Poor data management costs firms $20 million yearly

Photo by JP Valery

More than seven in every 10 (73%) organizations are failing to meet users’ demands for uninterrupted access to applications and data, costing the typical company $20 million a year, according to Veeam Software.

The 2019 Veeam Cloud Data Management Report finds that this highlights the impact downtime can have on lost revenue, productivity, and customer confidence.

Even then, the latest of the yearly study shows that organizations are acting to combat this, with nearly three-quarters (72%) looking to embrace cloud data management, often by exploiting hybrid cloud capabilities, to ensure success and drive more value from their data.

The report covers a survey of more than 1,500 senior business and IT leaders from 13 countries.

Almost half of respondents admit that data protection is imperative to leverage these investments. But, only 37% of businesses are very confident in their current backup solutions, with the majority (73%) admitting that they cannot meet user demands.

Further, the report found that organizations are are leveraging technologies such as cloud data management and AI to create a real-time view of the collective business and the ability to act intelligently on that insight.

Three-quarters of companies report using Software-as-a-Service (SaaS) platforms. Leaders are recognizing the advantages of a multi-cloud and hybrid-based approach, citing cost, reliability, flexibility and data security of the cloud as their main reasons for choosing it.

Results suggest that firms must enhance their capabilities, to ensure employees can draw on data insights and use new technologies as they are deployed, with 9 out of 10 businesses viewing upskilling employees’ digital skills as vital to their digital success.

Also, creating a culture that is adaptable and receptive to new technologies so that people can evolve with the organization is essential, with more than two-thirds of respondents believing that company culture needs to become more open and accepting to digital technologies.

Finally, organizations must create a sense of confidence in the business’ digital capabilities, built on a strong data foundation. Presently, only a quarter of respondents report total confidence in their capability to meet their digital challenges.