Study reveals Domo’s cloud-based platform helps drive corporate strategy and increase revenue while enabling recoupment of investment in just weeks
Domo (Nasdaq: DOMO) today released a newly-commissioned Total Economic Impact™ (TEI) study conducted by Forrester Consulting. The TEI study found that organizations leveraging Domo’s low-code data apps platform can achieve an overall ROI of 455% over three years and recouped their investment in less than a month.
The Forrester TEI study highlights many quantifiable benefits achieved by a company using Domo, which is based on a composite of four Domo mid-market customers that Forrester interviewed. Examples of these benefits include:
- $16.04 million Benefits Present Value: The present or current value of (discounted) cost and benefit estimates given at an interest rate
- $3.4 million in profit from Domo’s sales enablement app
- $3.5 million in savings enabled by Domo’s procurement app
- $2.9 million in savings from Domo’s accounts receivable app
- $6.3 million in benefits from analyst headcount reallocation
In addition, the study highlights many qualitative benefits for firms using Domo, such as:
- Better visibility into the globally distributed business for improved forecasting and strategic decision-making
- Consistency of data across departments and decision makers
- Ability to integrate new data sources quickly and easily
- Ability to immediately identify when a metric or vendor falls out of compliance
- Access to a single platform capable of deploying multiple solutions
- Better management decisions and policy development
Forrester noted that before Domo, organizations relied on a mix of manual solutions to manage data, from spreadsheets to a hybrid of spreadsheets and home-grown web solutions. With these methods, the organizations struggled to find new solutions with the level of customization they required. Common challenges prior to Domo’s implementation included an inability to quickly distribute the right data to the right decision makers regardless of location and difficulties integrating new data sources into existing apps.
“Domo has always been focused on delivering customer value and transforming business by putting data to work for everyone. Data apps are new data tools to help customers unlock new value across their entire organizations,” said John Mellor, Domo CEO. “Data apps combine data, analytics and workflows packaged into an experience right where work gets done. 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, 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.”
Domo transforms business by putting data to work for everyone. Domo’s low-code data app platform goes beyond traditional business intelligence and analytics to enable anyone to create data apps to power any action in their business, right where work gets done. With Domo’s fully integrated cloud-native platform, critical business processes can now be optimized in days instead of months or more. For more information, visit www.domo.com. You can also follow Domo on Twitter, Facebook and LinkedIn.
Domo is a registered trademark of Domo, Inc.