Nearly half of enterprises face increased cost due to poor IT asset data
Around half of organizations have experienced a significant increase in their audit budget expenditures due to poor IT asset inventory data.
Research carried out by YouGov for Oomnitza shows 56 percent of companies report that the data accuracy of their configuration management database (CMDB) is only 85 percent or less with insufficient levels of process automation.
Inaccurate data is a significant issue, causing 46 percent of respondents to experience a material increase (10 percent or higher) in audit delays and costs. Enterprises with 1000-5000 employees are 27 percent more likely to experience an increase in audit delays and costs (10 percent or higher).
In addition 47 percent of companies spend at least 10 percent more resources and money than their planned audit budget due to poor technology inventory data. This number rises to 55 percent in enterprises with 1000-5000 employees.
To effectively conduct technology audits, enterprises need to maintain accurate inventory and operational data. To do this, organizations must leverage technology asset management tools that integrate with all technology data sources. Effective automation is crucial too as it reduces the margin of human error, enhances data accuracy, and accelerates the identification of discrepancies in the technology inventory.
62 percent of organizations say they need to further automate their compliance assessment and technology audit preparation workflows to better adhere to security and compliance controls. Almost 75 percent of utilities and infrastructure companies are exposed to undue security and compliance risks and need to better define and automate their compliance and audit processes.
"Remote access, cloud and increasing regulation are making compliance audits harder and more inefficient than ever," says Arthur Lozinski, CEO and co-founder of Oomnitza. "This research confirms the scope and cost of the problem and underscores the importance of taking a cohesive, holistic approach to technology management to streamline audit and compliance reporting processes."
You can get the full report from the Oomnitza site and there's an infographic summary of the findings below.
Image credit: Putilich/Dreamstime.com