Unleashing the Power of Data: Study Shows 2/3 of Company Data Goes Unused

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Published
January 9, 2024
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In an era where data is often hailed as the new currency, a recent report by Seagate Technology, a global leader in data storage and management solutions, sheds light on the untapped potential that lies within the vast repositories of information held by enterprises worldwide. 

The "Rethink Data: Put More of Your Data to Work—From Edge to Cloud" report, based on a comprehensive survey of 1500 global enterprise leaders, conducted by the esteemed research firm IDC, provides a revealing glimpse into the challenges and opportunities of contemporary data management.

The Data Dilemma: 68% of Potential Untapped

Perhaps the most striking revelation from the report is the staggering amount of data that remains underutilized. A significant 68% of data available to enterprises is left untapped, presenting a considerable opportunity for businesses to unlock valuable insights, drive innovation, and gain a competitive edge. 

This study underlines the importance of strong mass data operations, emphasizing that the value derived from data directly influences a company's success. These decayed assets are driving up your data debt and should either no longer be focused on or leveraged if the insights are truly useful.

Data Explosion: Managing the Onslaught

As the digital landscape continues to evolve, so does the volume of data generated by enterprises. The report projects a substantial 42.2% annual growth rate in enterprise data over the next two years. With this explosive growth in available data, effective data management becomes increasingly critical for organizations seeking to harness the full potential of their information repositories.

Barriers to Utilization: Addressing the Challenges

Despite the wealth of data at their disposal, enterprises face several barriers to putting this data to work. The top five challenges identified include making collected data usable, managing data storage effectively, ensuring the collection of necessary data, maintaining the security of collected data, and integrating different data silos. These challenges underscore the need for comprehensive and adaptive data management strategies.

Cloud Conundrum: Navigating Multicloud and Hybrid Challenges

Looking ahead, businesses anticipate significant challenges in managing data across multicloud and hybrid cloud environments in the next two years. This underscores the evolving nature of data storage and the necessity for organizations to adapt to increasingly complex cloud landscapes.

Security Matters: Insufficient Data Security Concerns

Data security remains a paramount concern, with two-thirds of survey respondents expressing dissatisfaction with existing security measures. As data breaches continue to make headlines, the report emphasizes the essential role of robust data security in any discussion surrounding efficient data management.

DataOps: Bridging the Gap

The report identifies a crucial missing link in data management—DataOps. Defined as "the discipline connecting data creators with data consumers" by IDC, DataOps plays a pivotal role in ensuring seamless data operations. Despite its acknowledged importance by the majority of respondents, only 10% of organizations report having fully implemented DataOps. The study demonstrates that DataOps, alongside other data management solutions, leads to measurably better business outcomes, including enhanced customer loyalty, increased revenue, improved profitability, cost savings, and various other benefits.

Geographic Insights: A Global Perspective

The survey, encompassing 1500 respondents across diverse regions, provides a global perspective on the challenges and opportunities in data management. With 500 respondents in the Asia Pacific and Japan, 475 in Europe, 375 in North America, and 150 in China, the findings reflect the varied landscape of data utilization and management practices worldwide.

Phil Goodwin's Perspective: Unlocking Opportunities

Phil Goodwin, research director at IDC and principal analyst on the study, provides valuable insight into the findings. He sees the revelation that more than two-thirds of available data lies dormant as an opportunity rather than a setback. Organizations, he argues, have a vast potential at their fingertips, and those able to harness the value of their data—whether it resides in the core, cloud, or edge—can gain a significant competitive advantage in the marketplace.

Seagate's Rethink Data Report serves as a wake-up call for enterprises to reassess their data management strategies. With the vast majority of data going untapped, businesses have a unique opportunity to unlock valuable insights, drive innovation, and propel themselves to the forefront of their industries. Whether through addressing security concerns, embracing DataOps, or navigating the complexities of multicloud environments, organizations must rethink their approach to data to thrive in the data-driven future.

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