What is the Value of Lost Information?

Does your organization have epic email strings or knowledge that is lost in documents and files on desktops? If so, you are not unlike any other organization out there. So the question is, what does that cost you? What is the value of that lost information? Chances are good that you'd have a hard time putting a number on it. Fortunately, IDC Research and Gartner have some ideas and here is what they found:

Knowledge workers waste 25% of their time searching or10 hours per week. Their search is only successful 50% of the time which costs organizations on average $14,000 per employee per year - IDC Research

 

Collaborative onboarding decreases attrition from 50% to 2% - Gartner

 

90% of millennials state, "Newer innovative social technologies in the workplace make me more likely to consider the job” - IDC Research

Why would you have knowledge shared and consumed one-to-one or one-to-few, when it could be shared with hundreds or even thousands of employees? That knowledge doesn't just apply to current employees, it is knowledge that should be easily searched and leveraged by future employees. Private internal collaboration platforms allow just this. Imagine Facebook but private, secure, and only viewable by your employees. An internal social network makes new employees feel more connected to each other and to the organziation and they in turn learn more from veteran employees. This 'connectedness' drives down attrition from double digits to single digits. It goes to follow that fewer resignations means happier employees who by the way tell their friends how great the company is and how tied in they have become. This is long term value and measurable ROI you can't afford to miss.