Data – more commonly today referred to as the lifeblood of organizations – brings with it the potential for accomplishing great things. However, it can also drive equally negative impacts to a business when the data growth, veracity and usefulness are left unchecked. We’ve all heard the analogies, the opinions of industry pundits, and we are all well to aware that data growth is as much a certainty as are death and taxes (to extend a quote from Mr. Benjamin Franklin). In fact, the average for corporate data growth is approximately 40% year-over-year, as shown in Figure 1 below1.
Figure 1: Growth of organizational data
It is interesting to see how these data characteristics translate into costs to the business. According to analysts, data quality costs organizations as much as 10%-25% of revenue. In the US alone, poor data quality tallies up to the tune of $3 trillion dollars per year. This means that poor data quality and a lack of visibility into the right data can have a traumatic financial impact on any business.
According to an IDC survey, information discovery is a challenge for many organizations largely because their current internal and external search and discovery methods lack the necessary components to handle the influx of different data types. Additionally, they lack the agility to adapt to changing relevance measures in, timely processing of, and the accuracy and quality control checks for organizational data. They are unable to deliver a flexible and cost-effective solution that can respond to the changing needs of both data producers and consumers.
With more than 50% of a typical IT budget being spent on data scrap, redundancy, obsolescence, trivialness and rework, an agile information discovery solution is long overdue. Imagine not just the costs associated with a traditional IT budget, but also what the impacts now are to those that work in the organization. Consider the time that is wasted either searching for data or taking data that is found and massaging it to suit the desired need. All of these matters have definitive costs associated with them: costs that, in aggregate, can amount to tangible expense to an organization. What if there was a way to easily demonstrate those costs? It turns out, there is. (See Figure 2.)
Introducing Hitachi Vantara’s enterprise search business impact calculator
Figure 2. Calculator Sample Results
To use the calculator, click the image above and complete the entry of three pieces of information. The results will be calculated from a series of industry analyst data points and rendered as a percentage of time that is spent searching for data, what that costs the organization annually, the time spent only finding partial data and the costs to improve that data to make it useful. Finally, you’ll also be presented with the monetary impacts to your bottom line: the loss of potential revenue due to bad data quality and time spent searching for the data needed throughout the organization.
Click on the image above to run your analysis.
1Worldwide File- and Object-Based Storage Forecast, 2017-2021 (IDC: #US42280717)