UK organizations are demanding more from their data management investments, despite most estimating that they achieve more than double the amount they invest, finds research from Veritas Technologies, a provider of enterprise data protection and software-defined storage.
The Value of Data study, conducted by Vanson Bourne for Veritas, surveyed 1,500 IT decision makers and data managers across 15 countries including 100 from the UK, and reveals that UK companies see an average return of $2.10 USD for every $1 USD they invest in improving data management, lower than the global average of $2.18 USD for every $1 USD spent.
As a result, three quarters (75%) of UK businesses expect to see an even higher return. Just one in five (20%) achieved the ROI they were expecting, but none of the UK organizations surveyed said their ROI exceeded expectations.
Businesses in the UK admit the key factors preventing them from improving their ROI are inadequate employee engagement or training (51%), a lack of the right technology to support data management (39%), and a lack of internal processes (31%). Over a quarter (28%) cited a lack of funding as a barrier to achieving a higher return on data management investment, while 28% also admitted they received no support from senior management.
“Poor management of data is costing UK businesses over £1.2 million in security vulnerabilities, lost revenues and missed opportunities. Those that do invest in taking care of their data expect to reap the rewards, but too many are still being held back by technological or people-related challenges,” said Jasmit Sagoo, senior director, Northern Europe, Veritas, in a statement.