In late 2022, the Australian Government released a 69-page document that reinforced what many businesses already know – data is a currency all of its own in the modern world. The ‘Australian Data Strategy’ highlighted how the private sector has a long history of using data to benefit its clients and that the nation has the vision to become “a modern data-driven society” by 2030.
“Data is a valuable national asset that, when leveraged effectively, can bring transformative benefits to its users and to individuals and the economy more broadly,” the strategy declared1.
Australia is not alone in recognizing the vital role of data in today’s business landscape. From global powers such as the U.S. and the UK to developing nations across Asia, Africa and the Americas, data is increasingly viewed as a corporate asset that can be used to make better-informed decisions, optimize business operations and reduce costs.
This is backed by studies that show data-driven companies are 58% more likely to surpass revenue targets than those that do not prioritize data2. The level of data that companies can access is also soaring, with MIT Technology Review reporting that the amount of data created by consumers is doubling every two years but only 1% of it is ever used, analyzed or transformed3.
Given such facts, this guide will show why quality data management strategies are essential for businesses wanting to thrive in the digital world, list the best software for managing such data and highlight why more businesses are turning to outsourcing providers to support their needs.
Data management is the practice of collecting, keeping and using data securely, efficiently and cost-effectively in a bid to help people optimize decision-making and take actions that benefit their organizations. The growing importance of the practice is highlighted by research that shows the global enterprise data management market size is expected to more than double from $81 billion in 2021 to $165 billion by 20304.
As few as 13% of business leaders say their organization’s data strategy is a key part of their corporate strategy5, which is a concern given the benefits of quality data management including:
With countless tools and solutions on the market, selecting data management software can be a tricky business but this list of winners will help point you in the right direction.
With data management fast becoming a priority for businesses, it is no surprise that many organizations are not only adopting superior software and tools but seeking external support to bolster their systems. Outsourcing data management to offshore providers is on the rise and allowing businesses to access talented professionals with the technology and knowledge to manage their data securely and effectively. There is a lot to be said for focusing on data strategy rather than the tedium of collection and storage and between cutting-edge software and outsourced expertise, that can easily be the case.
With workforce challenges continuing to cause headaches across the globe, learn what businesses can do to overcome talent shortages, changing expectations and wage pressures in the recruitment market.
 Australian Data Strategy: The Australian Government’s whole-of-economy vision for data (finance.gov.au)
 Uncovering the Hidden Insights of Data Management Statistics 2023 • GITNUX
 45 Marketing Data Management Statistics 2020 | Data Services, Inc. (dataservicesinc.com)
 Demand for Global Enterprise Data Management Market Size & Share Will Surpass USD 165.37 Billion Market, at CAGR of 8.7% Growth By 2030 | Industry Trends, Value, Analysis & Forecast Report by Zion Market Research (prnewswire.com)
 Data management strategy: it's time to grow up (technologydecisions.com.au)
 Cloudera | The hybrid data company
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