UK 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.

This was the finding of new research from Veritas Technologies, which commissioned Vanson Bourne to interview 1,500 IT decision makers and data managers across the US, the UK, France, Germany, Switzerland, the UAE, Canada, Mexico, Brazil, Australia, New Zealand, Singapore, China, Japan and the Republic of Korea.

The enterprise data protection firm found that on average, employees lose two hours a day searching for data, resulting in a 16 per cent drop in workforce efficiency.

Conversely, UK organisations that invest in effective day-to-day management of their data have reported cost savings and better employee productivity as a result. Just over three quarters said they have reduced costs, while just under three quarters said their employees are now empowered to be more productive.

“Organisations have access to a wealth of data that can create significant opportunities if they use it intelligently,” said Jasmit Sagoo, senior director for Northern Europe at Veritas. “Unfortunately, employees waste precious time searching for useful, and potentially business-critical, data in fragmented IT environments.”

Beyond productivity challenges, the wider consequences of poor data management can cripple UK businesses. Almost all (97 per cent) of the 100 UK organisations surveyed believe they have missed valuable opportunities as a result of ineffective data management.

In fact, nearly two in five (37 per cent) admitted to losing out on new revenue opportunities while a third said their data challenges have caused an increase in operating costs.

UK respondents estimated that their organisation loses over £1.2 million a year due to challenges faced with managing their data.

Those surveyed also said their challenges with managing data mean their ability to make strategic decisions is hindered (37 per cent), they are less agile (31 per cent) and unable to compete successfully in the market (24 per cent). A fifth are more vulnerable to data security threats, and a quarter have experienced reputational damage.

“Many organisations face daily uncertainty over where their data is located and whether it is even protected – unless addressed, they risk compromising business agility, exposure to security threats, reputational damage and lethargic decision making at even the highest of levels,” added Sagoo. “In order to achieve success today’s digital economy, businesses must implement technology and strategies that empower employees with complete visibility and control of their data.”

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