Total Economic Impact Study Reveals 514% Return on Investment with DataRobot
BOSTON–(BUSINESS WIRE)–DataRobot, the leader in enterprise AI, today announced the results of a new study: The Total Economic Impact (TEI) of DataRobot. Conducted by Forrester Consulting on behalf of DataRobot, the commissioned study reveals that organizations using DataRobot’s AI platform achieve a net present value (NPV) of $4 million and a 514% return on investment (ROI).
The purpose of the study was to evaluate the financial impact that DataRobot can have on organizations. Interviews with DataRobot customers – spanning industries including insurance, manufacturing, and retail – showed a wide range of quantified benefits, including improved product demand forecasting for a manufacturing company valued from $50 to $200 million; reduced fraud for a healthcare company valued at $10 million in the first year; more accurate hiring forecasting during a peak retail season, valued at $500,000; and avoiding having to hire a data science team 3x as large.
Based on these interviews and on subsequent financial analysis, the Forrester study puts forth that companies can use DataRobot’s end-to-end enterprise AI platform to:
- Experience payback on their investments in as fast as three months
- Enhance online conversions by analyzing past transactions
- Boost sales by an average of 10% by improving demand forecasting
- Increase productivity of data science teams by reducing the average time to build and train models from two and a half weeks to mere hours
- Decrease fraud-incurred costs by 55%
The study findings come amid mounting enterprise interest in AI. However, many organizations have questions about how they can identify, vet, and deploy AI solutions that will deliver true business value. Today’s business climate has never been so competitive, and organizations need trusted solutions that can steer agile and intelligent decision-making in the face of market turbulence and continuously evolving customer needs.
DataRobot’s end-to-end enterprise AI platform addresses these demands across the entire AI lifecycle. By preparing data, automating the training of machine learning models, operationalizing AI, and continuously monitoring AI assets, DataRobot enables organizations to enhance prediction accuracy, accelerate time to insight, reduce risk, and increase revenue – all without requiring heavy investment in data science teams.
“There’s no question that being successful with AI is hard. DataRobot is committed to helping customers overcome these challenges, using its market leading end-to-end AI and expertise to drive maximum business value from this technology in record time,” said Dan Wright, President and Chief Operating Officer, DataRobot. “We are proud of the work we have done to help our customers transform their businesses with our platform, and have our eyes set on enabling even more companies around the world to unlock the full power of human and machine intelligence.”
To access the complete “TEI of DataRobot” study, visit the DataRobot website.
DataRobot is the leader in enterprise AI, delivering trusted AI technology and enablement services to global enterprises competing in today’s Intelligence Revolution. DataRobot’s enterprise AI platform democratizes data science with end-to-end automation for building, deploying, and managing machine learning models. This platform maximizes business value by delivering AI at scale and continuously optimizing performance over time. The company’s proven combination of cutting-edge software and world-class AI implementation, training, and support services, empowers any organization – regardless of size, industry, or resources – to drive better business outcomes with AI.
With a singular focus on AI since its inception, DataRobot has a proven track record of delivering AI with ROI. DataRobot has offices across the globe and $431 million in funding from top-tier firms, including New Enterprise Associates, Sapphire Ventures, Meritech, and DFJ Growth. For more information, visit www.datarobot.com, and join the conversation on the DataRobot Community, Twitter, and LinkedIn.