Global organizations are scrambling to gain a competitive advantage in today’s digital economy, but failure to effectively manage their data can end up costing them dearly in lost productivity and missed opportunities, finds new research from Veritas Technologies, a worldwide leader in enterprise data protection and the software-defined storage market.
When employees have efficient access to data, they are empowered with the insight they need to make better, more informed decisions.
However, the Value of Data study, conducted by Vanson Bourne for Veritas, surveyed 1,500 IT decision makers and data managers across 15 countries, and reveals that data management challenges are having a severe impact on employee efficiency, productivity and the profitability of businesses around the world. On average, employees lose two hours a day searching for data, resulting in a 16 percent drop in workforce efficiency.
Conversely, organizations that invest in effective day-to-day management of their data have reported cost savings and better employee productivity as a result. Seven in ten (70 percent) say they have reduced costs, while over two-thirds (69 percent) say their employees are now empowered to be more productive.
“The exponential growth of data can create significant opportunities for organizations that use it intelligently. Unfortunately, most organizations waste precious resources searching for useful, and potentially business-critical, data in disjointed IT ecosystems,” said Jyothi Swaroop, vice president, Product & Solutions, Veritas. “Companies that invest in looking after their most important digital asset – their data – will achieve heightened employee efficiency and productivity, therefore gaining a valuable competitive advantage.”
Data challenges = missed opportunities and lost revenue
Beyond productivity challenges, the wider consequences of poor data management can cripple organizations. Almost all (97 percent) of the global organizations surveyed believe they have missed valuable opportunities as a result of ineffective data management. In fact, over a third (35 percent) admit to losing out on new revenue opportunities while two in five (39 percent) say their data challenges have caused an increase in operating costs.
Alarmingly, respondents estimate that their organization loses over $2 million a year due to challenges faced with managing their data.
Companies that fail to address their data management issues also risk significant longer term damage to their business. Those surveyed say their challenges with managing data mean their ability to make strategic decisions is hindered (38 percent), they’re less agile (35 percent) and unable to compete successfully in the market (29 percent). Over a quarter (27 percent) are more vulnerable to data security threats, and 25 percent have experienced customer dissatisfaction.
“Many organizations continue to face daily uncertainty over where their data is located and whether it is even protected. Unless addressed, the result will be compromised agility, exposure to security threats, plummeting productivity and lethargic decision making at even the highest of levels,” added Swaroop. “In order to flourish in today’s digital economy, businesses must implement solutions that empower employees with complete visibility and control of their entire data estate. Only then will they be able to identify and action areas of risk and opportunity, unlocking the true value of their data.”