Disconnected data costs organizations $140B
Organizations in the U.S. and U.K. are losing an aggregate $140 billion each year to disconnected data, according to a new study conducted by independent research firm Vanson Bourne and sponsored by data integration software provider SnapLogic.
The study, based on a survey of 250 IT decision makers and 250 business users conducted in April and May 2017, showed that nearly half of survey respondents (47 percent) think disconnected data is negatively impacting their organization's ability to innovate, develop new products and services and get them to market quickly.
In addition, their ability to engage, support, and meet the needs of customers (46 percent) is also negatively impacted.
Aging technology is only compounding the problem, the report said. It found that organizations are struggling to unite their disparate systems. For 41 percent of the organizations critical company data is trapped in legacy systems that can’t be accessed or linked to cloud services. More than three quarters (76 percent) of respondents have at least some data trapped in this way.
It's not just siloed technology that’s resulting in disconnected data. The report noted that businesses are also failing in terms of collaboration, with 44 percent saying a lack of collaboration between business departments has been a challenge, and 30 percent saying different departments are hindering collaboration by being overly protective of their own systems and data.