U.S. markets open in 1 hour 17 minutes

  • S&P Futures

    4,620.50
    -3.00 (-0.06%)
     

  • Dow Futures

    35,884.00
    -54.00 (-0.15%)
     

  • Nasdaq Futures

    15,986.75
    +25.50 (+0.16%)
     

  • Russell 2000 Futures

    2,359.90
    +0.50 (+0.02%)
     

  • Crude Oil

    81.89
    -2.02 (-2.41%)
     

  • Gold

    1,785.90
    -3.50 (-0.20%)
     

  • Silver

    23.62
    +0.11 (+0.48%)
     

  • EUR/USD

    1.1589
    +0.0005 (+0.05%)
     

  • 10-Yr Bond

    1.5490
    0.0000 (0.00%)
     

  • Vix

    16.08
    -0.33 (-2.01%)
     

  • GBP/USD

    1.3661
    +0.0042 (+0.31%)
     

  • USD/JPY

    113.7360
    -0.2060 (-0.18%)
     

  • BTC-USD

    62,968.38
    -275.94 (-0.44%)
     

  • CMC Crypto 200

    1,553.08
    +53.92 (+3.60%)
     

  • FTSE 100

    7,245.73
    -29.08 (-0.40%)
     

  • Nikkei 225

    29,520.90
    -126.18 (-0.43%)
     

New Research From Hakkoda Reveals the Business Cost of Data Sprawl and Impact on Innovation

·4 min read

Talent scarcity and the proliferation of data tools compounds data sprawl challenges, according to new survey

BOULDER, Colo., Nov. 3, 2021 /PRNewswire/ -- Hakkoda, the cloud data experts specializing in Snowflake, today issued research on the state of data and analytics, revealing the hard and soft costs of data sprawl in medium and large businesses. The survey of more than 300 IT and business data leaders, commissioned by Hakkoda, showed that data sprawl is a compounding and costly issue that is impacting innovation and is likely to worsen with today's proliferation of tools and scarcity of talent.

Hakkoda, the cloud data experts specializing in Snowflake
Hakkoda, the cloud data experts specializing in Snowflake

"According to McKinsey data, a mid-sized company with $5 billion of operating costs might spend $250 million on data management," said Ha Hoang, Chief Operating Officer and co-founder of Hakkoda and the former head of client-facing cloud services at McKinsey. "Those are just the hard costs. When you factor in the impact of inefficient and duplicate processes, bad data and the inability to innovate -- which this research shows are fundamental issues -- the business costs are much greater."

Key findings from the report include:

  • Data sprawl is a real issue in larger enterprises.

  • Data sprawl is costly to business, but the true costs are hard to pin down.

  • Talent scarcity is adding to costs and preventing innovation

"Data sprawl is clearly an issue, and leaders tend to use data sprawl as an argument for tighter controls. However, tighter controls are not the way to unlock the value of data. Data derives its value from utility so it's setting up a false choice," said Erik Duffield, CEO & co-founder, Hakkoda. "Modern governance practices and platforms like Snowflake can increase control while providing greater speed, quality and access."

Hakkoda is a services firm specializing in Snowflake's Data Cloud, and helping businesses get their data house in order. With expertise across the data value chain, Hakkoda helps organizations address the problem of data sprawl, without choosing between control and speed.

In a separate announcement today, Hakkoda revealed it has received $5.6 million in funding from Tercera, a growth-focused investment and advisory firm specializing in cloud professional services, and other individual investors.

Survey Methodology
Hakkoda commissioned Dimensional Research to survey 312 IT and Line-of-Business leaders responsible for data and analytics initiatives at mid-to-large sized companies about the current state of their analytics environments. Responses were captured between Sept. 17-24, 2021.

Additional resources:

About Hakkoda
Hakkoda is a U.S. and Costa Rica-based data engineering consultancy specializing in Snowflake. The company embraces a subscription model that works the way the cloud works — providing on-demand access to data engineers, architects, machine learning and application development experts. Led by a founding team with more than 150 years of collective experience in data and IT services, Hakkoda can see problems and solutions in ways others can't. To learn more, visit https://hakkoda.io/.

Media Contacts:
Cathy Summers
Summers PR
cathy@summers-pr.com
415-483-0480

Cision
Cision

View original content to download multimedia:https://www.prnewswire.com/news-releases/new-research-from-hakkoda-reveals-the-business-cost-of-data-sprawl-and-impact-on-innovation-301414974.html

SOURCE Hakkoda, Inc.

Recommended Stories

  • The Tragedy of the Third Coin

    There is always the “third coin” in cryptocurrency. This is the rotating coin that occupies the third position in market capitalization behind bitcoin (BTC) and ether (ETH). The third coin is usually characterized as a challenger to the two incumbents.

  • Squid Game based crypto collapses in $3m scam

    Squid launched in late October and saw its price surge from one cent to as high as around $2,800, before plunging to $0.

  • Why Did NetScout Systems Shares Gained 13% Today?

    NetScout Systems Inc (NASDAQ: NTCT) will replace Invacare Corp (NYSE: IVC) in the S&P SmallCap 600 effective before the opening of trading on October 4. Kyndryl Holdings Inc (NYSE: KD) will replace NetScout in the S&P MidCap 400. S&P 500 and 100 constituent International Business Machines Corp (NYSE: IBM) is spinning off Kyndryl Holdings in a transaction likely to be completed on November 4. NetScout announced the availability of Omnis Cyber Intelligence (OCI), a network security software soluti

  • Microsoft rolls out new tech to connect its cloud to rivals

    Microsoft Corp on Tuesday announced a new round of technologies aimed at making its cloud computing services work in data centers it does not own - including the cloud data centers of its rivals. The strategy, Microsoft executives and analysts say, has been key to the company's rise in the cloud computing infrastructure market, which research firm Gartner estimates hit $64.3 billion and where Microsoft is second only to market leader Amazon.com's Amazon Web Services. Microsoft last week said revenue from Azure, its flagship cloud offering, grew 48%, results that helped it overtake Apple Inc as the world's most valuable publicly traded company.

  • Cybersecurity Stocks To Buy And Watch: Demand Grows For Next-Gen Security

    The best cybersecurity stocks to own is changing amid a shift to remote work and cloud security. Now ransomware attacks are impacting budgets.

  • Yahoo Pulls Out Of China, Citing 'Challenging' Environment

    Chinese authorities maintain a firm grip on internet censorship in the country

  • Squid Game crypto token collapses in apparent scam

    Inspired by the hugely popular Netflix series Squid Game, the tokens had rocketed in value.

  • Why Polkadot and Kusama Tokens Soared on Tuesday

    These tokens have gained more than 1,100% in a year, and their real business operations haven't even started yet.

  • Polkadot On Blue Flames, Break Record High

    Polkadot has had a good season, not just in terms of coin price but also in terms of network performance.

  • World’s largest crypto exchange Binance briefly suspends crypto withdrawal

    Binance, the world's largest crypto exchange, temporarily disabled all crypto withdrawals on its website.

  • Yahoo pulls out of China, citing ‘challenging’ operating environment

    Yahoo Inc. said Tuesday it has pulled out of China, citing an increasingly challenging operating environment.

  • ‘Squid Game’ Crypto Crashes in Apparent Scam — Creators Stole Reported $2.1 Million

    The Squid Game crypto SQUID has completely crashed as it was revealed it was an apparent scam, following a 33,600% surge last week, which had raised several red flags and had triggered a warning from...

  • Analyst Report: Zscaler, Inc.

    Zscaler is a security-as-a-service firm that offers its customers cloud-delivered solutions for protecting user devices and data. The firm leverages its position in 150 colocation data centers to deliver traditionally appliance-based security functionality, such as firewalls and sandboxes, as a completely cloud-native platform. The firm focuses on large enterprise customers and offers two primary product suites: Zscaler Internet Access, which securely connects users to externally managed application and websites (such as Salesforce and Google), and Zscaler Private Access, which securely connects users to internally managed applications. Both product suites encompass a broad gamut of capabilities situated across the traditional security stack.

  • The 49 Best Gifts for Boyfriends This Holiday Season

    Thoughtful partner alert! Originally Appeared on Glamour

  • Holiday shopping SEO: Last-minute tips and techniques for e-commerce sites

    How to optimize the work you’ve been doing year-round and what to avoid ahead of the most profitable time of the year. Please visit Search Engine Land for the full article.

  • Venture Capital Hasn’t Given Up on China

    China’s listed IT companies are reeling from this year’s regulatory crackdown. But that hasn’t stopped the action in the private markets.

  • What companies need for better network connectivity

    It was a testing time for enterprises to ensure business continuity in real-time to survive. CEOs had a tough decision to provide a seamless and secure experience to their employees; right from understanding the demands and nature of their operation to choosing an adequate network partner who could enable unified connectivity. Is the network secure enough, or what happens if the Internet fails?

  • Does Wealth Management Need a Hippocratic Oath for Data?

    The good news is clients are willing to share more information with advisors, but they expect more tailored services in exchange and want to know it’s being ethically handled.

  • Bitcoin trial prompts a fascinating question: Who actually developed the cryptocurrency?

    Billions of dollars of Bitcoin are the centre of the legal dispute

  • Facebook says it will delete facial recognition data on more than a billion users

    Just days after rebranding itself, Facebook announced plans to delete a trove of the most worrisome data that the world's biggest social network collected on more than a billion individuals. In a blog post Tuesday, Facebook's newly named parent company Meta explained that it would close shop on its facial recognition systems and delete a massive collection of more than a billion facial recognition templates used to pair faces with photos and videos. Facebook will no longer do that pairing moving forward for users who previously opted in.