That points to a data paradox, as highlighted by Dell Technologies Inc. in its new study conducted across 45 countries, where businesses say they need more data even as they struggle to cope with and extract value from the existing data sets.
74% of the businesses in India—as against 66% globally—believe they are data-driven but only 24% of them (21% globally) testify to treating data as capital and prioritising its use across the business. Most respondents believe in the data benefits of transitioning to an on-demand model, but only a few have made the move.
The study, conducted by Forrester Consulting, found that instead of offering a competitive advantage, data has become a burden due to several barriers—a data skills gap, data silos, manual processes, business silos, and data privacy and security weaknesses. The findings are based on a survey of more than 4,000 decision-makers from 45 countries globally.
“At a time when businesses are under immense pressure to embrace digital transformation to accelerate customer service, they need to juggle getting more data in, as well as better mining the data that they have,” said Amit Midha, president (Asia Pacific & Japan and Global Digital Cities) at Dell Technologies. “Particularly now, with 44% globally and in APJ saying the pandemic significantly increased the amount of data they need to collect, store, and analyse.”
- The results show that 82% of businesses in India are yet to progress either their data technology and processes and/or their data culture and skills.
- About 82% said that they are handling data faster than they can handle and analyse and use, yet 71% say they constantly need more data than their current capabilities provide.
- This could be the result of poor data leadership, hesitancy to change, with 65% businesses keeping a significant amount of data in data centres they own or control even when they are aware of the benefits of processing data at the edge.
“We have been dwelling in an era where the business landscape has transformed like never before. Data deluge is one of the many challenges businesses are facing while managing and processing the volume of data being generated,” Ripu Bajwa, director and general manager (data protection solutions) at Dell India. “In fact, 55% of businesses in India believe that the pandemic has increased the amount of data they need to collect, store and analyse. This is forcing businesses to take a deeper look at their data management strategy.”
ALSO READ TECH NEWSLETTER OF THE DAY
Over the past 18 months, the on-demand sector has expanded, igniting a new wave of data-first, data-anywhere businesses. However, the number of businesses that have moved the majority of their applications and infrastructure to an as-a-service model is still few in India.