Organizations Can Lose $20Million Each Year Due To Poor Data Management: CXO Research

The 2019 Veeam Cloud Data Management report demonstrates that 73 percent of the organizations are failing to satisfy users' demands for uninterrupted access to applications and information. Numerous companies are presently hoping to grasp cloud data management to better meet the protection needs and leverage the power of their data.

Over the past decade, the amount of data generated has exploded. Data growth and sprawl is so rampant that by 2025, we will generate more than 175 Zettabytes of data each year, up almost two-thirds from 2018. Organizations need to manage and protect this data, no matter where it resides. But, according to the latest industry survey results released from Veeam Software, 73 percent of the organizations admit to not being able to meet users’ demands for uninterrupted access to data and services, costing the typical company $20 million a year.

The 2019 Veeam Cloud Data Management report surveyed more than 1,500 senior business and IT leaders from 13 countries and 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.

Ratmir Timashev, co-founder and EVP of Sales & Marketing at Veeam, said: “We are living in a data-driven age. 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. 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.”

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 in 2019 on such transformational technologies. Almost half of respondents admit that data protection is imperative to leverage these investments.

Alarmingly, only 37 percent of businesses are very confident in their current backup solutions, with the majority (73 percent) 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.