According to new research from Veritas Technologies, a worldwide leader in enterprise data protection and the software-defined storage market, 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.
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) of those surveyed globally (69 percent in Singapore) say they have reduced costs, while over two-thirds (69 percent globally and 68 percent Singapore) 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 Sheena Chin, Country Director, Singapore, Veritas Technologies. “Companies that invest in capitalizing their most important digital asset – data – will achieve higher 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 (99 percent in Singapore) surveyed believe they have missed valuable opportunities as a result of ineffective data management. In fact, almost half (45 percent) of all respondents in Singapore (35 percent globally) admit to losing out on new revenue opportunities while two in five (39 percent globally and 43 percent in Singapore) say their data challenges have caused an increase in operating costs,
Alarmingly, respondents estimate that their organization loses over US$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 in Singapore (53 percent) say their challenges with managing data meant their ability to make strategic decisions is hindered (38 percent globally), they’re less agile (45 percent in Singapore and 35 percent globally) and unable to compete successfully in the market (43 percent in Singapore and 29 percent globally). Close to half (44 percent) in Singapore are more vulnerable to data security threats (27 percent globally), and 29 percent (25 percent globally) 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 Sheena. “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. As an industry leader, Veritas is committed to helping organizations resolve such challenges by utilizing the right technology tools, while cultivating a strategic mindset for a sound data management strategy.”