Qlik® released the results of a commissioned Total Economic Impact™ (TEI) study conducted by Forrester Consulting on behalf of Qlik, examining the potential return on investment (ROI) of Qlik Cloud Analytics on their organisations.
At a time where enterprises are collecting and monitoring more data than ever before, many are restrained by on-premises solutions. With recent advancements in AI, businesses are looking for pragmatic, yet actionable ways to leverage this technology to make better, faster decisions, right now. As a result, organisations have reported obstacles caused by siloed, legacy business intelligence (BI) solutions, resulting in missed opportunities when data can’t be fully leveraged toward business objectives. Additionally, organisations are running the risk of incurring additional costs from employee efforts spent on manually processing data and ongoing costs to support legacy solutions through maintenance and subscription fees.
By implementing Qlik Cloud Analytics, organisations were able to significantly streamline several manual processes concerned with and based on previously inaccessible data, as well as quickly gather information to inform business decisions.
Key findings of the study into the benefits of Qlik Cloud Analytics include:
– Increased revenues totalling a risk-adjusted $620,000 over the course of three years due to better decision-making. Qlik Cloud Analytics’ ability to access once-siloed data in a centralised location allows enterprises to process and act on that data quickly, eliminating time-consuming manual analysis tasks.
– Time savings of 35% on data analysis. Qlik Cloud Analytics’ visualisation, aggregation, and organisation of data, along with its associative engine eliminating restrictions present in Structured Query Language (SQL)-based solutions, makes it easier for data analysts to realise insights and conduct analyses.
– Time savings of 50%, or $2.5 million in value, on data preparation tasks. Organisations realised further time savings by eliminating manual data aggregation and processing work, including automation of data reporting and dashboards, and filling of financial reports.
– Legacy system savings of 100% and a three-year total savings of $2.1 million. Qlik Cloud Analytics enables organisations to fully move its data analysis and processing over to the cloud, allowing it to retire more of its legacy systems each year.
“Qlik’s unique technology, including deep AI integration, plays a large role in helping today’s organisations keep up with the amount of new data being produced,” said Brendan Grady, Qlik’s General Manager of Analytics. “With Qlik Cloud Analytics, customers benefit from a broad set of analytics capabilities from descriptive to prescriptive. This allows customers to address some of their most complex use cases leading to a lower TCO and considerable ROI.”
On April 24, Brendan Grady, Qlik’s General Manager of Analytics, will host an intimate conversation featuring guest speaker, Forrester Research Vice President and Principal Analyst, Boris Evelson, to break down the study’s findings, including how a composite enterprise organisation experienced $6.4M in benefits over three years through:
– Enhanced decision-making
– Time savings in data analysis and preparation
– Legacy software and infrastructure costs