Australia's Data Leaders Are Future-Ready, But Business Support Is Key
- By CDOTrends editors
- February 22, 2023
Data leaders are finally beginning to realize the importance of data for their companies and are looking to invest in the right technologies and capabilities to support this. In Australia, data leaders are optimistic that they will be able to increase their investments in data management technologies and capabilities, despite a looming global recession. However, they need the support of their business counterparts to be successful.
According to Informatica's CDO Insights 2023: How to Empower Data-Led Business Resiliency, 60% of Australian data leaders expect to increase their investments in technologies to help them manage and secure their data. These investments include cloud technologies (70%), data privacy and security capabilities (28%), and a self-service marketplace to make data more accessible (40%).
“In today’s complex multi-cloud environment and ever-evolving market dynamics, companies will invest in data management solutions that support and align to their overall organizational strategy, driving clear business outcomes from their IT investments to enable success in 2023 and beyond," said Richard Scott, managing director for Australia and New Zealand and group vice president for Asia Pacific at Informatica.
Although most Australian companies are investing in ways to manage their data better, Informatica's report also found that there are still issues around data fragmentation and lack of cooperation across the business.
More than half of the Australian data leaders surveyed (55%) managing over 1,000 data sources, and many cannot scale data delivery when and where needed (21%). This issue is compounded by the fact that only 68% of Australian companies currently contribute less than 20% to the data management budget.
Business leaders must get behind data investments to drive data-led innovation and success. According to the report, 40% of Australian data leaders say that a lack of support from business leadership is one of the main obstacles preventing them from advancing their data initiatives. This is compared to 30% of organizations across APJ, Europe, and the US.
“Our 2023 study shows that Australian leaders are focused on empowering their users with data to improve customer experience and are prioritizing the adoption of technologies that will drive their data strategy to improve business resilience and agility,” Scott added.
In Australia and the greater APJ region, data leaders are looking to the future and striving to stay ahead of the curve, Informatica reported. Many are already looking at new trends, such as data observability, applied AI, and data mesh/data fabric, to combine strategies and tools to achieve measurable outcomes.
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