Over 40% of Businesses Experience Revenue Losses from Technology Downtime, Cloud Complexity, and Legacy System Constraints

Hitachi Vantara market survey finds that over 70% of global IT leaders have embraced IT as a Service for modernizing legacy infrastructure

SANTA CLARA, Calif., Oct. 24, 2023 /PRNewswire/ -- Fifty-five percent of enterprises are struggling to derive meaningful insights from their data, highlighting an industry-wide need to deliver technology faster, more reliably and in more places, according to a recent survey by Hitachi Vantara, the modern infrastructure, data management and digital solutions subsidiary of Hitachi, Ltd. (TSE: 6501). The survey revealed ongoing challenges related to security, inflexible systems, isolated data, a skilled labor shortage, and the need for infrastructure agility. These challenges are heightened by rising data complexities, rigid technology environments, and increasing costs due to aging or legacy infrastructure.

Click Here to Download Hitachi Vantara's "Embracing ITaaS For Adaptability and Growth" Study

The "Embracing ITaaS For Adaptability and Growth" study surveyed 213 IT leaders across North America and Europe to assess the IT as a Service (ITaaS) market with a focus on subscription- and consumption-based models. The survey exposed major legacy infrastructure challenges causing IT decision-makers to report negative impacts on their businesses. Key findings include:

• 56% of businesses reported a significant impact on revenue due to technology downtime.
• 50% of organizations face a high total cost of ownership (TCO) or technical debt associated with critical applications.
• 45% of businesses have difficulties navigating complex cloud landscapes.

"In today's digital age, IT is not just a department; it's a driving force that propels progress. It enables enterprises to innovate, collaborate, and flourish amid ever-evolving technology," said Gary Lyng, vice president, product and solutions, Hitachi Vantara. "But complexity is hindering innovation, which emphasizes the need for trusted specialists to simplify setup for seamless access to data and applications. Our expertise in storage and digital infrastructure and pay-as-you-go solutions rights the ship for struggling enterprises, maximizing value and the overall return on their investment."

The study also sheds light on the recent growth of ITaaS, revealing that 42% of leaders are expanding their adoption. Additional survey findings include:

• ITaaS Budget Allocation: To conserve capital budgets, IT leaders use ITaaS to shift their IT financing model to a set of operating costs which are easier to predict and budget for. Decision-makers cite a 20% reduction in TCO on average.
• Expected ITaaS Growth: ITaaS is expected to rise not only for individual solutions but also across the entirety of various infrastructure categories. For example, 56% of respondents are using ITaaS for all of their primary infrastructure today, and this value is expected to go up to 86% in three years.
• Strategic Partnership with the Right ITaaS Vendor is Key: Infrastructure leaders also noted the importance of choosing the right partner. Beyond pricing, decision-makers carefully consider elements such as the partner's proficiency in supporting hybrid and multicloud strategies, providing expertise, and enabling faster innovation through seamless technology service integration.

Methodology
In May 2023, Hitachi Vantara commissioned Forrester Consulting to conduct an online survey to assess ITaaS adoption. The study involved 213 IT infrastructure decision-makers from diverse industries across North America and Europe. The survey focused on IT infrastructure priorities, challenges, the significance of ITaaS in addressing key themes and preferred qualities in an ITaaS partner.

Learn more about the Hitachi EverFlex infrastructure-as-a-service subscription model here: https://www.hitachivantara.com/en-us/everflex.html

Additional Resources:
Insights: Managed Services – The Hidden Value within X as a Service | Hitachi Vantara

• The Total Economic Impact™ of Managed Services From Hitachi Vantara for XaaS | Hitachi Vantara
• More Than 75% of U.S. Companies Say Data Infrastructure Falling Short as Data Security, Sustainability Challenges Surge
• Hitachi Vantara Data Management Infrastructure Dynamics Report
• Hitachi Vantara Data Management Infrastructure Dynamics Infographic

Connect With Hitachi Vantara

• Twitter
• LinkedIn
• Facebook

About Hitachi Vantara
Hitachi Vantara, a wholly owned subsidiary of Hitachi Ltd., delivers the intelligent data platforms, infrastructure systems, and digital expertise that supports more than 80% of the Fortune 100. To learn how Hitachi Vantara turns businesses from data-rich to data-driven through agile digital processes, products, and experiences, visit www.hitachivantara.com.

About Hitachi, Ltd.
Hitachi drives Social Innovation Business, creating a sustainable society through the use of data and technology. We solve customers' and society's challenges with Lumada solutions leveraging IT, OT (Operational Technology) and products. Hitachi operates under the business structure of "Digital Systems & Services" - supporting our customers' digital transformation; "Green Energy & Mobility" - contributing to a decarbonized society through energy and railway systems, and "Connective Industries" - connecting products through digital technology to provide solutions in various industries. Driven by Digital, Green, and Innovation, we aim for growth through co-creation with our customers. The company's consolidated revenues for fiscal year 2022 (ended March 31, 2023) totaled 10,881.1 billion yen, with 696 consolidated subsidiaries and approximately 320,000 employees worldwide. For more information on Hitachi, please visit the company's website at https://www.hitachi.com.

HITACHI is a trademark or registered trademark of Hitachi, Ltd. All other trademarks, service marks, and company names are properties of their respective owners.

CONTACT:
Dallas Britt
Hitachi Vantara
[email protected]
1-336-965-9349

View original content to download multimedia:https://www.prnewswire.com/news-releases/over-40-of-businesses-experience-revenue-losses-from-technology-downtime-cloud-complexity-and-legacy-system-constraints-301965236.html

SOURCE Hitachi Vantara Corporation