- 13 March 2019 14:00
Data Management Challenges Cost Australian Organisations about AUD$2.5 Million a Year, Reveals Veritas Research
Australian 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 Australia and New Zealand. It reveals 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, resulting in a 16 percent drop in workforce efficiency.
Conversely, organisations that invest in effective day-to-day management of their data have reported cost savings and better employee productivity as a result. About six in ten (61 percent) say they have reduced costs, while almost half (47 percent) say their employees are now empowered to be more productive.
“The exponential growth of data can create significant opportunities for Australian organisations that use it intelligently. Unfortunately, most organisations waste precious resources searching for useful, and potentially business-critical, data in disjointed IT ecosystems,” said Howard Fyffe, Managing Director, Australia & New Zealand, Veritas Technologies. “30 percent of Australian businesses are experiencing customer dissatisfaction due to data management challenges and this can cost even more millions in revenue loss”.
Data challenges = missed opportunities and lost revenue
Beyond productivity challenges, the wider consequences of poor data management can cripple organisations. Almost all (95 percent) of the Australian organisations surveyed believe they have missed valuable opportunities as a result of ineffective data management. In fact, over a third (37 percent) admit to losing out on new revenue opportunities while 32 percent say their data challenges have caused an increase in operating costs.
Alarmingly, respondents estimate that their organisation loses almost AUD$2.5 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 percent), they are less agile (39 percent) and unable to compete successfully in the market (39 percent). A quarter (25 percent) is more vulnerable to data security threats.
Fyffe added, “With the recent high profile cyber attacks spanning across different sectors, data security is no longer just an organisational discussion. It is now a national concern and Australian organisations need to invest in their most important digital asset – their data – by empowering employees with complete visibility and control of their entire data estate. This will enable organisations to unlock the true value of their data, by identifying and mitigating risks, while taking actions to capitalise on opportunities.”
Learn more about the key findings of this report and how Veritas can help global organisations harness the power of their data here: https://www.veritas.com/form/whitepaper/realizing-the-power-of-enterprise-data. For more information on implementing a centralised data management strategy, visit www.veritas.com.
Methodology 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.