Fremont, USA: 68% Data available to businesses goes unleveraged, reveals a Seagate commissioned new report – Rethink Data: Put More of Your Data to Work—From Edge to Cloud.
The IDC conducted Seagate’s Rethink Data: Put More of Your Data to Work—From Edge to Cloud report surveyed 1500 global enterprise leaders identifies today’s most pressing data management challenges and solutions to them. The report pinpoints that 68% data available to enterprises goes unused.
“The report and the survey make clear that winning businesses must have strong mass data operations. The value that a company derives from data directly affects its success,” said Seagate CEO Dave Mosley.
The most significant findings include:
Data management is increasingly important as data proliferates. IDC projects that over the next two years enterprise data will grow at a 42.2% annual rate.
While the 68% data available to businesses goes unused, only 32% data available is actually put to work, according to the report findings.
The top five barriers to putting data to work are:
1) making collected data usable,
2) managing the storage of collected data,
3) ensuring that needed data is collected,
4) ensuring the security of collected data, and
5) making the different silos of collected data available.
Managing data in the multi-cloud and hybrid cloud are top data management challenges expected by businesses over the next two years.
Two thirds of survey respondents report insufficient data security, making data security an essential element of any discussion of efficient data management.
Key Findings: India Market
- Over the next two years, enterprise data in India is projected to grow at a 45.2% annual rate as compared to the global annual data growth rate of 42.2%. India’s annual growth rate is 3rd fastest among the surveyed countries worldwide, behind the USA (50.5%) and Australia (46.9%)
- India respondents chose “increased use of advanced data analytics” as the biggest factor that will impact the growth in the amount of data stored over the next 2 years.
- The proportion of respondents who chose this factor is the highest in the world with 62%, while the global average is 48.3%. The second biggest factor that 53% of the respondents chose is “Increased use of IoT devices to automatically gather data.”
- 33% of data available to business in India is put to work, similar to the global average of 32%.
The top 5 challenges for them to exploit the potential of the data collected are:
1) making collected data usable;
2) getting the required resources to manage collected data;
3) ensuring the security of collected data;
4) managing the storage of collected data; and
5) building the people resources needed to analyze data.
- It is worth noting that the proportion of India respondents indicating “getting the required resources to manage collected data” and “ensuring the security of collected data” as a challenge was the highest in the world, being 44% and 42%, respectively. The global average is 28.3% and 35.4%, respectively.
- The least proportion of respondents (2%) indicated that they are not satisfied with their companies’ overall approach for data management. At the same time, India has the highest proportion of its respondents (74%) that said there is “much room for improvement” and “vast room for improvement” in their organizations’ data management. This is much higher than the global average of 46.7%.
The top 3 areas that India respondents have been using data analytics to improve its performance are:
1) improving data and application availability (33%);
2) identifying and exploiting new revenue opportunities (33%);
3) improving customer experience (32%). Response from India’s respondents also indicated that the enterprises are using data analytics to identify ways to reduce cost (31%), more so than the global average (26.9%).
- In the past 2 years, India saw the biggest level of improvement in “customer satisfaction / loyalty (India 43.7% vs global 31.8%), “profit (India 40.3% vs global 28.7%)” and “customer retention (India 37.9% vs global 30%)”.
- 23% of India enterprises indicated that “data security” is the most important factor driving the changes being made to the organization’s approach to how it manages central storage needs. This is the highest respondent rate among the surveyed country. The global average is 17%.
- India enterprises will have the highest proportion of their data management functions fully automated in two years (74.4%), with the USA trailing right behind (73.9%).
The report identifies the missing link of data management: data operations, or DataOps. IDC defines DataOps as “the discipline connecting data creators with data consumers.”
With 68% data available to businesses going unused, the report reflects how businesses are unable to deal with huge data volumes they collect or available to their disposal.
While the majority of respondents say that DataOps is “very” or “extremely” important, only 10% of organizations report having implemented DataOps fully.
The survey demonstrated that, along with other data management solutions, DataOps leads to measurably better business outcomes. It boosts customer loyalty, revenue, profit, cost savings, plus results in other benefits.
“The findings of this study illustrating that more than two-thirds of available data lies fallow in organizations may seem like disturbing news,” said Phil Goodwin, Research Director – IDC and Principal Analyst on the study.
“But in truth, it shows how much opportunity and potential organizations already have at their fingertips. Organizations that can harness the value of their data wherever it resides—core, cloud or edge—can generate significant competitive advantage in the marketplace.”
The survey queried 1500 respondents—500 in the Asia Pacific and Japan region, 475 in Europe, 375 respondents in North America, and 150 in China.
(Image source – Seagate Technology)