Next generation ML-powered data mastering delivers on the unfulfilled promise of Master Data Management solutions
Tamr is pleased to announce the findings of a Forrester Consulting Total Economic Impact™ study. Based on interviews with Tamr’s Fortune 500 customers, Forrester concluded that customers are realizing data management and sales optimization benefits due to unprecedented access to a single source of customer data. With Tamr’s cloud-native data mastering solutions, organizations can reduce manual efforts by data engineers and analysts to generate cleansed, curated customer views by 70 and 80%, respectively, contributing to 643% ROI in three years. Forrester uncovered benefits including significantly lower total cost of ownership for master data management operations, access to higher quality customer data, and improved productivity for sales teams. The study predicts that an organization with roughly $15B in revenue will realize 643% ROI in three years with Tamr’s cloud-native data mastering solutions and can realize on average nearly $8.8M in total benefits, including data engineer and analyst productivity improvement of $4M, and over $2M in increased profit due to novel access to high quality customer data.
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“Tamr is thrilled with the results of this study, as we’ve seen the tremendous impact our data mastering solution has had on many of the world’s largest organizations. In particular for organizations that need to get a single view of their customers, many customers look to our cloud-native, machine-driven approach to data mastering to accelerate meaningful insights into customer behavior and uncover new market opportunities,” said Larry Simmons, Chief Customer Officer at Tamr. “The momentum offered by the cloud and machine learning is propelling organizations to finally realize the full value of their enterprise customer data.”
Forrester took a multi-faceted approach to uncovering Tamr’s potential ROI impact. First, they interviewed key stakeholders from five of Tamr’s customer to gather data on costs, benefits, and risks, and developed a risk-adjusted financial model. They created a composite organization based on the profile of the interview companies and predict that a company based on that composite profile can expect to see a net present value of over $7 million. Benefits over three years include but aren’t limited to:
Cost savings and improved productivity for data engineers, analysts, and sales representatives worth over $8 million: Using machine learning to conduct the heavy lifting of cleansing and curating data, Tamr reduces manual efforts by data engineers and analysts by 70 and 80%, respectively. With robust, golden records for customer profiles from Tamr, powering systems like Salesforce, efficiencies are found for sales representatives too, estimated at a 30% time savings in dealing with data discrepancies that are applied directly to revenue-generating tasks.
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Increased profit from additional opportunity creation worth more than $2M: Before Tamr powered downstream marketing and sales systems, sales people had less time to dedicate to prospecting and directly interacting with clients because a significant portion of their day was spent on sorting through customer information. With Tamr, access to clean, enriched customer data each salesperson can generate 0.5 new opportunities per month, and 10% of these opportunities convert into a deal. The organization has an average deal size of $15,000 for its B2B transactions.
Improvement to business topline such as faster customer onboarding in financial services: Interviewees from both financial services organizations noted that using Tamr resulted in shorter customer onboarding times by at least 50%. “It’s a win win for both us and our clients because they’re able to use us sooner, and that means that we’re able to gain more income from them utilizing the product sooner. Shorter onboarding is also beneficial for our customer experience,” said the head of digital transformation at a financial services organization.
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“The ability to introduce machine learning with Tamr was critical for us, and the efficiency we gained was tremendous. We were able to reduce the number of engineers that were actively sitting in coding and trying to make sense of the millions and millions of records that we had. That was by far the most impactful thing, and we felt its impact coming right out of the gates,” said the director of business and product strategy from a large retail company.
“We’re very excited about these results, as these outcomes validate what we’ve seen with our customers across industries. Our cloud-native machine learning approach allows for far greater flexibility to scale data mastering and integrate new data sources more cost effectively, making it much easier to master larger volumes of data quickly. Expanding on our patented human-guided machine learning technology, and the only data mastering solution running natively on the three major cloud providers, later this year we will announce software as a service to help even more companies get access to higher quality customer data faster.”
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