As the amount of data generated daily continues to grow, data management is essential for businesses today. At the same time, businesses need to ensure their data is available to them all the time to not only avoid financial losses but also customers.
According to latest industry survey results released from Veeam Software, the leader in Backup solutions that enable Cloud Data Management™, 73% of organizations admit to not being able to meet users’ demands for uninterrupted access to data and services, costing the typical company US$20 million a year.
More than 1500 senior business and IT leaders from 13 countries took part in the 2019 Veeam Cloud Data Management Report survey. The results found that respondents are aware of the importance of data management to their business’ success, pointing to greater productivity today, and the potential to drive business transformation in the future.
With the amount of data generated increasing every year, it is expected that by 2025, more than 175 Zettabytes of data will be generated each year, which is almost two thirds from 2018. Increased data means organisations need to manage and protect this data wherever it resides. The impact of downtime can be devastating on lost revenue, productivity, and customer confidence. The study shows 72% of organisations are looking to embrace Cloud Data Management, often by exploiting hybrid cloud capabilities, to ensure success and drive more value from their data.
“We are living in a data-driven age, and organisations need to wake up and take action to protect their data. Businesses must manage their data in a way that always delivers availability and leverage their value to drive performance. This is no longer a luxury but a business necessity. There are significant opportunity and competitive advantage for those who effectively manage their data. Ask yourself, are you confident that your business data will always be available? If you are unsure, it’s time to act, and our study shows that many are not acting fast enough,” said Ratmir Timashev, co-founder and Executive Vice President (EVP) of Sales & Marketing at Veeam.
Almost half of the respondents admit that data protection is imperative to leverage these investments. With organisations looking to embrace the power of technologies such as the cloud, or hybrid cloud, Big Data, Artificial Intelligence (AI), and the Internet of Things (IoT) to drive business success, investment in these transformational technologies is expected to average US$ 41 million in 2019.
The report also showed that only 37% of businesses are very confident in their current backup solutions, with the 73% admitting that they cannot meet user demands which in turn can slow down business productivity and efficiency. Which is why, more than half of those surveyed are looking to deploy Intelligent Data Management and multi-cloud solutions across the business to address this issue.
There is a global disparity in digital adoption today even though organisations on average attribute USD124 million additional revenue (per company) for digital initiatives. As such, large economies are at risk of having to play catch-up when it comes to digital innovation. 41% 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 plan to invest on average $105 million and $73 million respectively in Intelligent Data Management in the next 12 months compared to the average organisational investment expected in the UK ($14 million), China ($17 million) and US ($38 million).
Timashev added: “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.”
Journey to a more intelligent business
Leveraging on technologies such as Cloud Data Management and AI, the 2019 Veeam Cloud Data Management Report found that organisations are on a journey to become a more intelligent business. By having a real-time view of the collective business and the ability to act intelligently, the study highlights four common components globally for businesses on this journey:
Cloud: With 51% using Backup-as-a-Service (BaaS) and 44% using disaster recovery-as-a-service (DRaaS) on the cloud, it is evident that leaders are recognising the advantages of a multi-cloud and hybrid-based approach with cost, reliability, flexibility and data security of the cloud as their main reasons for choosing it. Cloud Data Management is a key component of delivering Intelligent Data Management.
Capabilities: To ensure employees can draw on data insights and use new technologies as they are deployed, organisations must enhance their capabilities. 9 out of 10 businesses view upskilling employees’ digital skills as vital to their digital success.
Culture: More than two-thirds of respondents believe that company culture needs to become more open and accepting of digital technologies. By creating a culture that is adaptable and receptive to new technologies, people can evolve with the organisation.
Confidence: Only a quarter of respondents report total confidence in their capability to meet their digital challenges. A sense of confidence in the business’ digital capabilities, built on a strong data foundation is essential in any organisation.
In order to become a more intelligent business, organisations need to act now by ensuring data is backed up and always available. Once this is done, organisations can confidently deploy new digital initiatives, leveraging the business value and competitive advantage to fully harness the potential of Cloud Data Management.