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

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

Today’s multicloud atmosphere is a mix of clouds that don’t communicate well. As multicloud complexity and related costs increase, friction leads to data lock-in – and consequently loss of business value. At a time when organizations are more concerned about their budgets, it is important to both reduce costs and increase innovation.

The Seagate report addresses the growing problem across industries as dependence on the clouds grows, demonstrates lost business value through ownership of walled data and builds a multicloud maturity model that equips business leaders with the specific steps they can take today to navigate. Can take to increase the level of performance. In the cloud

Infographic cost + innovation = multicloud maturity.

The results show that multicloud-mature organizations, which best manage cloud costs and promote innovation with the cloud, outperform their peers in business. They are 6.3 times more likely to go to the market months or quarters before their competition, they are able to beat their revenue targets almost twice as much as their less mature counterparts, almost three times more likely that their organization is very strong. Business positions, and their companies’ valuations are expected to more than triple over the next three years.

The survey on which this report is based clearly shows what businesses are doing with their data. It differentiates a business’s health outcomes, such as revenue, profit, net promoter score, ability to beat budget forecasts, and higher valuation estimates. Companies that successfully scale are the ones that put data at the root of what they do.

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

Read the full report by Seagate.

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