Business leaders across the world recognise that data management will be a major driver of future business transformation, but those leaders are losing at least US$20 million every year because they can't meet users' demands for uninterrupted access to data and applications.
Veeam's 2019 Cloud Data Management Report found that 73% of 1500 senior business and IT leaders from 13 countries aren't able to provide access that users need. That results in costly downtime that affects revenue, productivity, and customer confidence.
Businesses are taking action to combat this lack of access. The survey found that 72% are considering cloud data management and hybrid cloud to derive more value.
“We are living in a data-driven age, and organisations need to wake up and take action to protect their data. Businesses must 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,” says Veeam cofounder and executive vice president of sales and marketing, Ratmir Timashev.
Digital initiatives could benefit individual organisations by as much as US$124 million in additional revenue annually. Survey respondents are considering cloud, hybrid cloud, big data, artificial intelligence, and the internet of things to drive business success – respondents will each invest an average of $41 million on these transformational technologies in 2019 alone.
Almost half of respondents admit that data protection is imperative to leverage these investments. However, only 37% of businesses are very confident in their current backup solutions.
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, the study says. Forty-one percent of Japanese businesses and 48% of Brazilian businesses described their data management as mature, compared to just over a quarter in France and Germany, and just 11% in the UK.
Japanese and Brazilian organisations intending to invest on average $105 million and $73 million respectively in Cloud Data Management in the next 12 months, markedly larger than the average organisational investment expected in the UK ($14 million), China ($17 million) and US ($38 million).
“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. 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,” says Timashev.
The study highlights four components in the journey to a more intelligent business. They are:
1. 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.
2. Capabilities: Organisations must enhance their capabilities, to ensure employees can draw on data insights and use new technologies as they are deployed, with 9/10 businesses viewing upskilling employees' digital skills as vital to their digital success.
3. 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.
4. 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.
“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,” Timashev concludes.