There’s exciting news in the world of business intelligence and analytics! On April 4th, 2022, Domo released a Total Economic Impact (TEI) study conducted by Forrester Consulting that found that organizations leveraging Domo can achieve an overall ROI of 455% over three years, recouping their investment in less than a month.
The Forrester TEI study, which was commissioned by Domo, found a common theme found across the companies used for the study; the reliance on a mix of manual solutions to manage data, from spreadsheets to home-grown web solutions. These solutions were often inaccurate and made the ability to quickly distribute the right data to the right people difficult. After investing in Domo, the study found that companies were better able to serve data quickly and efficiently and with far greater accuracy, allowing for better management decisions overall.
Other benefits of Domo found in the study included:
- Better visibility into globally distributed businesses
- Ability to integrate new data sources quickly and easily
- Ability to immediately identify when a metric or vendor falls out of compliance
- And more.
There are clear financial benefits of Domo as well. During the study, Forrester found that Domo’s customers experienced savings of $3.5 million enabled by Domo’s procurement app, as well as a $2.9 million in savings from Domo’s accounts receivable app.
Another benefit of Domo is the ease of use. “Unlike traditional BI tools which are designed for executives, managers and data analysts and require a level of data literacy to interpret and apply insights,” said John Mellor, Domo CEO, “data apps are designed for any role in an organization and are built so any person can be guided by data to the optimal decisions and actions for achieving specific business outcomes.”
For more information on the study, please visit the link here.