OAKLAND, Calif., Jan. 12, 2021 (GLOBE NEWSWIRE) — Outlier, the leader in automated business analysis (ABA), announced the findings from its commissioned Total Economic Impact™ (TEI) study today. Conducted by Forrester Consulting, the study found that Outlier can provide customers with up to a 200% return on investment (ROI) over three years with a payback period of three months. This study is one of the first detailed studies of its kind conducted during the pandemic, revealing how leading businesses can maximize the value of analytics and data in an ever-changing competitive and market environment. The complete study is available here.
One customer’s digital product team leveraged Outlier’s ABA platform to immediately alert them when changes to their marketing campaigns negatively impacted their performance. Before Outlier, the digital team could go weeks without noticing impacts to these marketing campaigns, which resulted in the permanent loss of sales and losing strategic visibility into their business’ customers and trends.
The independent TEI study is based on customer interviews, data collection, and financial analysis of a brand using the Outlier ABA platform. The return on investment was driven by improvements in business results and marketing spend, as well as efficiency and more strategic deployment of analytics systems and professionals:
- Improved conversion from campaign optimization valued at $251,794. Outlier’s daily stories enabled the marketing team to find unexpected changes in data quickly and efficiently, helping the team better understand the data generated. In one example, Outlier notified the team of an unusual increase in bounce rate for a digital campaign landing page, allowing the team to immediately take action to solve the issue and to reduce bounce rate by 30%.
- Increased efficiency of data science team valued at $590,627. By using Outlier’s ABA platform to automatically uncover insights rather than relying on manual analytics, each data scientist saved a total of 100 hours annually. For one brand interviewed, this resulted in saving 2,000 person-hours of labor—equal to two years of time— freeing resources to pursue additional strategic projects.
- Increased efficiency of business analyst teams worth $380,955. After the investment in Outlier, data scientists were able to automate workstreams and optimize strategy. Outlier saved each business analyst 75 hours annually on research and data manipulation, resulting in 3,225 person-hours saved, boosting work efficiency.
In addition, the study highlighted the unquantified benefits of leveraging Outlier’s ABA platform and found that customers achieve improved data capture and an increase in business visibility in times of market flux.
One customer, a senior director of direct-to-consumer product sciences from a global consumer brand told Forrester, “We’ve gotten massive value out of Outlier AI. It’s helped us to be more proactive and to be a state-of-the-art company.”
The independent TEI study by Forrester Consulting provides organizations with a framework to evaluate the real-world business impact of their investments. For organizations looking at automated business analysis, the study clearly outlines the financial and work process benefits of choosing Outlier.
“This comprehensive new study by Forrester confirms that the Outlier AI automated business analysis solutions platform can help customers make sense of data analytics and obtain high levels of value from data quickly and efficiently,” said Sean Byrnes, CEO of Outlier. “The customer feedback included in this study echoes what we continue to hear from users – Outlier’s ability to find unexpected actionable insights in data continues to be the driving force behind business transformation, productivity and process optimization.”
Outlier will host a webinar featuring guest speakers from Forrester on Tuesday, February 2 at noon ET/9am PT. You’ll hear from Forrester consultant Nick Mayberry and Principal Analyst Jennifer Belissent on the structure and methodology of the Total Economic Impact™ study and more details on findings. They’ll also talk about how companies are leveraging AI to enhance data analytics investments and obtain value faster. Outlier CEO Sean Byrnes will also discuss how customers are achieving financial results with Outlier. RSVP for the webinar here.
Outlier, based in sunny Oakland, California, helps global consumer, financial services and various other organizations identify unexpected changes within their critical business data. The Outlier automated business analysis platform uncovers unexpected patterns and relationships using advanced AI and machine learning algorithms. Organizations can integrate Outlier with existing sources of data within minutes, allowing leaders to gather business insights quickly, identify potential opportunities and address the unexpected.