Businesses must keep their workforce not only skilled but effectively informed to thrive in today’s knowledge economy. However, over half (52%) of US workers admit to experiencing elevated frustration levels because they cannot access relevant information for their jobs.
Organizations are struggling with data that is mismanaged or stored in inaccessible places, meaning said data is either not used effectively, it remains outdated or workers start to question its credibility.
To quantify the impact of these challenges on businesses and the broader economy, OBRIZUM conducted a comprehensive study with 2,000 participants from the UK and the US. The findings offer a comparative analysis of corporate learning inefficiencies between these regions and provide actionable insights for creating a more skilled and agile workforce.
Here’s a summary of what we found across the US.
Breaking down the data barriers
Our study uncovers a harsh reality in modern corporations: 65% of company data is fragmented across multiple platforms, making it incredibly difficult to access. This decentralized data leads to US knowledge workers spending roughly 10 hours each week searching for information, often encountering outdated or incorrect resources that cause further setbacks.
This inefficiency affects individual productivity and triggers a domino effect of operational delays and poor decision-making within organizations. Critical information is often buried in an avalanche of data, making it a tedious and time-consuming task to extract relevant insights.
This not only slows down the decision-making process but also increases the likelihood of errors, as employees may rely on incomplete or outdated information in their roles.
What is the cost to your business?
The financial implications of these inefficiencies are significant. Our research found that the average annual expenditure for a knowledge worker searching for information is approximately $20,827.20. When adding the costs of reworking outdated materials ($3,579.68) and seeking colleague assistance ($3,935.47), the total escalates to an astounding $28,342.35 per worker annually. This represents 36% of an average worker’s salary, underlining a severe impact on the financial efficiency of businesses.
The financial impact goes beyond the hours lost; it also encompasses the missed opportunities and innovative contributions employees could have made with efficient access to the right data.
Essentially, businesses are losing not only money but the potential for creative solutions that are vital for success.
The productivity puzzle
Poor access to information is also directly impacting employee experience. Our study reveals that 18% of the workforce consistently struggles to locate necessary information every day, with 28% spending around three to four hours each day in this pursuit.
Additionally, 30% of employees often resort to external sources for information, potentially risking data security and competitive advantage.
This not only reflects an internal productivity issue but also a serious concern regarding employee retention and confidence. The inability to access critical information readily can significantly hamper job performance as well as affect employee morale and trust in the organization. When employees can’t find what they need internally, they may feel unsupported and undervalued, which can lead to a higher turnover rate.
So where do we go from here?
Embracing technological solutions
The key to overcoming these extensive challenges lies in the strategic application of technology. AI and adaptive learning technologies are revolutionising the way knowledge is accessed and managed.
By ensuring that data is not only easily accessible but also current and relevant, these tools significantly enhance overall productivity and the decision-making processes. They also tailor learning experiences to individual needs, aligning with the evolving demands of the workforce, the business landscape and professional growth.
Navigate corporate learning going forward
As organizations seek to empower their most valuable asset – their employees – the role of advanced solutions like OBRIZUM becomes increasingly important. These innovative platforms are pivotal for simplifying complex data landscapes and equipping employees with the tools they need to avoid future challenges and excel in their roles.
Embracing technological solutions is crucial to success in the knowledge economy, equipping workers with effective tools for learning and growth, and enabling companies to foster a more knowledgeable and efficient workforce.
Download our report ‘Empowering the Modern Knowledge Worker’ to unlock your workforce’s full potential and lead the way in effective knowledge management in today’s data-driven era.
OBRIZUM is the AI learning technology & data analytics company for enterprise businesses.
We leverage automation, adaptability and analytics to deliver adaptive learning experiences at scale.
Find out how OBRIZUM can help unlock the potential of your business by speaking to our team.