Data management practices key to lost or gained productivity
Organizations worldwide are scrambling to gain a competitive advantage in today’s digital economy, but failure to effectively manage their data can end up costing them in lost productivity and missed opportunities, according to new research from enterprise software provider Veritas Technologies.
The company commissioned research firm Vanson Bourne to survey 1,500 IT decision makers and data managers across 15 countries, and the survey showed 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, which results in a 16 percent drop in workforce efficiency.
On the other hand, organizations that invest in day-to-day management of their data have reported cost savings and better employee productivity as a result. A majority (70 percent) said they have reduced costs, while 69 percent said their employees can now be more productive.
Beyond productivity challenges, the wider consequences of poor data management can cripple organizations, the report said. Nearly all of the organizations surveyed (97 percent) think they have missed valuable opportunities as a result of ineffective data management.
More than one third (35 percent) admit to losing out on new revenue opportunities while 39 percent said their data challenges have caused an increase in operating costs.