UAE Businesses Say Data Management Challenges Cost Organizations $2 Million A Year, Reveals Veritas Research
Over two-thirds of UAE businesses report losing more than one hour daily due to data being difficult to locate impacting business efficiency by 17%
UAE 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, 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, observed the Value of Data study, conducted by Vanson Bourne for Veritas.
The survey covered 1,500 IT decision makers and data managers across 15 countries, including 100 senior professionals from the UAE. In key findings, only 27% of respondents in the UAE said that their organization's data is completely integrated, similar to the global average of 29%. Businesses in Germany reported the highest level of organization-wide data integration at 46% followed by the US at 44% and Brazil at 36%.
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 percent drop in workforce efficiency.
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 US$2.1 million is lost due to challenges in day-to-day data management annually, similar to the global average.
Conversely, organizations 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 percent) say they have reduced costs, while over two-thirds (69 percent) say their employees are now empowered to be more productive.
“The exponential growth of data can create significant opportunities for organizations that use it intelligently. Unfortunately, most organizations waste precious resources searching for useful, and potentially business-critical, data in disjointed IT ecosystems,” said Jyothi Swaroop, vice president, Product & 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.”
Data challenges = missed opportunities and lost revenue
Beyond productivity challenges, the wider consequences of poor data management can cripple organizations. Almost all (97 percent) of the global organizations surveyed believe they have missed valuable opportunities as a result of ineffective data management. In fact, over a third (35 percent) admit to losing out on new revenue opportunities while two in five (39 percent) say their data challenges have caused an increase in operating costs.
Alarmingly, respondents estimate that their organization 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 percent), they’re less agile (35 percent) and unable to compete successfully in the market (29 percent). Over a quarter (27 percent) are more vulnerable to data security threats, and 25 percent have experienced customer dissatisfaction.
“Many organizations 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.”
Learn more about the key findings of this report and how Veritas can help global organizations harness the power of their data here. For more information on implementing a centralized 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.
