PHILADELPHIA, PA — A recent study commissioned by Qlik®, conducted by Forrester Consulting, sheds light on the transformative impact of Qlik Cloud Analytics in overcoming the limitations of traditional on-premises and siloed business intelligence (BI) solutions. The Total Economic Impact™ (TEI) study reveals compelling evidence of the return on investment (ROI) that organizations can achieve by adopting Qlik Cloud Analytics.
The study pinpoints several critical challenges faced by businesses today, including the cumbersome nature of legacy BI systems that hinder the seamless integration and analysis of data. This results in missed opportunities for leveraging information towards achieving business objectives and incurs additional costs through manual data processing and the maintenance of outdated systems.
Qlik Cloud Analytics emerges as a game-changer in this scenario, offering a suite of tools that significantly reduce manual efforts in data analysis and preparation. The platform’s deep integration with Artificial Intelligence (AI) enables businesses to make quicker, more informed decisions, directly impacting revenue growth and operational efficiency.
Key Findings from the Forrester Study:
- Increased Revenues: Organizations using Qlik Cloud Analytics reported an increase in revenues totaling a risk-adjusted $620,000 over three years, attributed to enhanced decision-making capabilities. The platform’s ability to consolidate previously isolated data into a central repository allows for rapid processing and action, eliminating the delays associated with manual analysis.
- Time Savings in Data Analysis: The study found a 35% reduction in time spent on data analysis, thanks to Qlik Cloud Analytics’ intuitive data visualization and organization features. Its associative engine, which bypasses the limitations of traditional Structured Query Language (SQL)-based solutions, streamlines the insight generation process, enabling analysts to conduct more efficient analyses.
- Significant Reduction in Data Preparation Efforts: The automation of data aggregation, reporting, and dashboard creation led to a 50% reduction in time spent on data preparation tasks, translating to $2.5 million in value. This efficiency gain allows organizations to allocate resources more effectively, focusing on strategic rather than repetitive tasks.
- Legacy System Cost Savings: By transitioning data analysis and processing to the cloud, organizations can retire outdated systems, resulting in 100% savings on legacy system costs and a total three-year savings of $2.1 million. This shift not only reduces financial burdens but also aligns IT infrastructure with modern business practices.
Brendan Grady, Qlik’s General Manager of Analytics, highlights the role of Qlik’s unique technology, including its deep AI integration, in addressing the challenges of managing vast amounts of data. “With Qlik Cloud Analytics, customers benefit from a broad set of analytics capabilities from descriptive to prescriptive,” Grady notes, emphasizing the platform’s capacity to tackle complex use cases and deliver both lower total cost of ownership (TCO) and significant ROI.
To further explore the findings of the TEI study, Qlik will host a webinar on April 24, featuring Brendan Grady and guest speaker Boris Evelson, Vice President and Principal Analyst at Forrester Research. The session aims to dissect the study’s results, focusing on how a composite enterprise organization realized $6.4 million in benefits over three years through enhanced decision-making, time savings in data analysis and preparation, and reduced legacy software and infrastructure costs.
As enterprises continue to navigate the complexities of the digital landscape, solutions like Qlik Cloud Analytics offer a pathway to not only survive but thrive by transforming data into actionable insights. The Forrester study underscores the tangible benefits of embracing cloud analytics, positioning it as a critical tool for businesses aiming to leverage their data for competitive advantage.
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