Modern Work Complexities Cost Organizations $60M Annually; Expected to Increase by 53% in Five Years
Wrike, the most powerful work management platform, today released new findings that uncover the cost of work complexities brought about by the Digital Era and accelerated transformations. According to the research report commissioned by Wrike, "Dark Matter of Work: The Hidden Cost of Work Complexities," up to 55% of the work that takes place within an organization is not visible to key stakeholders, costing organizations up to $60 million a year in wasted time, delayed or canceled projects, and employee churn. This lack of visibility has created the "Dark Matter of Work," a term coined by Wrike Founder Andrew Filev to describe the vast amount of work that isn't captured, tracked, or measured against goals because it takes place in synchronous applications and unstructured ways.
"The current economic climate has created an urgent need for organizations to increase efficiency and drive up productivity while providing their employees with a genuine sense of purpose in the work they contribute," says Andrew Filev, Senior Vice President and Wrike General Manager, Citrix. "What we're finding, and is important for organizations to note, is that the Digital Era has created a new level of chaos and misalignment, which is exacerbated by the over-proliferation of apps and data. It has actually begun offsetting major projects and losing organizations their best talent. Neither of which organizations can afford as we move into a turbulent economic market. In order to survive this next stage with optimum efficiency, it is going to be critical for organizations to understand the depth of work complexities and what they need to do right now to overcome them."
Wrike surveyed 2,800 business leaders and knowledge workers to determine the root causes of work complexities and the severity of the impact on businesses, teams, and individuals. The financial and human cost of the Dark Matter of Work is staggering. Organizations with approximately 3,200 employees can lose up to $52 million annually in wasted time caused by unproductive meetings, duplicated efforts, information seeking, and status check-ins; $8.2 million in delayed or canceled projects; and $427,000 in employee churn. Organizations with 100 employees can lose over $1.65 million annually, and those with 100,000 can lose over $1.65 billion.
Work complexities have been growing steadily over the last decade, but it wasn't until recent years that they began to create significant gaps in information visibility and collaboration. This is a result of the surge in applications and data processed, as well as the general pace of work today. Just as CERN, the European Organization for Nuclear Research, identified Dark Matter as the "invisible" content that makes up 95% of the mass of the universe, modern work complexities have generated a significant body of work that teams can't immediately see, but that has a powerful influence on the projects around it.
This Dark Matter of Work lives in synchronous applications and unstructured work, such as instant message threads and video calls, as well as the gaps between systems and applications that aren't integrated. Without a single work platform inplace that is powerful and versatile enough to track, manage, action, and align all work to goals across an organization, there exists a dangerously low level of visibility amongst knowledge workers and leaders.
Wrike's survey uncovered data that supports the existence of the Dark Matter of Work, the very real cost it has on organizations, and the path forward toward optimum efficiency:
"Left unchecked, the Dark Matter of Work has the potential to devastate organizations," says Alexey Korotich, VP of Product, Wrike. "We are on a mission at Wrike to shed light on these work complexities, bringing all forms of work, no matter where it originates, into a single source of truth for organizations large and small. We have taken steps over the years to innovate in the areas of AI, ML, workflow automation, integrations, and more to keep up with the pace and changes in modern work environments."
Most recently, Wrike announced updates to its Work Intelligence suite, which allows organizations to scale by empowering teams to predict and minimize delays, reduce manual efforts, and focus on the work that matters most. These recent updates leverage AI technology to intelligently action unstructured work. The company also announced a way to make it easier for teams to uncover workflows and bring invisible work into the visible universe. This new feature goes beyond projects, tasks, and spreadsheets and allows teams to create custom item types specific to their workflows. This level of versatility allows any individual, team, or organization to feel at home in Wrike while working cross-functionally, creating a true "Work as One" environment for organizations.
"Only through work management software can organizations bring all work into one place," says Filev. "Teams get a holistic view of projects in play and can work as one, and business leaders have full visibility in order to better understand how work supports strategic initiatives and organizational goals."
For full access to the findings of the "Dark Matter of Work: The Hidden Cost of Work Complexities" report, visit: https://www.wrike.com/lp/ebook-dark-matter-of-work-report/
For more information on the human cost of work complexities, visit: https://www.wrike.com/newsroom/dark-matter-of-work-human-cost-of-work-complexities
Our research was conducted by Sapio Research, who surveyed 804 business function leaders and 2,003 knowledge workers in IT, marketing, or project management functions, or creative, marketing, PR and advertising agencies, or professional services firms in the U.S. and U.K. In both cases, we targeted individuals employed by companies with more than 1,000 employees. The online surveys were conducted from March to April 2022. Financial costs were calculated based on business units with 3,200 employees on average.
In both surveys, three-quarters of respondents worked in or led the relevant functions in large organizations across a variety of verticals. The other quarter specifically worked in or led the relevant agencies or firms.
For Citrix Investors
This release contains forward-looking statements which are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 and of Section 21E of the Securities Exchange Act of 1934. The forward-looking statements in this release do not constitute guarantees of future performance. Those statements involve a number of factors that could cause actual results to differ materially, including risks associated with the impact of the global economy and uncertainty in the IT spending environment, revenue growth and recognition of revenue, products and services, their development and distribution, product demand and pipeline, economic and competitive factors, the Company's key strategic relationships, acquisition and related integration risks as well as other risks detailed in the Company's filings with the Securities and Exchange Commission. Citrix assumes no obligation to update any forward-looking information contained in this press release or with respect to the announcements described herein. The development, release and timing of any features or functionality described for our products remains at our sole discretion and is subject to change without notice or consultation. The information provided is for informational purposes only and is not a commitment, promise or legal obligation to deliver any material, code or functionality and should not be relied upon in making purchasing decisions or incorporated into any contract.
Wrike, a Citrix company, is the most intelligent, versatile work management platform for the enterprise. It can be easily configured for any team and any use case to transform how work gets done. Wrike's feature-rich platform puts teams in control of their digital workflows, enabling them to focus on the most important work, maximize potential, and accelerate business growth. Customers like Estée Lauder, Hootsuite, Nielsen, Ogilvy, Siemens, and Tiffany & Co. depend on Wrike to help teams plan, manage, and complete work at scale. Wrike is headquartered in Fort Lauderdale, Florida. For more information, visit: www.wrike.com.