04 Sep Growing data volumes could impact time spent managing information
How much time does your organization spend managing data? How much of that time is unnecessarily wasted? Without the proper information management software in place, the answer to the latter could be shockingly high.
According to the McKinsey Global Institute, data volumes are growing at a rate of 40 percent per year. Between 2009 and 2020, the amount of information at the average company will increase 4,400 percent. This means, standard practices regarding the processing, evaluation and storage of information will no longer be viable unless businesses have the tools to accommodate growth. While a lack of proper tools may sound like a problem typically experienced by smaller companies, large enterprise-level organizations aren't exactly off the hook. In fact, their challenges could be even greater, because Forrester Research suggests these companies experience information growth at a rate of 76 percent each year.
The growth of information has made it even more difficult to manage it, which is why best practices must be administered at all times. If they are not, companies can spend an excessive amount of time just trying to find their data. According to Google's Enterprise Search Manager Binesh Lad, 25 percent of a data manager's time is spent just trying to find information. As data grows, that number will increase. In fact, employees could spend as much as 50 percent of their time looking for information if it's stored in five more more silos.
Worst of all, Lad says that 38 percent of the time, workers don't even find the information they are looking for. Imagine spending all that time trying to find the data you need, only to come up empty. This inefficient use of time can be extremely detrimental to your company's profits, and if you are unable to make changes to your data management processes, you could ultimately wind up buried in a sea of your own information.
That's why having the right processing solution is so crucial. Building a custom database software system designed to track data and expand as volumes grow will not only eliminate wasted time immediately, it can set your organization up for long-term viability. FileMaker development can allow businesses to create a flexible and scalable system that will effectively help manage information, regardless of how big it gets.