Data professionals are wasting half of their time each week finding, protecting, or preparing data, and this is costing organizations significant amounts of money, according to a new study by International Data Corp. commissioned by analytics platform provider Alteryx Inc.
The study is based on a survey of 400-plus individuals performing data functions across North America and Europe, and shows that despite massive growth in data analytics demand globally, there is still much work to be done for organizations to get the most of their data assets and infrastructures.
Data professionals are spending more time governing, searching and preparing data than they are on extracting business value, the report said.
One the key findings is that data professionals spend 60 percent of their time getting to insight, but just 27 percent of that time is spent on actual analysis while 37 percent is spent searching for data and 36 percent on preparing data.
These data workers waste 30 percent of their time—on average 14 hours per week—because they can’t find, protect, or prepare data. They waste another 20 percent of their time—10 hours per week—building information assets that already exist. In total, they lose 50 percent of their time each week on unsuccessful activities or repeating efforts.
Even though data discovery and integrity are important for business, 30 to 50 percent of organizations say they are not where they want to be. The inefficiencies of data intelligence and knowledge is costing U.S. organizations $1.7 million per year for every 100 employees, the report said.
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