Companies of all shapes and sizes are impacted by information overload. And the impact is hitting virtually all areas of organisations, costing billions of dollars in decreased productivity and hampered innovation.
It also impacts employees by lowering comprehension levels and diminishing work-life balance.
In the end, people are forced to decide and act with incorrect or missing information, or they spend too much time gathering and processing the information.
The consequences are costly when you factor the impact on areas such as project staffing levels, customer service, product development, sales proposals, financials, and regulatory compliance.
Ankush Chopra, a Ph.D. candidate explains how it impacts his research. “Information took too long to find and even then I couldn't be sure I'd retrieved everything I needed,” states Chopra. “Perhaps most damaging, the links between different pieces of information were not always clear in my mind. In short, I lacked a holistic view. And fragmented information meant I was leaking productivity.”
Conservative estimates by IDC suggest that an organisation with 1,000 employees wastes at least $2.5 million per year by failing to find existing information, searching for outdated information, or recreating information that is outdated and poorly designed. The opportunity costs are even greater, exceeding $15 million annually.
Mindjet makes software that helps people visualise and use information. Its products enable individuals and teams to work smarter, think creatively, and save time every day.