A study by an independent research firm reveals that Domo can offer a return on investment of 455%
Domo today released a new Total Economic Impact™ (TEI) study conducted by Forrester Consulting. The TEI study found that organizations using Domo’s low-code data application platform can achieve an overall ROI of 455% over three years and recouped their investment in less than a month.
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“Domo has always been focused on creating customer value and transforming the business by putting data to work for everyone. Data apps are new data tools to help customers unlock new value across their entire organization”
The Forrester TEI study highlights numerous quantifiable benefits achieved by a company using Domo, which is based on a composite of four mid-market Domo customers that Forrester surveyed. Here are some examples of these benefits:
- $16.04 million Present Value of Benefits: The present or present value of (discounted) estimates of costs and benefits at an interest rate
- $3.4 million in profit from Domo’s sales enablement app
- $3.5 million in savings with Domo’s procurement app
- $2.9 Million in Savings with Domo’s Accounts Receivable App
- $6.3 million in profit from reassignment of analyst staff
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In addition, the study highlights many qualitative advantages for companies using Domo, such as:
- Better visibility into globally distributed business for better forecasting and strategic decision-making
- Consistency of data between departments and decision makers
- Ability to integrate new data sources quickly and easily
- Ability to immediately identify when an indicator or supplier is no longer compliant
- Access to a single platform capable of deploying multiple solutions
- Better management decisions and policy development
Forrester noted that prior to Domo, organizations relied on a mix of manual solutions to manage data, from spreadsheets to a hybrid of spreadsheets and in-house web solutions. With these methods, organizations struggled to find new solutions with the level of customization they needed. Common challenges before implementing Domo included the inability to quickly distribute the right data to the right decision makers, regardless of location, and the difficulties of integrating new data sources into existing applications.
“Domo has always been focused on creating customer value and transforming the business by putting data to work for everyone. Data apps are new data tools to help customers unlock new value across their entire organization,” said John Mellor, CEO of Domo. “Data apps combine data, analytics, and workflows into one experience where the work is done. Unlike traditional BI tools which are designed for executives, managers and data analysts and require a level of knowledge of data to interpret and apply the information, data applications are designed for any role in an organization and are designed so that anyone can be guided by data toward optimal decisions and actions to achieve specific business results.
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