Domino Data Lab Platform Can Generate a 542 Percent Return on Investment According to Global Market Research Firm
Independent Total Economic Impact™ Study Finds Enterprise MLOps Platform Can Create a Net Present Value of Over $20 Million
SAN FRANCISCO–(BUSINESS WIRE)–Domino Data Lab, provider of the leading open Enterprise MLOps platform trusted by over 20% of the Fortune 100, today made available a commissioned study conducted by Forrester Consulting on behalf of Domino Data Lab that reveals a composite organization from Domino customers experienced benefits of nearly $24 million over three years, a net present value of over $20 million and a return on investment (ROI) of 542%.
“The Total Economic Impact (TEI) of the Domino Enterprise MLOps Platform” study conducted by Forrester Consulting examined the potential return on investment enterprises may realize by deploying the Domino Enterprise MLOps platform. Forrester constructed a composite organization that is representative of the six companies they interviewed. This composite company realized quantifiable benefits from the Domino platform in nine specific areas over a three-year period. Key results are included below.
- Reduced time to configure compute resources worth over $9.7 million. With Domino, data scientists can begin working on new models almost instantaneously by providing automated access to infrastructure and managed environments saving on average 70 hours per instance. For example, it would take up to three weeks for a Pharmaceutical company to understand and spin up infrastructure and then start the work, but with Domino, it went from weeks to just a click of a button.
- Incremental profits of over $5.1 million. Increased collaboration and interconnections during the development cycle leads to data science solutions that are better aligned to the business need, directly impacting revenue. A greater volume of models, coupled with a higher success rate for model deployment, leads to higher incremental profit.
- Increased data science efficiency through the use of new tools in a shared environment worth over $5 million. Data science managers reported that with Domino, their data science team is making use of more tools, spending less time waiting for models and experiments to run, and utilizing collaboration and visualization capabilities to share their work with others in new ways. Managers estimate savings of 200 hours per year per data scientist. For a Financial Services company, they are seeing an estimated improvement of 20%.
- Accelerated time to onboard new team members worth nearly $1 million. Domino’s intuitive interface and support for familiar tools, means that little or no training is required. On average, each data scientist is productive in just one day as opposed to two weeks in prior environments.
Other quantifiable benefits include faster model validation, more efficient model deployment and ongoing maintenance processes, and reduced infrastructure costs. Additional unquantified benefits of the Domino platform include the democratization of data science tools and infrastructure across the organization; enhanced data scientist acquisition and retention; and management visibility and oversight.
“More and more customers are realizing the incredible revenue generation and cost optimization benefits that come with having an enterprise-grade system for scaling data science,” said Nick Elprin, CEO and co-founder at Domino Data Lab. “Instead of having to build their own systems to support the needs of expert data science teams, as well as IT requirements for security, governance, compliance and all of the other necessary components to safely scale data science, they can get those benefits immediately with Domino. We believe this study quantifies the incredible benefits that this can have on an organization.”
For more information and to view the study, please visit: https://domino.buzz/38Rg55c
About Domino Data Lab
Domino Data Lab empowers data science teams with the leading, open Enterprise MLOps platform that enables enterprises to manage and scale data science with discipline and maturity. Model-driven companies including Allstate, Dell Technologies, and Bayer use Domino as a data science system of record to accelerate breakthrough research, increase collaboration, and rapidly deliver high-impact models. Founded in 2013 and based in San Francisco, Domino is backed by Sequoia Capital, Coatue, Bloomberg Beta, Dell Technologies Capital, Highland Capital Partners, and Zetta Venture Partners. For more information, visit dominodatalab.com.
Mike Diamond, Aircover Communications