B2B tech marketers, take note: a third-party ROI study of analytics technology validates the return on investment and benefits of adopting an analytics solution.
Nucleus Research analyzed 10 analytics software ROI case studies completed from 2017 to the present day to determine the average ROI and primary benefits organizations are realizing from analytics technology.
According to Nucleus Research, investing in analytics returns $9.01 per dollar spent.
On average, for every dollar spent on analytics technology, customers received $9.01 in benefits on an average project budget of $563,114.
It’s not unusual to see a significant ROI when companies automate a manual process, as when they replace Excel spreadsheets with analytic solutions. However, the market has continued to see a favorable ROI beyond the initial automation.
Ian Campbell, CEO of Nucleus Research, explains:
"Analytics has been a top performer in enterprise software for the past decade, only growing in the value it adds. AI and the move from stand-alone apps to highly integrated embedded solutions further boosts that value, making analytics a strategic priority for most companies."
That’s reflected in the common use cases uncovered in the research. Customers are investing in analytics to:
Integrate data sources
Streamline data ingestion
Leverage predictive analytics and AI as a means toward building a more data-driven organization
In addition to an impressive return on investment, analytics offers the ability to increase productivity, reduce costs, and enable better business decisions, states the report.