Businesses Lose $6.5B Every Week to Poor Data Access - Report

Businesses are losing as much as $6.5 billion each week in productivity due to insufficient data access and technology, according to a new report. 

The report, from cloud-based OS provider Domo, found that access to company data and modern technology impacts workers’ ability to meaningfully contribute to business results.

Many employees also reported feeling in the dark about key business objectives and insights – 31% say they feel uninformed about their company’s overall strategy and nearly half (45%) say they wish they had more access to data to inform strategic ideas.

Employees also do not feel properly armed to tackle today’s workload – the majority (62%) of workers say they could get more work done with better tech tools.

Sleepworking, Quiet Quitting and Slack-ification

The study of more than 3,000 working adults shows that managers are unknowingly putting employees in a state of “Sleepworking”—an inability to perform at their full potential due to a lack of technology and strategic data. Over half (58%) of workers say their need for technology has increased in the last five years, but their access to tech tools isn’t keeping up.

"In this economy, organisations of all sizes must optimise every aspect of their business," said John Mellor, Domo CEO. "And while one of the biggest and most strategic investments a business makes is in its people, organisations are not unlocking the full potential of their workforce if employees are ‘sleepworking.’"

This isn't the first modern workplace trend challenging companies today. A growing number of office workers have noticed the 'Slack-ification' of their day-to-day lives - that's replacing face-to-face meetings and conversations with Slack pings and Teams calls. 

Dozens of studies have reported huge spikes in job satisfaction as remote/hybrid working became commonplace, though some have complained that the ubiquitousness of the technology has isolated and de-personalised the modern worker.

Investing in data access is investing in your employees

The results of the Domo study conclude that with the right access to data and tools, every employee can be not only happier in their jobs, but become multipliers of business impact. 

The final takeaways included:

- A quarter (24%) of workers report high turnover in the past 12 months — that number skyrockets to 71% for those who say they work at companies that need more tech tools.

- Businesses across the U.S. alone could recoup $6.5B each week in valuable work time with the proper tech.

- The majority (62%) of workers say better access to useful tech would make them happier at work.

Mellor added, “Our survey found that 58% of employees across the globe say better access to technology can help weather an economic downturn. By offering employees access to data and modern technologies, an entire workforce can be enabled to do their best work and make the most impact for their business.”

To read the full report, “Sleepworking: How Employee Disengagement Is Hurting Your Business,” visit here.