Indian organizations with mature data strategies for at least 12 months reported higher profit growth of 8% on an average, shows a survey by Cloudera and Vanson Bourne, published December 3.
The survey also found that Indian organisations lost $52,939 annually due to missed opportunities on account of poor handling of data.
According to the survey, 100% of decision-makers from India said the way they handled and managed data has impacted their organisations' overall performance, while 72% said it improved their business resiliency.
Nearly all IT decision-makers (99%) and senior decision-makers (98%) weighed in favour of leveraging data and analytics for successful DEI (diversity, equity and inclusion) initiatives.
Lack of visibility over data was a primary concern for most Indian organizations.
In the survey, 96% of the organisations said centralized data governance and compliance was critical.
"Over the last year, organizations across India have had to fast track their digital transformation journeys in order to cater to the evolving industry landscape. Against this backdrop, businesses have transitioned towards a more data-centric approach, leveraging the cloud,” Vinod Ganesan, Country Manager, India, Cloudera said in a statement.
Most organisations also leaned towards a multi-cloud strategy. The survey shows that 54% of IT decision-makers prefer multi-cloud architectures.
The survey found that 98% of senior decision-makers are in favour of managing data across hybrid, multi-cloud and on-premises architectures. Around 98% of IT decision-makers said that organizations that adopt a hybrid architecture as part of data strategy will have a competitive edge.
Ganeshan pointed out, even as businesses invest heavily in tools and technologies to collect and analyze data for business insights, they need to have a holistic enterprise data strategy in place.
"Having the right data strategy underpinned by an enterprise data cloud approach will allow organizations to control costs and minimize risks while getting the most value out of their data,” he added.
The survey was conducted online between July and September 2021 and involved 3,150 C-Level, senior management or middle management executives from large organizations across 15 countries including Australia, China, Germany, India, Japan, the UK, and the US.
Cloudera is a US-based enterprise data cloud service provider, while Vanson Bourne is a UK based market researcher.