Poor Data Management Can Cost Firms $20 Mn A Year: Veeam
It’s essential that organizations get the right digital foundation in place to intelligently manage their data and safeguard their future.
The amount of online data being generated is exponential and managing this data is becoming a mammoth task for organizations. A recent survey by data backup solutions provider Veeam reveals that 73% of organizations failing to meet users’ demands for uninterrupted access to data and services. And this is costing the typical company $20 million a year.
At a time when data sprawl is so rampant that by 2025 more than 175 Zettabytes of data will be generated each year, up almost two thirds from 2018, the impact downtime can have on lost revenue, productivity, and customer confidence, is devastating and a cause of great concern. Therefore organizations need to have a strategy or a solution whereby they can continue to manage and protect this data securely, no matter where it resides.
Investing In cloud, digital technologies
The good news however is that Veeam Cloud Data Management Report finds that organizations are acting to combat this, with nearly three-quarters looking to embrace cloud data management, often by exploiting hybrid cloud capabilities, to ensure success and drive more value from their data.
The study that surveyed more than 1,500 senior business and IT leaders from 13 countries including India, finds that organizations 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 each invest on average $41 million on such transformational technologies in the next 12 months.
“We are living in a data-driven age, and organizations 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. There is a significant opportunity and competitive advantage for those who effectively manage their data,” said Ratmir Timashev, Co-Founder and Executive Vice President (EVP) of Sales & Marketing at Veeam.
Timashev questioned, “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.”
Significant gap exists
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 recognize 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.
“It’s essential that organizations 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,” he concludes.