READING, United Kingdom, March 12, 2019 /PRNewswire/ — UK organisations 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, finds new research from Veritas Technologies, a worldwide leader in enterprise data protection and the software-defined storage market.
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 including 100 from the UK, and reveals that data management challenges are having a severe impact on employee efficiency, productivity and the profitability of UK businesses. On average, employees lose two hours a day searching for data, resulting in a 16 per cent drop in workforce efficiency.
Conversely, UK organisations that invest in effective day-to-day management of their data have reported cost savings and better employee productivity as a result. Three-quarters (76 per cent) say they have reduced costs, while more than seven in ten (73 per cent) say their employees are now empowered to be more productive.
‘Organisations have access to a wealth of data that can create significant opportunities if they use it intelligently. Unfortunately, employees waste precious time searching for useful, and potentially business-critical, data in fragmented IT environments,’ said Jasmit Sagoo, senior director, Northern Europe, Veritas. ‘Companies that invest in taking care of their most important digital asset – their data – will benefit from improved employee efficiency and productivity, giving them a valuable competitive advantage.’
Data challenges = missed opportunities and lost revenue
Beyond productivity challenges, the wider consequences of poor data management can cripple UK businesses. Almost all (97 per cent) of the UK organisations surveyed believe they have missed valuable opportunities as a result of ineffective data management. In fact, nearly two in five (37 per cent) admit to losing out on new revenue opportunities while a third (33 per cent) say their data challenges have caused an increase in operating costs.
Alarmingly, UK respondents estimate that their organisation loses over £1.2 million ($1.5 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 say their challenges with managing data mean their ability to make strategic decisions is hindered (37 per cent), they”re less agile (31 per cent) and unable to compete successfully in the market (24 per cent). A fifth (19 per cent) are more vulnerable to data security threats, and a quarter (23 per cent) have experienced reputational damage.
‘Many organisations face daily uncertainty over where their data is located and whether it is even protected. Unless addressed, they risk compromising business agility, exposure to security threats, reputational damage and lethargic decision making at even the highest of levels,’ added Sagoo. ‘In order to achieve success today”s digital economy, businesses must implement technology and strategies that empower employees with complete visibility and control of their data. Only then will they be able to identify and action areas of risk and opportunity, unlocking the true value of their data.’
Learn more about the key findings of this report and how Veritas can help global organisations harness the power of their data here. For more information on implementing a centralised data management strategy, visit www.veritas.com.
A total of 1,500 IT decision makers and data managers were interviewed in October and November across the US, the UK, France, Germany, Switzerland, the UAE, Canada, Mexico, Brazil, Australia, New Zealand, Singapore, China, Japan and the Republic of Korea.
About Vanson Bourne
Vanson Bourne is an independent specialist in market research for the technology sector. Our reputation for robust and credible research-based analysis, is founded upon rigorous research principles and our ability to seek the opinions of senior decision makers across technical and business functions, in all business sectors and all major markets. For more information, visit www.vansonbourne.com.
Veritas Technologies is a global leader in enterprise data management – our software and solutions help organisations protect their mission-critical data. Tens of thousands of businesses, including 97% of Fortune 100 companies, rely on us every day to back up and recover their data, keep it secure and available, to guard against failure and achieve regulatory compliance. In today”s digital economy, Veritas delivers technology that helps organisations reduce risks and capitalise on their most important digital asset – their data. Learn more at www.veritas.com or follow us on Twitter at @veritastechllc.
Forward-looking Statements: Any forward-looking indication of plans for products is preliminary and all future release dates are tentative and are subject to change at the sole discretion of Veritas. Any future release of the product or planned modifications to product capability, functionality, or feature are subject to ongoing evaluation by Veritas, may or may not be implemented, should not be considered firm commitments by Veritas, should not be relied upon in making purchasing decisions, and may not be incorporated into any contract.
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UK employees waste two hours a day searching for data
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