1How ‘Missing’ Data and Other Inefficiencies Cost Companies Millions
Intro: While it may sound ironic, data professionals apparently spend relatively little time actually analyzing data, according to a recent survey from Alteryx. The accompanying report, titled “The State of Data Discovery and Cataloging,” reveals that process-driven duties such as data governance and description take up a major portion of the day for these employees. They also spend a great deal of time unsuccessfully searching for and preparing data. What’s worse, they often end up building data sets that already exist, i.e., “reinventing the wheel.” More than 400 North American and European professionals who work with data took part in the research, which was conducted by IDC. This slide show presents highlights of the survey, with charts and graphics provided courtesy of Alteryx and IDC.
2Operations/Efficiency Benefits Lead Data Discovery Drivers
When asked to rank the top data discovery business drivers, 82 percent of survey respondents cited operations/efficiency benefits. This was followed by policy compliance (as cited by 81 percent of respondents), risk reduction (80 percent), regulatory compliance (78 percent) and increased revenues (77 percent).
3Data Specialists Serve as Critical Workforce Component
4Long Hours Expected as Part of the Job
5Process Procedures Distract from Insights-Driven Work
6Data Pros Devote Significant Time to Data Search and Preparation
7Data Difficulties Amount to Wasted Hours
8‘Reinventing the Wheel’ Emerges as Routine Productivity Killer
9Inefficiencies Create Major Financial Losses
U.S. organizations lose on average $103 million a year due to the described data-related work inefficiencies. Breaking this down, the losses amount to $1.7 million per year for every 100 employees.