In today's uncertain market and economic environments, our customers must ensure that Reltio solves their most pressing data challenges while saving money, growing revenue, reducing risk, and creating efficiencies. Many software applications in the market today promise to deliver all of this, so it is hugely gratifying for us when we hear from our customers and partners that we are delivering value to them, especially during these challenging economic times.
Total Economic Impact™ Study Finds Reltio's Modern MDM Delivered 366% ROI
We recently commissioned Forrester Consulting to complete a study called "The Total Economic Impact™ (TEI) of the Reltio Master Data Management Platform, Cost Savings and Business Benefits Enabled by Reltio." The study reported that a composite customer investing in Reltio's MDM solution achieved a 366% return on investment (ROI) and a total net present value of $13 million over three years, with a payback on their investment within six months once operational. The study’s composite customer had both B2B and B2C channels, which is an important characteristic as Reltio’s platform is deployed by our customers in both contexts.
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 system engineers to higher-level, value-added tasks generated $2.3 million in savings.
- Reduced legacy system costs created $1.7 million in savings.
- Increased data management team efficiencies yielded $659,000 in efficiency gains.
Unshackle Your Experts From Drudge Work
Reltio's modern MDM platform manages product, customer, location, patient and asset data, among other core data, in the cloud, in real-time. These data domains are linked on the open MDM platform to establish a sole source of centralized information, feeding business systems that need accurate master data.
We take great pride in solving many types of data problems for our customers, which in turn solves business problems for them. I often hear from our customers that the Reltio platform delivers benefits that aren't easily quantified. A common refrain, for example, is that Reltio frees analytics and engineering teams up from the busy work of finding, de-duplicating, fixing and making data useful in a centralized location. This allows those teams to focus more on higher value-added research and data analysis.
One of our customers cited echoed similar sentiments in the TEI study:
The Forrester study also identified unquantified benefits for the composite organization:
- Reporting for internal management or audit compliance became easier as data was more efficiently stored and accessible in real time.
- Reltio's intuitive user interface allowed for quick onboarding of new users without requiring highly specialized skills.
- Access to timely and trusted data meant business users didn't waste time on data handling issues.
- Accurate data available to customers and employees led to fewer data-related issues and smoother interactions.
- Our composite customer customized omnichannel marketing efforts more efficiently by targeting specific segments to maximize their efficacy.
Customers interviewed in the study were from the pharmaceuticals, technology, insurance and retail industries. They managed their data sources with a hybrid of primarily on-premises, third-party tools and in-house, customized solutions. Users reported outgrowing their 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.
Modern MDM: Simpler, Cost Effective Digital Transformation
Our customers—and every organization in the world—need to solve daunting data challenges while simultaneously growing profits and managing costs. The problem continues to grow as most enterprises add more applications to the stack that collect even more data. Clean, connected, actionable data is the key to every digital transformation, and as demonstrated in the recent TEI study, Reltio delivered on the promise of acceleration.
Reltio has made MDM simpler and evolved the technology so that it is more than a data governance solution—it also drives better business outcomes at a faster pace and for far less cost than legacy on-prem MDM. While some of our competitors are transforming in the cloud, we were born in the cloud and we've been accelerating the value of data for our customers through modern MDM for over a decade. Leveraging the power of the cloud makes MDM easier, cheaper, more secure, more flexible and mobile, among other things.
With more focus on technology spending in today's environment, our customers need to understand the value Reltio delivers. I'm pleased to share this study with you and invite you to read it and understand how Reltio has helped customers deliver ROI through the creative use of our innovative platform.