Cloudera, an enterprise data cloud company, announced findings of a global research report, created in association with technology market research firm, Vanson Bourne. The report examines the correlation between the maturity of an organization’s enterprise data strategy and its business performance. It also explores the impact the ongoing COVID-19 pandemic and its uncertainties have on businesses.
The research found organizations with mature enterprise data strategies in place for at least twelve (12) months report higher profit growth at an average of 5.9 percent, according to surveyed senior business decision makers (SDMs).
Ninety-six percent of SDMs reported that the way data are handled and managed has affected their organizations’ performance, and close to two-thirds (64 percent) reported stronger levels of resiliency from the presence of a mature data strategy.
SDMs and IT decision-makers (ITDMs) share similar views, recognizing data as a strategic business resource, but these groups have differing opinions on operational processes and implementation.
“The presence of mature enterprise data strategies, optimized for hybrid and multi-cloud environments, generate better business outcomes,” said Ram Venkatesh, CTO at Cloudera. “Businesses look to data as an essential asset not only to make sense of the constant change and upheaval of today, but also to help prepare for what comes next.”
Visibility remains a key issue for organizations, with 89 percent reporting secure, centralized governance and compliance over the entire lifecycle as being valuable when handling and managing data. Only 12 percent of surveyed ITDMs report their organization interacts with all stages of the data lifecycle process. Without complete control and visibility over every aspect of data, organizations will lack key capabilities required to drive innovation.
Organizations see the value in enterprise data strategies but struggle to make them effective. Those that have used enterprise data strategies for more than a year reported them to be very effective (63 percent), along with higher profit growth. Nearly all ITDMs (91 percent) whose organizations have an enterprise data strategy in place agree that their current strategy is key to their business resiliency.
SDMs surveyed report an average $384,962 lost annually due to missed opportunities involving data, with the telecommunications industry reporting the highest average annual loss of more than $6.6 million.
The report also shows an anticipated shift to hybrid cloud in the next eighteen (18) months. With SDMs and ITDMs reporting that 43.07 percent of their workforces will continue working remotely in the next year, organizations are investing in infrastructure to support hybrid working environments.
A majority (79 percent) of ITDMs’ organizations are looking to house their data and performance analytics on hybrid architectures. Among cloud options, multi-cloud emerged as a clear favorite, with 44 percent of ITDMs indicating their preference for multi-cloud architectures in eighteen (18) months’ time. With the hybrid data cloud, organizations can access and analyze data fast and with ease to make smarter, data-driven decisions to effectively meet the demands of today’s hyper-competitive business climate.
For more information on the “Cloudera Enterprise Data Maturity Report: Identifying the Business Impact of an Enterprise Data Strategy”, visit:
https://www.cloudera.com/campaign/enterprise-data-maturity-research-report.html
