Cloudera Report: Enterprise Data Strategy is the Bridge to the Post-Pandemic Economy

Rhea-AI Summary

Cloudera released a report indicating that organizations with mature enterprise data strategies experience higher profit growth averaging 5.97%. The study, conducted by Vanson Bourne, surveyed over 3,150 senior business decision-makers globally. Key findings include that 96% of respondents noted improved performance through effective data handling and that 64% reported increased resiliency. The research highlighted challenges with data lifecycle management, with only 12% fully engaging across all stages. Most organizations are shifting towards hybrid and multi-cloud architectures as they recognize the importance of data for strategic decision-making.

Positive

• Organizations with mature data strategies report an average profit growth of 5.97%.
• 96% of surveyed decision-makers noted positive impacts on performance from data management.
• 64% reported enhanced resiliency due to mature data strategies.
• 63% of organizations using data strategies for over a year classified them as very effective.

Negative

• 89% of organizations identified visibility and governance over the data lifecycle as a key issue.
• Only 12% of IT decision-makers reported interaction with all stages of the data lifecycle.
• $384,962 is the average annual loss due to missed data opportunities, with the Telecommunications sector facing the highest losses.

SANTA CLARA, Calif., Nov. 30, 2021 /PRNewswire/ -- Cloudera, the enterprise data cloud company, today announced the findings of a global research report¹, created in association with technology market research firm, Vanson Bourne. The report examines the correlation between the maturity of an organization's enterprise data strategy (defined as an organization-wide, integrated, holistic strategy across all lines of business) and its business performance. It also explores the impact that the ongoing COVID-19 pandemic and its uncertainties have on businesses.

The research found that organizations with mature enterprise data strategies in place for at least twelve (12) months report higher profit growth at an average of 5.97%, according to surveyed senior business decision makers (SDMs). Ninety-six percent (96%) of SDMs reported that the way data is handled and managed has positively impacted their organizations' performance, and close to two-thirds (64%) reported stronger levels of resiliency from the presence of a mature data strategy. Both SDMs and IT decision-makers (ITDMs) share similar views, recognizing data as a strategic business resource, but these groups have differing opinions on operational processes and implementation.

"The presence of mature enterprise data strategies, optimized for hybrid and multi-cloud environments, generate better business outcomes," said Ram Venkatesh, Chief Technology Officer at Cloudera. "Businesses look to data as an essential asset not only to make sense of the constant change and upheaval of today, but also to help prepare for what comes next."

Data Lifecycle Challenges Hinder Innovation

Visibility remains a key issue for organizations, with close to nine in ten (89%) reporting secure, centralized governance and compliance over the entire lifecycle as being valuable when handling and managing data. Only twelve percent (12%) of surveyed ITDMs report that their organization interacts with all stages of the data lifecycle process – something immensely helpful in helping organizations achieve an enterprise data strategy. Without complete control and visibility over every aspect of data, organizations will lack key capabilities required to drive innovation.

Effective Enterprise Data Strategies Remain Key

Organizations see the value in enterprise data strategies but struggle to make them effective. Organizations utilizing enterprise data strategies for more than a year reported them to be very effective (63%), along with higher profit growth. Nearly all ITDMs (91%) whose organizations have an enterprise data strategy in place agree that their current strategy is key to their business resiliency. SDMs surveyed report an average of $384,962 lost annually due to missed opportunities involving data, with the Telecommunications industry reporting the highest average annual loss of $6,617,348.

The Future Is Hybrid

The report shows an anticipated shift to hybrid cloud in the next eighteen (18) months. With both SDMs and ITDMs reporting that 43.07% of their workforce will continue working remotely in the next year, organizations are investing in infrastructure to support hybrid working environments. A majority (79%) of ITDMs' organizations are looking to house their data and performance analytics on hybrid architectures. Among cloud options, multi-cloud emerged as a clear favorite, with 44% of ITDMs indicating their preference for multi-cloud architectures in eighteen (18) months' time. With the hybrid data cloud, organizations can access and analyze data fast and with ease to make smarter, data-driven decisions to effectively meet the demands of today's hyper-competitive business climate.

Accessing and managing data from multiple sources and locations will give organizations the control and flexibility of utilizing a hybrid workforce while still being able to run business as usual. Nearly all SDMs (92%) believe that making sense of all data across hybrid, multi-cloud and on-premises architectures is or would be valuable. This finding mirrors the sentiments of a majority of ITDMs (90%), who report that managing data with at least some cloud capacity is a priority for their organization. A similar majority (89%) believe that organizations implementing a hybrid architecture as part of its data strategy will gain a competitive advantage.

Data Drives Success Beyond Profits

Utilizing data and analytics can yield more benefits than simply increasing profit margins or gaining a competitive advantage. Most organizations recognize the vital link between Diversity, Equity, and Inclusion (DEI) initiatives and organizational success.  The research found that thoughtful data collection and analytics contribute to the success of DEI initiatives. Nearly all ITDMs (96%) and SDMs (95%) believe that data and analytics are important to ensuring successful and effective DEI initiatives, and ninety-five percent (95%) of both ITDMs and SDMs agree that DEI initiatives contribute to organizational success. Organizations with effective enterprise data strategies in place are better able to utilize data and analytics to benchmark and evaluate employee diversity programs. With greater visibility over diversity within organizations, comes better decision-making, greater innovation and higher engagement in the workplace.

For more information on the "Cloudera Enterprise Data Maturity Report: Identifying the Business Impact of an Enterprise Data Strategy", visit:

https://www.cloudera.com/campaign/enterprise-data-maturity-research-report.html

Methodology
Vanson Bourne conducted the survey online and over the phone between July and September 2021, surveying 3,150 respondents holding either C-Level, senior management or middle management positions from large organizations (defined as 1,000 or more employees) across both public and private sectors. Respondents were from the following fifteen (15) markets: Australia, China, France, Germany, India, Indonesia, Italy, Japan, Singapore, South Africa, South Korea, Spain, UAE, UK, and the USA. All interviews were conducted using a rigorous multi-level screening process to ensure that only suitable candidates were given the opportunity to participate.

Additionally, Vanson Bourne used a series of questions and scores to compile an 'Enterprise Data Cloud Maturity Model' to assess respondents' maturity when it comes to their current capabilities, and handling of data and analytics. Based on the respondent's results, the respondent's organization was categorized as either a Digital Leader, Digital Adopter, Digital Evaluator, or Digital Laggard. Questions contributing to this model center on the current use of data and analytics, parties championing the use of data and analytics, the extent to which data is used across processes, the presence of enterprise data strategies, and the extent to which capabilities relating to an Enterprise Data Cloud have been achieved.

¹ The report, "Cloudera Enterprise Data Maturity Report: Identifying the Business Impact of an Enterprise Data Strategy", is based on insights from 3,150 global senior business and IT decision-makers representing a wide range of industries, from organizations with 1,000 employees or over.

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SOURCE Cloudera, Inc.

FAQ

What are the findings of Cloudera's recent report?

The report shows that mature enterprise data strategies correlate with higher profit growth and organizational performance.

How does Cloudera define mature enterprise data strategies?

Mature enterprise data strategies are defined as integrated strategies used across all lines of business for at least 12 months.

What impact does data management have according to Cloudera's report?

96% of surveyed decision-makers believe effective data management positively impacts business performance.

What percentage of organizations struggle with data lifecycle challenges?

89% of organizations reported visibility and governance over the entire data lifecycle as a significant issue.

What financial losses are associated with missed data opportunities?

The average annual loss due to missed opportunities involving data is $384,962.

What trends are indicated in Cloudera's report regarding cloud usage?

The report suggests a shift towards hybrid and multi-cloud architectures in the next 18 months.