Data Virtualization Can Deliver ROI of 408% According to New Independent Research Study
Denodo, the leader in data virtualization, revealed the findings of a new Total Economic Impact™ (TEI) study to demonstrate the tangible benefits of data virtualization using the Denodo Platform. The study, commissioned by Denodo and conducted by Forrester Consulting, quantified the financial impact of the solution and found Denodo customers achieved a return on investment of 408% and total economic benefits of a present value up to $6.8 million over three years.
“With retention rates close to 95%, the Denodo Platform goes beyond every other data virtualization solution enabling organizations to connect to all of their data in real time at half the cost of traditional approaches”
The complete, complimentary study can be found here.
More specifically, the benefits to a blended organization that consists of long term Denodo customers include:
- 83% reduction in time-to-revenue
- 67% reduction in data preparation effort
- 65% decrease in delivery times over ETL
According to the TEI study, “Data fabric technology takes the data virtualization a step further by automating data management functions using artificial intelligence/machine learning (AI/ML) and providing additional semantic capabilities through data catalog, data preparation, and data modeling. This reduces the burden on IT and data engineering teams that traditionally leveraged ETL processes.”
The TEI study is a culmination of Forrester’s multi-step approach to evaluating the financial impact of the Denodo Platform by interviewing several of Denodo’s longest standing customers. To better understand the benefits, costs, and risks associated with this investment, Forrester interviewed key decision-makers across four companies in different industries with experience using the Denodo Platform. The highlights from their investments include:
- Decrease in data delivery times over ETL: “Since deploying Denodo, we have gone anywhere from a couple of days or weeks to less than a day to deliver data sets.” – IT Manager, Manufacturing
- Improved operational efficiency enabled with data-driven decision-making: “From the [operations] perspective, being able to provide business users with the capability to start asking and answering questions themselves … it has really given us the ability to see around the corner. There is no way that my team, even if we dropped everything, would have been able to react to a situation like the pandemic as fast as we did without Denodo.” – VP of Data & Analytics, Real Estate
- Improved profit: “Let’s say it took our data science team three months to write this model for a project, and now we can get that down to one week, we are increasing the probability that the project succeeds as opposed to slowing it down and we can release our product sooner. These are multimillion dollar products, so even delaying them one day can be a million dollars or more in missed revenue.” – Director, Enterprise Architecture, Life Sciences Industry
- Reduced legacy integration costs & efficiency gain for data scientists: “In terms of reducing legacy spending, we’re probably saving $400,000 a year. The flip side of that is Denodo has allowed us to do a lot more so now, we’ve grown that footprint and we’ve replaced that $400,000 with a whole bunch of new things we can never do in the old world. More importantly, our data scientists no longer spend 30% of their time on data wrangling and data curation. They can now spend that time on modeling since we can logically model our data within Denodo.” – VP of Data & Analytics, Real Estate
Data virtualization helps organizations access data across disparate sources and deliver a unified view of the data faster, cheaper, and using fewer resources than traditional data integration approaches. Denodo’s logical data fabric approach goes beyond data virtualization, enabling organizations to effectively integrate and manage their data where it lives without replicating it, allowing both technical and non-technical users to quickly answer key business questions using a data-driven approach.
“With retention rates close to 95%, the Denodo Platform goes beyond every other data virtualization solution enabling organizations to connect to all of their data in real time at half the cost of traditional approaches,” said Ravi Shankar, senior vice president and chief marketing officer at Denodo. “We believe this comprehensive Forrester study demonstrates the power and ROI potential organizations can achieve by leveraging the Denodo Platform, as we help bridge the gap between IT and business.”