Stravito, the enterprise insights platform democratizing access to market research for the world’s largest organizations, released the results of a Total Economic Impact™ (TEI) study conducted that demonstrates the significant productivity gains, cost reductions and ROI possible through enhanced insights management. Notably, the study concluded that the interviewed customer saw a three-year 254% return on investment and a 70% reduction in time spent looking for information while using the Stravito platform.
According to Stravito Founder and CEO Thor Olof Philogène, the study identifies three key challenges of effective insights management for enterprise businesses and shows how Stravito solves them. He said: “Optimizing the use of research data can have profound effects on an enterprise’s efficiency and decision making, and success comes down to whether all data is available in the same place, how long it takes an employee to locate insights, and how much time and money is wasted by repetitive research. The study has validated for us the real-world benefits Stravito delivers to one of our ongoing clients, including a break-even period of less than six months and extending the usable lifespan of research by making access easier for more employees – among other gains.”
For the particular customer interviewed, a durable goods manufacturer with more than 70 brands, the study found that Stravito delivered a Net Present Value (cost savings) of €2.47 million over the first three years of use. This included €2 million saved through faster searches, €1 million saved by eliminating duplicate research efforts, €283,000 saved through efficiency gains for the dedicated Insights Team, €128,000 saved by time reductions in onboarding for insights-related work, €51,000 saved by reducing IT support requests, and €15,000 saved through reductions in total training time.
Interviews also unearthed several other benefits of Stravito, including better experiences for the client’s customers, improved quality and consistency of content marketing, overall transformation into an insights-driven organization, and the trust embodied by the partner-style relationship between Stravito and the client.
The democratization of access to research plays a significant role in all of these benefits, with the client specifically noting the company-wide value of simpler, faster access to research.
According to the customer’s Head of Insights: “Having a central library of knowledge is the minimum requirement to function for an insights team. Stravito has increased the access to research 10-fold. Previously only 2 percent to 3 percent of people had access to research; now, it’s more like 20 percent to 30 percent. Stravito pays for itself through the savings it generates, so we did not need to make a separate budget for it.”
One of the customer’s Regional Insights Leads also reported a specific success story in which, “Stravito helped us quickly find the knowledge we had about customers for a shopper journey question a team was trying to answer.”
The full study, which can be viewed here, details the methodology, any numerical assumptions and highly specific findings across a wide range of affected processes from onboarding to IT support to duplicate searches.
Stravito was founded in 2017 by market research veterans and former iZettle employees. Today customers include world-leading enterprises such as McDonalds, Electrolux, Comcast and Carlsberg.