How Valuable Is Your Data?
Posted on August 11, 2017
Modern organisations are highly data driven when it comes to business decision making. Data helps organisations drive business model innovations and transform established industries. This has given rise to ‘big data’ – organisations are capturing and analysing the right data points, whether structured or unstructured, to make informed decisions. In short, it has become the lifeline for the modern organisation to stay competitive, profitable and sustainable.
Access to data and applications is increasingly critical for today’s organisations. However, whilst ongoing access to data is critical, it is important to note that access to applications (such as e-mail, CRM, finance and accounting, sales order processing, etc.) is equally critical. You may have created great backups of your data and stored them safely and securely offsite but if in the event of a disaster you can’t access your critical business applications, your business will remain at a standstill.
Data protection is an issue of increasing importance. Per EMC’s Global Data Protection research, even in 2016, 55% of Australian organisations suffered unplanned system downtime, 25% having suffered data loss, and 32% suffered unplanned downtime and/or data loss due to an external or internal security breach.
How do organisations calculate the true value of their data?
Data has a quantifiable impact on three aspects of modern organisations:
Revenue growth – having the right insights from the right data can help organisations identify patterns and changes in demand trends. This allows organisations to take the right decisions to grow faster than the industry. Also, responding faster to market dynamics and new threats can help ensure business sustainability.
Profitability – by making available useful and relevant data to employees, most organisations can help improve employee productivity by cutting down time spent on searching for data. Furthermore, having a clear understanding of the utilisation or under-utilisation of all assets allows organisations to improve their Return on Assets. Both these aspects combine to offer greater profitability for organisations.
Return on Investments – data can provide modern organisations with an understanding of how to reduce the risk-reward trade-offs for their investments. By reducing the risk factors, the organisation is able to improve ROI. For example, a marketing campaign can be highly personalised towards a very specific group of potential customers based on their personal preferences thereby, reducing the cost of investments in the campaign and improving its success rate.
In Australia, the average estimated cost to organisations who have experienced data loss in the last twelve months is $1,422,000. (source: EMC Global Data Protection Research, 2016).
What is the solution?
With the advent of a myriad of Cloud Backup solutions, such as Vocus Cloud Backup for Veeam, there is no excuse for modern organisations to not adopt best practices for data backup and recovery.
In addition, it's paramount that business leaders work with carriers, like Vocus, to ensure that network connections to off-site data without interruption. Redundancy and fast turnaround will be the key to ensure minimal disruption and maximum performance.