The 2013 Data Governance Survey from Rand Secure Data has highlighted a number of areas in which companies need to improve performance in terms of their data management.
Overall, the research showed that last year just 44 per cent of businesses had an effective data governance policy in place – highlighting the need for businesses to place greater importance upon the management of their internal data.
Meanwhile, respondents to the study stated they expect the amount of data being handled by their IT departments will rise by between 26 to 50 per cent over the coming year, while median budgets for improving data handling were shown to be from $200,001 to $500,000 (£120,000 to £300,000).
However, the issue of data management and how to effectively store and recover lost data is an issue many companies are beginning to take seriously, as just under half (49 per cent) of firm stated they plan to invest in a new data governance solution in 2014.
For 82 per cent of companies, the impact of outside regulation on the handling of sensitive business and client data was shown to have an impact on future data management planning, while 98 per cent of respondents stated they already have a data backup solution in place.
According to the report: “The results of the survey showed that the concept of data governance is not new to most organisations, however there are many areas in which organisations are lacking effective data governance policies and solutions.”
Failure to adequately protect customer information can be extremely costly for businesses both in terms of financial implications – fines and loss of business – and also from a reputational perspective.
Investment in the latest data management technologies and safeguards should therefore be at the top of agendas for companies in the current economic climate.
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