New research conducted for Veritas Technologies has revealed Australian organisations are severely impacted by the challenges of data management and digital transformation.
The study revealed data management challenges are affecting employee efficiency, productivity and profitability, with employees losing on average, two hours a day searching for data.
Almost all those surveyed (95 per cent) believe they have missed valuable opportunities as a result of ineffective data management. As companies scramble to gain a competitive advantage in today’s digital economy over a third of businesses (37 per cent) admit to losing out on new revenue opportunities.
Yet when it comes to data management Australia is better off than many of its APAC cousins, according to Howard Fyffe, Managing Director, Australia & New Zealand, Veritas Technologies.
“Australia, though largely ahead of the curve when it comes to data management cost, is still losing about AUD$2.5 million a year,” Fyfe said. “We’re seeing countries such as China, Japan and Singapore face heavier revenue loss (about between AUD$3.4 million – AUD$3.8 million) per year as compared to Australia. In the US, data management challenges are costing businesses about AUD$3.3 million which is 32 per cent more than what Australian organisations have to manage.”
Fyffe says data mismanagement is resulting in a 16 per cent drop in workforce efficiency. It’s a pattern he said is being repeated across the globe.
“This is relatively similar to close to three-quarters of the organisations globally. In the rest of the markets such as China, employees lose about an hour a day searching for data, resulting 13 to 15 per cent drop in workforce efficiency. The differences are not very significant and what we’re seeing is rather universal behaviour.”
With cyberattacks becoming increasingly prevalent, Fyffe suggests cybersecurity should be 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.”