And according to Howard Fyffe, managing director, Australia & New Zealand, Veritas Technologies, this data mismanagement can lead to “security vulnerabilities, lost revenues and missed opportunities to provide a better customer experience”.
Fyffe made his comments following the release of Veritas’ "Value of Data" study conducted for the company by Vanson Bourne.
“In Australia, technological or people-related challenges have hindered the ability of organisations to realise the full value of their data,” Fyffe said.
And although the study revealed that Australian companies see an average return of US$2.02 for every US$1 they invest in improving data management, an overwhelming majority (79%) of businesses expect to see an even higher return.
And it is also revealed that just 17% of the Australian companies achieved the ROI they expected to receive, while none said the ROI they achieved exceeded expectations.
According to the study, businesses admit the key factors preventing them from improving their ROI are a lack of the right technology to support data management (39%), a lack of funding (39%) and inadequate employee engagement or training (57%).
In addition, 42% of the respondents also cited an absence of support from senior management as a barrier to achieving a higher return on data management investment.
And the global survey total of 1500 IT decision makers and data managers in a number of countries, including Australia, showed organisations 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, and the ability to drive new revenue streams and market opportunities, as the most attractive benefits of improving data management.
In addition, of the organisations that are investing in looking after their data, 77% say they are already experiencing increased data compliance and reduced data security risks, while 61% are seeing reduced costs – and nearly three-quarters (70%) are driving new revenue streams or market opportunities as a result of investing in data management.