69% of organisations recognize a comprehensive data strategy, Study

Cloudera, the enterprise data cloud company, has announced the findings of a global research report, created in association with Harvard Business Review Analytic Services, which examines the trends, pain points, and opportunities surrounding Enterprise IT challenges in data analytics and management in a multicloud environment.

The report, “Critical Success Factors to Achieve a Better Enterprise Data Strategy in Multicloud Environment,” is based on insights from over 150 global business executives representing a wide range of industries, with almost half being organizations with $1 billion or more in revenue. The study found that the majority (69%) of organizations recognize a comprehensive data strategy as a requirement for meeting business objectives, but only 35% believe that their current analytics and data management capabilities are sufficient in doing so.

“This report reveals specific obstacles modern enterprises must overcome to realize the true potential of their data and validates the need for a new approach to enterprise data strategy,” said Arun Murthy, Chief Product Officer of Cloudera.

The future is hybrid and multicloud

The report confirms that the future of analytics and Enterprise IT data management is multicloud, with businesses managing data across private, hybrid and public cloud environments — but there is still progress to be made. Over half (54%) of the organizations surveyed have plans to increase the amount of data they store in the public cloud over the next year, but the majority still manage much of their data on-premises. As enterprises create cloud strategies that are customized to their needs, the ability to securely access data no matter where it resides and to seamlessly migrate workloads has never been more imperative.

Functions are diversifying

Most organizations are leveraging their data to support traditional functions like business intelligence (80%) and data warehousing (70%). Newer functions are less common but on the rise, with half of the organizations surveyed planning to implement artificial intelligence and machine learning in the next three years. To fully extract the business value embedded in data, an enterprise data strategy must support a full buffet of functions, from real-time analytics at the Edge to artificial intelligence.

A deeper understanding of regulatory compliance and security

The introduction of new regulations and increasingly complex processes around governance means that every single person in an organization must understand the importance of keeping data secure and compliant. Ten percent of those surveyed did not know if they were required to secure data within a regulatory framework or not, which is a small ignorance that could result in serious risk.