Businesses in the US and UK are losing $140 billion every year in wasted time, resources, effort duplication and missed opportunities – all due to disconnected data.
This is according to a new report by SnapLogic (opens in new tab), which also says the negative impact is more than just financial. The company says almost half of respondents (47 per cent) cited inability to innovate as one of the bigger problems. The ability to engage, support and meet the needs of customers (46 per cent) is also negatively impacted.
Another piece of the puzzle seems to be aging technology. More than four in ten (41 per cent) said their critical business data is ‘trapped in legacy systems’ and cannot be accessed via cloud, or linked to cloud services. More than three quarters (76 per cent) said they have at least some data trapped this way.
“The data economy is in full swing with every department across the enterprise relying on data to get their jobs done effectively, whether Marketing, HR, IT, or Sales,” commented Gaurav Dhillon, founder and CEO of SnapLogic.
“And yet we continue to see the same issues around legacy technology, disconnected systems, and trapped data. This is hampering collaboration, decision-making and timely business outcomes, and with the cost reaching into the billions, we need to act.”
Collaboration (44 per cent) is also being perceived as challenging, the report states. Almost a third (30 per cent) also found that the different departments are slowing collaboration down by being too protective of their data.
Image Credit: Flickr / janneke staaks