Some 74% of Indian enterprises claimed they were data-driven, but only 24% of the respondents treated data as capital and prioritised its use in their businesses, revealed a study conducted by Forrester Consulting for Dell Technologies.
Also, some 71% of respondents said they needed more data while 82% of them stated they had more data now than what they could handle, said the study titled Data Paradox.
As per the Forrester-Dell study, 49% of Indian respondents believed that the quality of actionable insights that their business has applied and benefited from has stayed the same or decreased over the last three years.
Most respondents believed in the data benefits of transitioning to an on-demand model, however, only a few have made the move: India 24%, around the globe at 20%, and the APJ region 21%.
“Data deluge is one of the many challenges businesses are facing while managing and processing the volume of data being generated. In fact, 55% of businesses in India believe that the pandemic has increased the amount of data they need to collect, store and analyse,” said Ripu Bajwa, Director & General Manager, Data Protection Solutions, Dell Technologies India.
The study broadly revealed that most businesses were struggling with the proliferation of data. Instead of offering a competitive advantage, data became a burden due to an array of barriers: a data skills gap, data silos, manual processes, business silos, and data privacy and security weaknesses.
“This data paradox is driven by the volume, velocity and variety of data overwhelming businesses, technology, people, and processes,'' he said.
Forrester Consulting surveyed over 4,000 global enterprises, including 1,000 firms from the AJP region and around 100 from India for this study.
