A study published today at the virtual Dell Technologies Forum this week has revealed that the proliferation of data has become a burden, rather than an advantage for most Irish businesses.
The recent study conducted by Forrester Consulting on behalf of Dell Technologies has found that while almost two-thirds of respondents in Ireland (63%) say their business is data-driven, only 20% testify to treating data as capital and prioritising its use across their organisation while just 9% consider themselves as “data champions”.
The study of 102 businesses in Ireland reveals a number of other data paradoxes facing business leaders as they look to digitally transform. 48% of businesses in Ireland say they’ve increased the volume of data they collect, yet 70% say they are gathering data faster than they can analyse and harness its value. Consequentially, the explosion in data is causing several issues which is hindering the pace of transformation. Sixty percent of businesses admit that they are battling data silos and 58% say they have not yet come close to realising their digital transformation goals.
Irish businesses are increasing their investment in technology to overcome the current challenges they face. IT spend by businesses has increased by 66% over the last three years with respondents expecting it to increase by a further 21% over the next three years.
Close to half of all businesses (47%) are planning to move to an ‘as-a-Service’ model within the next one to three years to help combat high storage costs, outdated IT infrastructure and manual processes. The ‘as-a-Service’ model enables businesses to scale up their IT as and when they need it so they can meet the changing needs of consumers.
The results of the study were unveiled to business and IT leaders this week at the Dell Technologies Forum. The virtual event showcased how AI, Cloud, Edge Computing and 5G technology can help businesses to harness the power of data within their organisation.
The Forum featured a keynote address by Michael Dell, Chairman and CEO of Dell Technologies on the data-driven future and Aongus Hegarty, President of International Markets, Dell Technologies on the business-critical importance of cyber resilience. Jason Ward, Vice-President and Managing Director at Dell Technologies Ireland was joined by Anne O’Leary, CEO of Vodafone Ireland for a panel discussion to share their experience of managing the changing landscape of work.
Speaking last week, Vice-President and Managing Director, Dell Technologies Ireland, Jason Ward said, “The findings we’ve published reveal a curious paradox – data has the potential to become Irish businesses’ greatest obstacle to transformation while also being their number one asset. That’s why at the Dell Technologies Forum we’ve not only identified the data challenges facing business leaders in Ireland but also mapped out how organisations can best keep pace with data and unlock growth opportunities from it. Company leaders need to modernise their IT infrastructure to keep pace with the growing volume of data in their business and to ensure data can flow freely and securely within their organisation. Fostering a data-driven culture will be key to overcoming the data deluge facing many Irish businesses today.”
He added, “As we look to fuel the recovery, ensuring that data creates value and not confusion for businesses will be critical to not only unlocking the true potential of digital transformation but in helping Ireland to build back better.”
Article Source: Business World