The results of the Total Economic Impact™ study revealed a 400% ROI and significant improvements to production workflows, optimization of equipment use, reduction in shutdown time, and improved maintenance planning
AUSTIN, Texas/OSLO, Norway - Dec 1, 2022 — Cognite, a global leader in industrial software, today announced a newly commissioned study conducted by Forrester Consulting that examines the potential return on investment (ROI) and business benefits asset-heavy industrial organizations can expect from deploying its leading Industrial DataOps platform, Cognite Data Fusion®.
Key results of the ROI study include $21.6 million in added net present value at a 400% ROI, arising from significant improvements to production workflows, optimization of equipment use, reduction in shutdown time, and improved maintenance planning.
Derived from first-person research and interviews across Cognite's customer base in Oil and Gas, Manufacturing, and Power & Cleantech, the study provides strong evidence that solving the industrial data problem is critical in realizing value from industrial digitalization efforts.
"The Forrester Consulting study validates for us the significant value Cognite Data Fusion creates for customers in asset-heavy industries," said Girish Rishi, CEO of Cognite. "According to the findings, Cognite Data Fusion customers experienced significant revenue growth and cost savings, which demonstrates ROI at scale."
Highlights of the value Cognite Data Fusion delivers include:
- $9 million gained through the optimization of heavy machinery and industrial processes
- $5.1 million saved through optimized energy use and reduced operational costs
- $4.8 million added value through reduce shutdown time
- $4.3 million cost reduction by optimizing planned maintenance
Additionally, the study found a number of unquantified benefits of Cognite Data Fusion, including reducing risks to employee health and safety and improvements to environmental, social, and governance (ESG) reporting. The value of Cognite Data Fusion stems from its ability to help organizations overcome several critical challenges related to industrial data management:
- Enhanced data access across multiple repositories
- Improved process and technology for data contextualization
- Streamlined creation of dashboards and analytics
Read the full study and learn more about how Cognite Data Fusion solves the industrial data problem by providing simple access to complex industrial data here: https://content.cognite.com/forrester-total-economic-impact.
In addition, Cognite invites the industrial community to learn more about the latest Cognite Data Fusion feature release in our 2023 Product Tour recording.
Total Economic Impact (TEI) is a methodology developed by Forrester Consulting that enhances a company's technology decision-making processes and assists vendors in communicating the value proposition of their products and services to clients. The TEI methodology helps companies demonstrate, justify, and realize the tangible value of IT initiatives to both senior management and other key business stakeholders. Forrester took a multistep approach to evaluate the impact that Cognite Data Fusion can have on an organization, starting with interviewing six representative customers with experience using Cognite Data Fusion. For the purposes of this study, Forrester aggregated the interviewees' experiences and combined the results into a single composite organization with 30 large industrial facilities, 25,000 employees, and revenue of $2 billion per year.
Cognite is a global industrial SaaS company that was established with a clear vision: to rapidly empower industrial companies with contextualized, trustworthy, and accessible data to help drive the full-scale digital transformation of asset-heavy industries around the world. Our core Industrial DataOps platform, Cognite Data Fusion®, enables industrial data and domain users to collaborate quickly and safely to develop, operationalize, and scale industrial AI solutions and applications to deliver both profitability and sustainability. Visit us at www.cognite.com and follow us on Twitter and LinkedIn.
Global PR Lead, Cognite