Staff at Australian businesses need to have uninterrupted access to data and services in order to do their jobs, however 80% of local organisations admit that they're unable to meet those demands – leading to more than $16.4 million in losses every year.

Those are some of the stats from the 2019 Veeam Cloud Data Management Report, which indicates that downtime can have a devastating impact on employee productivity, lost revenue, and ultimately customer confidence.

Those Australian organisations are aware that they need to do something about it, with 92% of organisations looking towards cloud data management and hybrid cloud to create greater value.

Local businesses will invest an average of $26 million each in 2019 on transformational technologies, however only 29% believe they can cope with digital challenges.

This could lead to a slower or non-existent rollout of tools and processes that could drive business advantage, the report suggests.

“We are living in a data-driven age, and organisations need to wake up and take action to protect their data. Australian businesses must manage their data in a way that always delivers availability and leverage its value to drive performance,” comments Veeam's ANZ vice president Gary Mitchell.

“This is no longer a luxury, but a business necessity. There is a significant opportunity and competitive advantage for those who effectively manage their data. Ask yourself, are you confident that your business data will always be available? If you are unsure, it's time to act, and our study shows that many are not acting fast enough.

Globally, 41% of businesses in Japan and 48% in Brazil described their data management processes as mature, compared to just 11% in the UK.

“We're seeing a global digital arms race develop today, with some of the world's most advanced economies at risk of being left behind when it comes to their digital adoption,” continues Mitchell.

“It's essential that organisations 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 notes four common components in the journey to cloud data management:

Cloud: Cloud Data Management is a key component of delivering Intelligent Data Management. Three-quarters of companies report using Software-as-a-Service (SaaS) platforms. Many are utilising 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). 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.

Capabilities: Organisations 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 organisation is essential, with more than two-thirds of respondents believing that company culture needs to become more open and accepting to digital technologies.

Confidence: Organisations 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.