order to meet and exceed the expectations of today’s customers as well as their own employees,” he added. “Data can also have a positive impact on organizational culture. With many organizations looking to promote diversity, equity and inclusion (DEI), data can be used to drive DEI objectives and promote change.”
Visibility remains a key issue for organisations, with 89% reporting secure, centralised governance and compliance over the entire lifecycle as being valuable when handling and managing data.
Only 12% of surveyed ITDMs report that their organisation interacts with all stages of the data lifecycle process – something immensely helpful in helping organisations achieve an enterprise data strategy. Without complete control and visibility over every aspect of data, organisations will lack key capabilities required to drive innovation.