NEW YORK, April 23, 2019 /CNW/ -- Io-Tahoe, a pioneer in Smart Data Discovery and AI-Driven Data Catalog products, in its efforts to continue to transform the data discovery market, today announced the results of a Total Economic Impact™ (TEI) framework, a commissioned study conducted by Forrester Consulting, of an Io-Tahoe implementation at a multinational corporation. Forrester's analysis, based on the costs and benefits found in the first full year of use, and then modeled out in years two and three, found the corporation will experience benefits of $17 million USD and an ROI of 523%.
Over three years, the Forrester model projects:
- $12.9 million: increased productivity of financial planning and analysis professionals performing standard reporting and analysis duties;
- $3.4 million: productivity gain for data architects building data relationships, because of the artificial intelligence (AI) functionality within Io-Tahoe to automate data discovery;
- $628,175: reduction in reconciliation costs.
In addition to the financial benefits identified, the Fortune 500 organization experienced benefits which were not quantified for the study:
- Reduced time for data scientists to prepare data: the organization leveraged Io-Tahoe's AI capabilities to reduce the time data scientists spend preparing the data for analysis so they could transition to higher value work;
- Improved supplier discount terms: Io-Tahoe contributed to the organization's ability to track invoices and payments accurately and capture maximum savings;
- Improved visibility and analytics: Io-Tahoe enabled the organization to look across systems to stitch together a transaction and provide a better understanding of when and where cash is being applied; providing the reporting for accountants to analyze the future needs of the business.
Prior to using the Io-Tahoe platform, the organization performed data discovery manually, expending significant engineering hours. This was not efficient and left the company exposed to compliance errors and missed business opportunities.
"The Forrester Study provides tangible confirmation of the value we deliver to our customers," said Oksana Sokolovsky, Io-Tahoe's Chief Executive Officer. "Our platform helps companies discover and search the full range of data under their control regardless of where it resides. Increasingly, this is proving to have real value, not only in helping firms comply with an ever-growing range of compliance regulations, but in enabling firms like the one cited in the Forrester analysis to use their data in a far more strategic manner to help reduce costs and increase their market presence."
Forrester interviewed the Chief Data Officer (CDO) and vice president of data and analytics in the finance group. They discovered that the company built a Data Lake to bring their core finance data together under one umbrella, but needed help to recreate "the meaningful linkages between transactions that previously existed in separate systems." The study says that with Io-Tahoe, the organization has been able to execute on its data strategy, build a foundation that leverages machine learning technologies, and identify data relationships that finance professionals use to predict business outcomes. The result is that the organization's investment in Io-Tahoe is enabling it to control future business outcomes, even as it delivers on the promise of Big Data.
For instance, by using Io-Tahoe as a key element in its data discovery efforts, Forrester says the company's financial planning personnel will be able to achieve time savings of 20 to 30 percent, because they can leverage Io-Tahoe's AI capabilities and must no longer manually log into multiple systems to find data. The Forrester study also quotes the company's vice president of data and analytics as saying, "Working with Io-Tahoe is part of a broader ecosystem and data strategy to uncap value. It's been a fantastic partnership with them."
More information on the study can be accessed here.
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Io-Tahoe (www.io-tahoe.com) is a pioneer in Smart Data Discovery and AI-Driven Data Catalog products. In its efforts to continue to transform the data discovery market, the platform enables organizations to discover data across a wide range of heterogeneous technology platforms from traditional databases, data warehouses and data lakes to the cloud and other modern repositories, helping enterprises trace data elements across their systems in spite of outdated metadata definitions. Io-Tahoe utilizes machine learning algorithms to dramatically increase the accuracy, intelligence and speed of learning of complex data elements and data relationships throughout the entire business environment. Our platform has the capability to process 30 billion customer records, 1.7 million columns and saves time by processing many data sources in weeks, instead of manual discovery and cataloging for months.
Our product has been custom-built by a team with a deep understanding of data challenges, giving us first-hand insight and appreciation into our customers' diverse and complex data needs. Io-Tahoe is particularly valuable to businesses with large numbers of customers and diverse data sets, such as those in the financial services, utilities, retail, transportation, insurance, healthcare and manufacturing industries.
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For further information: Steve Friedberg, Io-Tahoe, [email protected], +1.484.550.2900, https://io-tahoe.com