Despite 92% of respondents agreeing that the innovation resulting from data has a positive impact on the bottom line, and all agreeing that data can be used to improve customer and employee experiences, it seems that businesses cannot fully leverage the data they hold. They are struggling to keep up with the pace of innovation because the data needed to power new technologies like AI is sensitive and is protected in ways that render it hard to access. While 37% of respondents cited waiting times of 1-2 months to access data, as many as 32% wait between 3-6 months.

Undertaken by independent research firm Opinion Matters, the research surveys a variety of data leaders from enterprise organizations. It examines how organizations are protecting, modernizing, and optimizing data.

According to Nathan Vega, VP for Solutions Strategy at Protegrity, “From the research results it is evident that businesses are not leveraging the value of data due to delays in accessibility. If an organization is measuring access to data in months and not days or hours, there is a limitation on their ability to realize the potential of this data. In today’s modern enterprise, organizations should see time to value within days, a few hours being the norm and within minutes or even seconds being optimal.”

Positively, the research findings revealed that organizations are adhering to data regulations and compliance requirements, with 45% using data controls such as tokenization and pseudonymization to secure data. Further, 84% state they are either fully or somewhat prepared to meet PCI compliance requirements. While this is promising, equally concerning is that 2% of respondents admit to being completely unprepared, 14% say they are somewhat unprepared and 46% of respondents say they are only somewhat prepared to meet PCI requirements.

Vega added: “Companies need to implement data protection tools and strategies that allow them to balance the needs of data security with usability to meet new data modernization use cases. It is also beneficial to make sensitive data usable data if companies are to make timely and effective decisions to improve customer experiences and drive innovation. Many are struggling keep pace and capitalize on innovation cost-effectively without more sophisticated and usable data monetization strategies.”

Data compliance and governance have secured a place on the boardroom agenda, with 90% of respondents stating that corporate leaders have a good handle on the importance of data and compliance and regulatory issues surrounding their data.

Based on the important nature of data privacy and compliance it is promising to see that 96% of respondents are planning to invest a portion of their IT budget in data security in 2024 with nearly half (49%) of respondents planning to invest up to 15% of their IT budgets on data security.

Vega concluded: “GDPR and other compliance regulations, while necessary and proven effective for driving data security, are adding to the growing complexity and cost for organizations to gain value from their data. Not only does it require more time and money to secure and access necessary data, but the delays in accessing and using this data also have a knock-on impact on various aspects of business.

“As the technology landscape evolves and threat actors gain access to new tools, securing sensitive data will continue to be a growing challenge for organizations. However, companies can adhere to stringent data regulations and requirements, keeping data secure, and also reap the benefits of this data by investing in data monetization and optimization strategies and implementing tools to help make data accessible and useable without compromising on privacy.”