So says The IDC InfoBrief: The state of data discovery and cataloging, commissioned by Alteryx, which is based on a survey of data professionals working in both North America and Europe.
It claims that data professionals spend 60% of their time getting to the insight, but just 27% of that time is spent on actual analysis. Instead, 37% of that "getting to insight" time is spent searching for data and 36% of that time is spent preparing data.
Analysts waste 30% of their time, on average 14 hours a week, because they cannot find, protect or prepare data. They waste another 20% of their time, around 10 hours a week, building information assets that already exist. In total, they lose half of their time every week on unsuccessful activities or repeating efforts.
The report claims these inefficiencies are costing European organisations £770,000 a year for every 100 employees.
Alteryx chief strategy officer Langley Eide said: “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.
“Unless organisations make changes to their infrastructure now, and close the gaps on data discovery, integrity and cataloguing, processes will only become more inefficient as data volume and variety continues to grow.”