A new report from Veritas Technologies says UK employees are losing two hours a day searching for data, resulting in a 16% drop in workforce efficiency.

According to the report, The Value of Data, conversely, UK organisations that invest in effective data management solutions have reported cost savings and better employee productivity as a result. Three-quarters (76%) say they have reduced costs, while 73% say 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. Unfortunately, employees waste precious time searching for useful, and potentially business-critical, data in fragmented IT environments,” said Jasmit Sagoo, senior director, Northern Europe, Veritas. “Companies that invest in taking care of their most important digital asset – their data – will benefit from improved employee efficiency and productivity, giving them a valuable competitive advantage.”

Data engineer: The ‘real’ sexiest job of the 21st century

As the hype around data scientists fails to meet expectations, perhaps it’s time data engineer took the title as the “sexiest job of the 21st century”

Beyond productivity challenges, 97% of UK organisations surveyed feel that a missed out on valuable business opportunities as a result of bad data management. In fact, 37% admit to losing out on new revenue opportunities while 33% say their data challenges have caused an increase in operating costs.

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

How augmented analytics tools will impact the enterprise

Augmented analytics tools are coming, but how will they impact enterprises? Could they bring about citizen data scientists and plug the data skills gap?

“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. Only then will they be able to identify and action areas of risk and opportunity, unlocking the true value of their data.”

For the research, Vanson Bourne surveyed 1,500 IT decision makers and data managers 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.