Veritas Releases "The Value of Data" Report
Domestic companies waste two hours a day searching for data.
Smart Data Utilization Creates New Business Opportunities

Veritas Technologies released its 'Value of Data' report on the 4th, stating that data management issues have a significant impact on work productivity and business profits.
According to a report that surveyed 1,500 people worldwide, including 100 domestic IT decision-makers and data managers, businesses today are striving to gain a competitive edge in the digital economy, but are facing decreased productivity and lost business opportunities due to ineffective data management.

Conversely, when employees have efficient access to data, they are more likely to make smarter decisions based on the insights gained from the data. On average, Korean employees waste two hours per day (vs. the global average of two hours) searching for data, resulting in an 18% decrease in employee efficiency (vs. the global average of 16%).

Conversely, companies that invested in streamlining their routine data management tasks reported cost savings and increased employee productivity. Among Korean respondents, 61% reported cost savings, and about half (46%) reported improved work productivity. Globally, 70% of respondents reported cost savings, and 69% reported improved work productivity.

“With the explosive growth of data, companies that use their data intelligently can create significant business opportunities,” said Jyothi Swaroop, vice president of Products and Solutions at Veritas.

He added, “Most companies are wasting valuable resources searching for data that is meaningful to their business,” and added, “Companies that invest in their most important digital asset, data, will be able to improve employee efficiency and work productivity and gain a meaningful competitive advantage.”


Data management issues directly lead to lost business opportunities and revenue.
Inadequate data management can lead to a variety of challenges, beyond reduced productivity. All respondents in Korea, and a global average of 97%, believe they have missed out on important opportunities due to inefficient data management.

Specifically, 32% of domestic respondents (global average 35%) said they lost new sales opportunities, and 40% (global average 39%) said their operating costs increased due to data issues. In particular, domestic respondents estimated that losses due to data management issues would amount to more than $2.9 million (approximately 2.26 billion won) per year, and the global average for all respondents was similar at approximately 2.3 billion won.

Failure to address data management challenges has been shown to have serious long-term consequences for businesses.

Respondents reported 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 reported 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 ▲ customer dissatisfaction (domestic average 20%, global average 25%).

“Many enterprises face a precarious situation where they are uncertain 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.”

He continued, “To succeed in today’s digital economy, businesses must implement solutions that provide complete visibility and control over their data health, enabling them to identify and respond to risks and opportunities while realizing the true value of their data.”