UAE organizations are demanding more from their data management investments, despite most estimating that they achieve more than double the amount they invest, finds research from Veritas Technologies, a worldwide leader in enterprise data protection and software-defined storage.
The Value of Data study, conducted by Vanson Bourne for Veritas, surveyed 100 IT decision makers and data managers across the UAE, and reveals that although companies see an average return of $2.25 USD for every $1 USD they invest in improving data management, an overwhelming majority (88 percent) of businesses here expect to see an even higher return.
Just 10 percent of respondents in the UAE stated that their organisation achieved the ROI they expected to receive, while only 1 percent said the ROI they achieved exceeded expectations, in line with the global average. Companies in Brazil reported the highest ROI at US$2.57 followed by the US at US$2.48, while the lowest was reported in Switzerland at US$1.72.
Businesses in the UAE admit the key factors preventing them from improving their ROI are a lack of the right technology to support data management (42 percent), a lack of internal processes (33 percent) and inadequate employee engagement or training (61 percent). In addition, 44 percent of UAE respondents – the second highest after Switzerland (46%) – cited an absence of support from senior management as a barrier to achieving a higher return on data management investment.
“Mismanaging data can cost businesses millions in security vulnerabilities, lost revenues and missed opportunities, but those that invest wisely are seeing the incredible potential of their data estates. Unfortunately, too many businesses across the UAE are being held back by technological or people-related challenges,” said Jyothi Swaroop, vice president, Product & Solutions, Veritas.
“In this time of unparalleled digital transformation, organizations must arm themselves with the ability to access, protect and derive insights from their data. By promoting a cultural shift in the way data is managed, which includes buy-in from leadership as well as tools, processes and training, companies can empower employees with full visibility and control of data.”
Take care of your data, and it will take care of you
Underpinning the value of prioritising day-to-day data management, organizations that are investing in the proper management of their data say they are already benefiting from their investment and are achieving the objectives they set out to achieve. Respondents ranked increased data compliance, reduced security risks, cost savings, empowering employee productivity and reducing data siloes as the most attractive benefits of improving data management.
Of the organizations that are investing in looking after their data, four in five (83 percent) say they are already experiencing increased data compliance and reduced data security risks, while 76 percent are seeing reduced costs. Nearly three-quarters (73 percent) of respondents in the UAE reported that they are driving new revenue streams or market opportunities as a result of investing in data management – underlining the competitive advantage that can be gained through efficient data management.
“As cases of high-profile data breaches and threats of hefty fines for regulatory non-compliance continue to plague the headlines, one of the biggest drivers for investing in data management is to protect their data. But many are also benefitting greatly from the ability to use their data more intelligently. Those that invest in overcoming the barriers to effective data management will reap significant rewards in today’s digital economy,” added Swaroop.
Johnny Karam, Regional Vice President, Emerging Region, Veritas Technologies, added: “The rapid digitalization we’re witnessing in the UAE brings with it both opportunities and threats – making it more important than ever to invest in data protection. Unfortunately, some organizations are falling short of managing their data in a way that makes sense for their business as a whole. By embracing a smarter, more holistic approach to data management, organizations can achieve true operational efficiency, agility and assume an even greater return on their data management investment in the long-run.”
According to the key findings:
-42% of Businesses in the UAE admit the key factors preventing them from improving their ROI are a lack of the right technology to support data management
-44% percent of UAE respondents cited an absence of support from senior management as a barrier to achieving a higher return on data management investment.
-Just 10% of respondents in the UAE stated that their organisation achieved the ROI they expected to receive.
-Only 1% said the ROI they achieved exceeded expectations.
-73% of respondents in the UAE reported that they are driving new revenue streams or market opportunities as a result of investing in data management.
To learn more about how Veritas can help global organizations capitalize their data investments, download the full report here. For more information on implementing a centralized data management strategy, visit www.veritas.com.