Report: 73% of IT leaders say their company struggles with data retention costs

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According to a new report by Seagate, 84% of IT leaders agree the opportunity exists for their organization to better leverage its existing data to create business value, but 73% report that their organization is hampered by data retention costs. 

Today’s multicloud environment is a mix of clouds that don’t communicate well. As multicloud complexity and the related costs are on the rise, the friction leads to data lock-in — and the resulting loss of business value. At a time when organizations are extra concerned about their budgets, it’s crucial to both minimize costs and maximize innovation. 

Seagate’s report preludes a growing problem across industries as dependence on clouds is on the rise, demonstrates the lost business value by owning walled data and creates a multicloud maturity model that equips business leaders with specific steps they can take today to navigate and level up their operations in the cloud.

The results found that multicloud-mature organizations, ones that best manage cloud costs and foster innovation with the cloud, outperform their peers in business. They are 6.3x more likely to go to market months or quarters ahead of their competition, able to beat their revenue goals by nearly twice as much as their less mature counterparts, almost three times more likely to report that their organization is in a very strong business position, and more than three times more likely to expect their companies’ valuation to increase fivefold over the next three years. 

The survey on which this report is based shows clearly that what businesses do with their data matters. It makes a difference to business health outcomes, such as revenues, profits, net promoter score, the ability to beat budgetary forecasts, and greater valuation projections. Companies that scale successfully are the ones that put data at the core of all they do.

Created in conjunction with analyst firm ESG, this report surveyed a spread of 500 different global senior IT and business leaders to better understand organizations’ storage, cloud, and data management capabilities. The surveyed respondents work for companies with a minimum of 1PB of unstructured data from a variety of different industries such as technology, media, and manufacturing.

Read the full report by Seagate.

Originally appeared on: TheSpuzz