Domo Delivers an ROI of 345 Percent According to Independent Research Firm Analysis
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 modern BI platform achieved an overall ROI of 345 percent over three years and recouped their investment in less than six months.
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:
- $2.51M Benefits Present Value: The present or current value of (discounted) cost and benefit estimates given at an interest rate
- $1.1 million in profit from Domo-associated revenue increases
- > $1.3 million in finance/business and technical labor savings
In addition, the study highlights many qualitative benefits for firms using Domo, such as:
- Establishing a data-driven company culture, from leadership to front-line workers;
- Flexibility in applying Domo to an expanded set of use cases and new business opportunities across an organization; and,
- Increased employee and customer satisfaction.
Forrester noted that before Domo, organizations could not produce timely or optimal insights needed to drive business despite deploying multiple business intelligence (BI) tools. Prior to Domo, each of the interviewees’ organizations had data quality issues, multiple uncoordinated reporting and analysis tools and a lack of standardized reports, dashboards and governance of user data rights.
“With retention rates close to 90%, it’s clear Domo’s modern BI platform is delivering meaningful value to our customers,” said John Mellor, Chief Strategy Officer at Domo. “Forrester’s TEI study, which demonstrates that Domo is delivering a three-year ROI of 345 percent and a payback period of less than one year, is, in our opinion, additional validation of Domo’s positive impact. We’re proud of the value we deliver in accelerating digital transformation, providing customers with the agility needed to adapt to a rapidly changing world, use business assets more efficiently and drive meaningful revenue increases.”