GEC NEWS WIREUAE businesses seek to gain a competitive advantage in today’s digital economy, but weaknesses in effectively managing day-to-day data can lead to 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.
In key findings, only 27% of respondents in the UAE said that their organisation’s data is completely integrated, similar to the global average of 29%. More than two-thirds of respondents in the UAE at 68%, said over one hour is lost daily due to data being difficult to locate while 30% said the time lost is less than one hour. This, UAE business leaders believe, leads to an efficiency decline of 17%, slightly higher than the global average. They said that over $2.1 million is lost due to challenges in day-to-day data management annually, similar to the global average.
Value of Data study, conducted by Vanson Bourne for Veritas, covered 1,500 IT decision makers and data managers across 15 countries, including 100 senior professionals from the UAE. A total of 1,500 IT decision makers and data managers were interviewed in October and November across the US, UK, France, Germany, Switzerland, UAE, Canada, Mexico, Brazil, Australia, New Zealand, Singapore, China, Japan and Republic of Korea.
Globally, the study reveals that data management challenges are having a severe impact on employee efficiency, productivity and the profitability of businesses. On average, employees lose two hours a day searching for data, resulting in a 16% drop in workforce efficiency. Businesses in Germany reported the highest level of organisation-wide data integration at 46% followed by the US at 44% and Brazil at 36%.
Conversely, organisations that invest in effective day-to-day management of their data have reported cost savings and better employee productivity as a result. On average, seven in ten 70% say they have reduced costs, while over two-thirds 69% say their employees are now empowered to be more productive.
Data challenges = missed opportunities and lost revenue
Beyond productivity challenges, the wider consequences of poor data management can cripple organisations. Almost all 97% of the global organisations surveyed believe they have missed valuable opportunities as a result of ineffective data management. In fact, over a third 35% admit to losing out on new revenue opportunities while two in five 39% say their data challenges have caused an increase in operating costs. Respondents estimate that their organisation loses over $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 say their challenges with managing data mean their ability to make strategic decisions is hindered 38%, they are less agile 35% and unable to compete successfully in the market 29%. Over a quarter 27% are more vulnerable to data security threats, and 25% have experienced customer dissatisfaction.
“The exponential growth of data can create significant opportunities for organisations that use it intelligently. Unfortunately, most organisations waste precious resources searching for useful, and potentially business-critical, data in disjointed IT ecosystems,” said Jyothi Swaroop, Vice President, Product and Solutions, Veritas. “Companies that invest in looking after their most important digital asset, their data, will achieve heightened employee efficiency and productivity, therefore gaining a valuable competitive advantage, as reported by UAE businesses surveyed for the study.”
“Many organisations 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 Swaroop. “In order to flourish in today’s digital economy, especially with the focus of the UAE on digital transformation, businesses must implement solutions that empower employees with complete visibility and control of their entire data estate. Only then will they be able to identify and action areas of risk and opportunity, unlocking the true value of their data.”
Key takeaways
- Organisations waste resources searching for business-critical data in disjointed IT ecosystems.
- Exponential growth of data creates opportunities for organisations that use it intelligently.
- Organisation losses over $2 million a year due to challenges faced with managing their data.
- Challenges with managing data means strategic decisions are hindered, less agile and unable to compete successfully in the market.
