Poor data management costs companies millions each year

Companies are failing to meet user demand for uninterrupted access to applications and data and it is costing them millions each year. They are now looking to embrace Cloud Data Management to better meet protection needs and leverage the power of their data, the 2019 Veeam Cloud Data Management report has revealed.

The report surveyed more than 1500 senior business and IT leaders from 13 countries and found that respondents are aware of the importance of data management to their business’ success, pointing to greater productivity today, and the potential to drive business transformation in the future.

The amount of data generated has exploded over the past decade; data growth and sprawl is so rampant that by 2025 more than 175 Zettabytes of data will be generated each year, up almost 75% from 2018.

Helen Kruger, managing director, Troye, says companies need to manage and protect this data, no matter where it resides. “The latest industry survey from Veeam Software, the leader in Backup solutions that enable Cloud Data Management, states that 73% of organisations admit to not being able to meet users’ demands for uninterrupted access to data and services.”

“This highlights the devastating impact downtime can have on lost revenue, productivity and customer confidence. However, the study shows that business leaders are acting to combat this, with nearly 72% looking to embrace Cloud Data Management, often by exploiting hybrid cloud capabilities, to ensure success and drive more value from their data,” she explains.

Businesses are looking to embrace the power of technologies such as the cloud, or hybrid cloud, Big Data, Artificial Intelligence (AI), and the Internet of Things (IoT) to drive business success and will invest heavily on such transformational technologies.

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

This inhibits the adoption of tools and processes that can drive business advantage, but leaders recognise work needs to be done; more than half of those surveyed are looking to deploy Intelligent Data Management and multi-cloud solutions across the business to address this failing.

“In this data-driven age, businesses need to wake up and take action to protect their data. They need to manage their data in a way that always delivers availability and leverage its value to drive performance. This is no longer a luxury, but a business necessity,” she stresses.

There are massive benefits to be gained from the deployment of digital initiatives. However, there is a global disparity in digital adoption. Some of the world’s largest economies are at risk of having to play catch-up when it comes to their investment in digital innovation.

Kruger says there is a significant opportunity and competitive advantage for those who effectively manage their data. “Business leaders need to determine whether their business data will always be available and if they are unsure, it’s time to act. This study shows that many are not acting fast enough.”

Some of the world’s most advanced economies are at risk of being left behind when it comes to their digital adoption. It’s crucial that companies get the right digital foundation in place to intelligently manage their data and safeguard their future. To achieve this, businesses must be united internally, with IT and the business working collaboratively and addressing cultural and skills challenges.

The report found that companies that are on a journey to become a more intelligent business, meaning they 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.

Amongst the businesses on this journey, the study highlights four common components globally:

Cloud: Cloud Data Management is a key component of delivering Intelligent Data Management. It is evident that leaders are recognising 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.

About 75% of companies report using Software-as-a-Service (SaaS) platforms and many are using the cloud for their backup and recovery services with 51% using Backup-as-a-Service (BaaS) and 44% using disaster recovery-as-a-service (DRaaS).

Capabilities: Companies 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.

Culture: 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.

Confidence: Companies 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.

What is clear from the 2019 Veeam Cloud Data Management Report is that the time for action is now. This starts with a strong digital foundation, which ensures that data is backed up and always available.

“With this in place, businesses can confidently deploy new digital initiatives, leveraging the business value and competitive advantage for today and in to the future, and harness the potential of Cloud Data Management,” she concludes.