By Boomi
Organizations that upgrade to Boomi’s data integration and management platform don’t typically have increased revenue as their top objective. Usually, they’re focused on faster integration that cuts IT development time and costs while introducing new efficiencies across the business.
But it turns out that new revenue is a major dividend of adopting Boomi.
Enterprise customers using Boomi gain $3.4 million in incremental revenue contributions (gross profit) over three years, according to “The Total Economic Impact of the Boomi Platform,” a commissioned study conducted by Forrester Consulting on behalf of Boomi.
“The Boomi platform enabled organizations to connect data from siloed systems, allowing different parts of the organization to interact with the data,” the Forrester study says. “This unlocked opportunities for additional revenue streams and innovation.”
307 Percent ROI in Three Years
Revenue/gross profit is one of four major Boomi impacts analyzed in Forrester’s TEI study, along with IT cost savings, productivity and unquantified benefits. In all, the study outlines how enterprise customers achieved a 307 percent ROI over three years, with a net present value payback of $4.8 million.
We summed up the results in an earlier blog post, and upcoming blog posts will drill down into the impacts in IT cost savings, productivity and unquantified benefits. Results are based on Forrester’s interviews with six Boomi customers in different industries, creating a composite organization with $10 billion in revenue and 30,000 employees.
“New revenue is a major dividend of adopting Boomi.” For more insights, download your complimentary copy of Forrester’s study, “The Total Economic Impact™ of the Boomi Platform”, today.
From the perspective of revenue and gross profit, customers interviewed by Forrester used the Boomi platform in four ways: 1) serving customers better by integrating internal systems 2) improving data exchange with partners 3) automating workflows and 4) increasing access to data and insights.
“For interviewees, these improvements — targeted to better meet the needs of their internal and external customers — resulted in incremental revenue for their organizations,” the Forrester study says.
Gains Increase With Expanded Boomi Use
What’s especially interesting is Forrester’s finding that revenue and gross profits increase as an organization expands beyond the base Boomi Integration technology to utilize other elements in the full platform — Boomi Master Data Hub for master data management, Boomi Flow for low code application development, Boomi API Management for API design and management and Boomi B2B Management for B2B/EDI management.
“As the organization expands its use of Boomi by adding new elements of the platform (Hub and Flow in Year 2, and API Management and B2B Management in Year 3), it finds new ways to cut costs by introducing efficiencies to bring in new revenue streams,” the study states.
For example, a major public airport streamlined onboarding for vendors leasing space at the airport by using Boomi Integration and Boomi API Management. Revenue rose as the airport finance team could bring in new vendors faster and with fewer mistakes, filling vacant space.
“We consolidated a lot of our revenue streams that were coming from disparate revenue systems using Boomi, which improved the way revenue streams were being recorded and invoiced to our customers,” explains a solution architect working for the airport. “This allowed our finance team to have more confidence bringing on additional revenue streams, which directly affects our financial performance.”
Capturing New Customers and Revenue
A media and advertising firm used Boomi Flow to bring in new customers and reduced churn, boosting its overall revenue. With Flow, our workflow automation tool, the company shorten response times to prospect inquiries on its website. Prospects received answers almost immediately, eliminating a several-day delay that alienated customers, the Forrester study notes.
Another customer in the study, a construction company with roughly 14,000 employees, used Boomi Integration to connect multiple systems for better transparency into their operations.
The company also used Boomi Master Data Hub for data quality control, helping establish “golden records” for key data sets.
Real-time visibility into material arrival times, contractor work schedules, quality issues and delays helped the international firm identify and eliminate inefficiencies, saving tens of millions of dollars.
“Boomi Master Data Hub provides transparency and leading indicators or a project’s status, supplementing the years of experience and skills of those directly working on and managing our job site,” the senior manager of the firm’s business technology group told Forrester. “The data doesn’t lie, and it supports sound decision-making.”
Learn more about how Boomi customers realize ROI with increased revenue and other benefits. Download today! “The Total Economic Impact™ of the Boomi Platform.”