| Veritas Releases 'Value of Data' Report
| Domestic companies waste 2 hours a day searching for data
| Smart Data Utilization, Creating New Business Opportunities Veritas Technologies released the 'Value of Data' report and announced on the 4th that data management issues have a significant impact on work productivity and business profits.
The value of data According to a report that surveyed 1,500 people worldwide, including 100 domestic IT decision makers and data managers, today's companies are struggling to gain a competitive edge in the digital economy, but are facing decreased productivity and lost business opportunities due to their inability to effectively manage data.
On the other hand, when employees have efficient access to data, they are found to be making better, smarter decisions based on the insights they gain from the data. On average, domestic employees waste 2 hours a day (global average 2 hours) searching for data, which reduces employee efficiency by 18% (global average 16%).
Conversely, companies that invested in streamlining routine data management tasks reported cost savings and increased employee productivity. 61% of domestic respondents said that they had seen cost savings, and about half (46%) said that their work productivity had improved. On the other hand, the global average was 70% of respondents who had seen cost savings, and 69% who had seen work productivity had improved.
“With the explosive growth of data, companies that use their data intelligently can create significant business opportunities,” said Jyothi Swaroop, vice president, Products and Solutions, Veritas.
“Most companies are wasting valuable resources searching for data that is meaningful to their business,” he said. “Companies that invest in their most important digital asset, data, will be able to improve employee efficiency and work productivity and gain meaningful competitive advantage.”
Data management issues directly lead to lost business opportunities and revenue loss. In addition to reduced productivity, companies can suffer from various difficulties due to insufficient data management. In Korea, all respondents, and on a global average, 97% of respondents, responded that they felt they had missed important opportunities due to inefficient data management.
Specifically, 32% of domestic respondents (global average 35%) responded that they lost new sales opportunities, and 40% (global average 39%) responded that operating costs increased due to data issues. In particular, domestic respondents estimated that the loss due to data management issues would be more than 2.9 million dollars (about 2.26 billion won) per year, and the global average of all respondents was similar at about 2.3 billion won.
Failure to address data management issues has been shown to have serious long-term consequences for businesses.
Respondents said that data management issues resulted in loss of business opportunities due to delays in strategic decision-making (domestic and global average 38%), and at the organizational level, they responded that it had broader impacts, including ▲reduced agility (domestic average 40%, global average 35%), ▲failure to secure market competitiveness (domestic average 25%, global average 29%), ▲vulnerability to data security threats (domestic average 31%, global average 27%), and ▲experience of customer dissatisfaction (domestic average 20%, global average 25%).
“Many enterprises are facing a state of uncertainty about where their data is located and whether it is protected,” said Swaroop. “Unless this issue is addressed, enterprises risk exposing themselves to security threats, significantly reducing business agility and productivity, and hindering executive decision-making.”
“To succeed in today’s digital economy, businesses must adopt solutions that provide complete visibility and control over the state of their data, so they can identify and respond to risks and opportunities while realizing the true value of their data,” he continued.
