By using real-time, high-quality data across the enterprise with Reltio, independent study examined quantifiable increase in operational efficiency, team productivity, and revenue growth
Reltio announced important findings from a commissioned study conducted by Forrester Consulting on behalf of Reltio. The study, entitled “The Total Economic Impact™ (TEI) of the Reltio Master Data Management Platform, Cost Savings and Business Benefits Enabled by Reltio,” showed that a composite customer investing in Reltio’s MDM solution achieved a 366 percent return on investment (ROI) on a total net present value of $13 million over three years, and payback on their investment in six months once operational.
In the current economic environment, organizations are increasingly relying on data to improve operational efficiencies, manage costs, and drive growth. Investing in a modern, cloud-based MDM solution provides an accurate, real-time view of core data organizations can use to achieve these business objectives while delivering a tangible ROI.
According to the study, the composite Reltio customer experienced the following risk-adjusted benefits over three years:
Improved data quality increased operating profit by $4.1 million.
Increased registered users generated an increase in operating profits by $4.9 million.
Improved first call resolution in B2B and B2C call center environments created $3.1 million in savings.
Reassignment of data stewards and engineers generated $2.3 million in savings.
Reduced legacy system costs created $1.7 million in savings.
Increased data management team efficiencies yielded $659K in operational costs.
“We used to use 90% of our time on operations and 10% on innovation – and now we use 20% of our time on operations and 80% on innovation,” said a Senior team manager, information technology, of a Reltio customer quoted in the study.
The Forrester study also identified a number of benefits that provide value for the composite organization, but which were not quantified:
No-impact reporting for business and compliance. Data is efficiently stored and accessible in real-time, making reporting for internal management or audit compliance much more effortless.
Ease of use. Reltio offers an intuitive user interface, allowing for quick onboarding of new users that does not require highly specialized skills.
Business user productivity. Having access to timely and trusted data, business users don’t waste time on handling data issues.
Enhanced customer and employee experience. Accurate data available to customers and employees led to fewer data-related issues, and smoother interactions.
Agility to respond to business needs. Reltio allows businesses to rapidly add new data sources and consumers, new data domains, and change the data model to keep up with business demands.
Simplified customer segmentation. Customers can customize omnichannel marketing efforts targeting specific segments to maximize their efficacy.
In its findings, Forrester noted that before using Reltio, customer organizations, in industries including pharmaceutical, technology, insurance, and retail, managed their data sources with a hybrid of primarily on-premises, third-party tools and in-house, customized solutions. Users were frequently outgrowing this technology, and upgrades of on-premises MDM solutions were cumbersome and expensive. Due to the difficulty of consolidating disparate data sources, information was often duplicated and inaccurate, causing operational efficiency issues.
Reltio offers a cloud-based, software-as-a-service (SaaS) MDM solution that helps its customers consolidate data sources, improve data quality across business units, and promote efficiencies through enhanced data access for real-time operations needed for today’s fast-evolving digital business. Moreover, organizations gain a unified, accurate view of their core data and can drive improved business impact with timely, trusted data. The scalable capabilities provided by Reltio enable business- and consumer-facing organizations to automatically streamline their data management over multiple channels, improving the customer experience, employee productivity, and increasing the bottom line.
“Business and technology leaders need high-quality, trusted, real-time data about their customers, accounts, vendors and assets that a modern MDM solution like Reltio offers,” said Manish Sood, CEO, Founder and Chairman of Reltio. “Our customers understand the importance of making clean, connected data available to their entire organizations in real-time. They have experienced how getting this right results in more revenue, improved efficiency, and reduced risk. We believe the Forrester TEI study underscores the triumphs of our customers and showcases Reltio’s ability to transform how organizations use and gain value from their core data.”
For its study, Forrester interviewed six Reltio customers and used its proven methodology to build a total economic impact model for a composite organization, with both business-to-business and business-to-consumer operations, based on the feedback and benefits presented by the actual Reltio customers.