Financial firms likeliest to update data storage technology, new survey reveals

25 March 2010

Firms working within the financial services industry are the most likely to upgrade technology surrounding data storage, a new report has revealed.

Findings from a study by nlyte Software revealed that 58 per cent of chief information officers (CIOs) working for financial companies in the UK are intending to make improvements to existing data centre arrangements.

More than a third of the companies are expecting to focus on making cost-effective changes to their IT provision including streamlining applications and virtualising.

Saving money on operational costs and increasing IT sustainability were cited as the main factors behind the changes.

Robert Neave, co-founder and vice-president of sustainable IT initiatives for nlyte Software, said: “Trends like the cloud may be all hype now, but there is no doubt they will become a reality.

“If organisations don’t have their data centres in order and have no way of effectively managing change, they will not only face competitive disadvantages, but may also fall victim to heavy government fines and serious reputational damage - consequences that, quite frankly, industries such as the financial services sector should be more than well aware of in today’s IT climate.”

Further findings from the survey showed that more than three-quarters of respondents were aware of the relationship between applications and data centre infrastructure.

However, just over a third have the technology in place to monitor data storage performance.

The survey questioned 200 CIOs from across the UK.

By Jim Ottewill

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development