A study found that one in every sixty words people speak is either um or uh. That means you are adding two or three of these 'fillers' per minute.
One idea on why we use fillers is that we can't immediately find the right word to say. But we could just as well stay silent. The real reason then is that going silent won't work.
In a conversation, we always have to deal with who has the floor. Cooperative rules of conversation require us to use signals that regulate the flow of dialogue. If you stay silent, the other person may think you finished your turn at talking.
A filler is a signal that accounts for your delay: "Please wait. I'm not done yet. Transmission will soon resume."
You will always experience delays in free-flowing conversation because you won't always have the right words at hand.
In public speaking:
Consciously slowing down will give you more time to formulate what you are saying (and your audience more time to process it.) Slowing down will decrease the likelihood of cognitive pressures that lead to delays and, in turn, to ums and uhs.
Slowing down will also make you come across as more authoritative and relaxed.
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