67% of data available to Indian businesses remains unutilised, report1 min read . Updated: 17 Jul 2020, 06:44 PM IST
According to the report, collecting the data that is needed, making it usable, managing it, ensuring it is stored securely and creating different silos of collected data are some of the barriers faced by large number of organisations
In a world where data is considered one of the most precious commodities, ironically, a large amount of data available to enterprises remains unutilised. A new study commissioned by Seagate and conducted by the research firm IDC (International Data Corporation) interviewed leaders from 1500 global enterprises including in India and found that only 33% of data available to business in India is put to work. The global average was 32%.
IDC forecasts that enterprise data in India will grow at a 45.2% annual rate as compared to the global annual data growth rate of 42.2% over the next two years. This makes India the third in the list of countries with the fastest annual growth rate after United States (50.5%) and Australia (46.9%).
According to the report, collecting the data that is needed, making it usable, managing it, ensuring it is stored securely and creating different silos of collected data are some of the barriers faced by large number of organisations.
Phil Goodwin, research director, IDC feels, the findings of this study may seem disturbing. “But in truth, it shows how much opportunity and potential organisations already have at their fingertips. Organisations that can harness the value of their data wherever it resides—core, cloud or edge—can generate significant competitive advantage in the marketplace," added Goodwin.
The report further reveals that Indian organisations found managing collected data and securing them more challenging than their global counterparts. Around 44% felt getting required resources to manage collected data was a challenge while 42% felt ensuring the security of collected data was a bigger challenge. The global average is 28.3% and 35.4%, respectively.
At the same time, 74% Indian participants felt there is a lot more room for improvement in how their organisations’ manage data. In comparison, only 46.7% of global participants felt the same way.
Indian organisations are showing a lot of faith in automation and are replacing manual processes with automated systems. The report also shows that 74% of Indian enterprises will have fully automated data management functions in two years, the highest among all participants including the United Sates, which came a close second at 73.9%.