February 1st, 2018 by Sam Del Rowe

Data intelligence and knowledge inefficiencies cost U.S. organization $1.7 million per year for every 100 employees, and European Organizations €1.1M per year for every 100 employees, according to an Alteryx-sponsored IDC InfoBrief.

Based on a survey of more than 400 individuals performing data functions across North America and Europe, the study yielded a number of findings indicating that organizations have significant room for improvement to get the most out of their data assets and infrastructures. The study found that data professionals waste 30 percent of their time—14 hours per week on average—because they cannot find, protect or prepare data; and another 20 percent of their time—10 hours per week on average—building information assets that already exist, losing 50 percent of their time in total every week due to unsuccessful activities or repeated efforts. Additionally, they spend 60 percent of their time getting to insight, but just 27 percent of that time is spent on actual analysis.

“It is evident that many professionals are not aware of what resources are available within data assets like data lakes, how to access the data, where it came from, or how to glean trusted insights,” Langley Eide, chief strategy officer at Alteryx, said in a statement. “Unless organizations make changes to their infrastructure now, and close the gaps on data discovery, integrity and cataloging, processes will only become more inefficient as data volume and variety continues to grow.”

“Data discovery is important to all aspects of business, from operations efficiency to compliance to risk reduction, revenue growth, and beyond,” Stewart Bond, director of data integration and integrity software research at IDC, said in a statement. “Knowledge of how, where and why data is used, by whom, and what information already exists will help data professionals refrain from repeating efforts, increase personal productivity and free-up time for more advanced analytics.”

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