The concept of the consumerization of IT has many myths surrounding it, including lack of control and poor data security and compliance policies. However, a recent study by Avanade found that 88 percent of executives around the world are allowing employees to utilize their own computing devices in the work place and are experiencing a lot of benefits.

In fact, 58 percent of executive survey respondents said that bring-your-own-device policies allow employees to work from anywhere at any time. Meanwhile, 42 percent of managers said the trend enables employees to continue working after hours with fewer complaints, according to the study.

"For business leaders, the consumerization of IT has less to do with the worker and more to do with the way employees work," said Avanade's global chief technology officer Tyson Hartman. "Our research shows that productivity and anywhere access are rated significantly higher by executives over improved employee morale or providing greater responsibilities to younger employees."

However, according to Dimensional Research, around 70 percent of companies believe that the use of employee-owned devices in the workplace has increased security threats. As a result, when companies are implementing BYOD policies, they should enforce strong mobile data security policies.