Employees waste two hours a day searching for data
According to new research from data protection specialist Veritas Technologies, employees are losing two hours a day searching for data, and data management challenges are costing businesses as much as $2 million a year.
On the other hand the study of 1,500 IT decision makers across 15 countries, carried out by Vanson Bourne for Veritas, shows organizations that invest in effective day-to-day management of their data have reported cost savings and better employee productivity as a result.
Almost three-quarters (70 percent) say they have reduced costs, while 69 percent say their employees are now empowered to be more productive.
"Organizations have access to a wealth of data that can create significant opportunities if they use it intelligently. Unfortunately, employees waste precious time searching for useful, and potentially business-critical, data in fragmented IT environments," says Jasmit Sagoo, senior director, Northern Europe at Veritas. "Companies that invest in taking care of their most important digital asset -- their data -- will benefit from improved employee efficiency and productivity, giving them a valuable competitive advantage."
Among other findings, almost all (97 percent) of the UK organizations surveyed believe they have missed valuable opportunities as a result of ineffective data management. In fact, nearly two in five (37 percent) admit to losing out on new revenue opportunities while 33 percent say their data challenges have caused an increase in operating costs.
Poor data practices have also been responsible for reducing their competitive advantage (24 percent), making organizations more vulnerable to data security threats (19 percent), and negatively impacting brand reputation (23 percent).
"Many organizations face daily uncertainty over where their data is located and whether it is even protected. Unless addressed, they risk compromising business agility, exposure to security threats, reputational damage and lethargic decision making at even the highest of levels," adds Sagoo. "In order to achieve success today's digital economy, businesses must implement technology and strategies that empower employees with complete visibility and control of their data. Only then will they be able to identify and action areas of risk and opportunity, unlocking the true value of their data."
The full report is available from the Veritas website.