Independent Study Finds Elastic Customers Realize $16 Million in Benefits, Including Increased Revenue Growth, Profitability and Employee Productivity, Data Scalability and Resilience, and Developer Productivity
Elastic (NYSE: ESTC) (“Elastic”), the company behind Elasticsearch®, today released a commissioned study conducted by Forrester Consulting on behalf of Elastic®, The Total Economic Impact of Elasticsearch.
The study reveals that organizations using Elasticsearch realize a return on investment (ROI) of 293% over a three-year period, with the platform paying for itself in less than six months.
“For us, this study underscores Elastic’s commitment to helping businesses find the answers they need in real-time using all their data, at scale,” said Rick Laner, chief customer officer, Elastic. “Trusted by thousands of companies, including more than 50% of the Fortune 500, we are pleased to be able to share this evidence for the value of a complete, cloud-based, AI-powered solution for search built on the Elasticsearch platform.”
The new study concluded that a composite organization, comprised of companies with experience using Elasticsearch, saw quantified benefits of $16 million over three years, driven by increased revenue as companies expanded usage within current implementations and added additional use cases throughout the organization.
“Elasticsearch improved performance by 4x, even with a larger database. We were able to onboard larger customers. We now have 10x the volume with no concerns about performance.” - Director of data analytics and engineering R&D, networking products.
The study further demonstrated increased employee satisfaction, efficiency, and effectiveness with Elasticsearch over prior solutions, improving developer retention and ultimately leading to better employee and customer experiences.
“We turned around a developer retention issue. Elastic has provided a nimble environment where we are doing modern things. Employee satisfaction is much better.” - Global head of sales management platform, financial services.
Additionally, organizations using Elastic for search reported the following benefits:
-
Margin increase due to revenue improvements of $7.9 million:
Elasticsearch customers were able to increase revenue with existing search solutions by accelerating the development of new solutions throughout the organization. Customers noted improvements in performance, scale in data volume and data source consolidation, total cost of ownership (TCO), stability, and better analytics and presentation prioritization. -
Employee-related labor productivity of $5.9 million:
By year 2, 75% of the employees within customer organizations saved time due to the improvement in search capabilities. With a combination of better performance, consolidation of more sources, built-in analytics, and a better presentation of results, employees are seeing an effective time savings of 2 hours per month by year 3. -
Licensing, storage, internal labor, and external services cost savings of $2 million:
Elastic’s customers saw savings of more than 25% over the prior search solution across all areas including licensing, storage, internal labor, and professional services.
Methodology:
Forrester Consulting interviewed Elastic customers to assess the costs, benefits, risks, and opportunities associated with using the Elastic Enterprise Search solution. The firm then used the interviews to design a composite global organization (4,000 employees generating an annual revenue of $750 million) and a financial model to construct a framework for prospective customers to evaluate the potential financial impact of Elastic on their organizations.
Additional Resources:
TEI spotlight
TEI of Elasticsearch
Elastic Accelerates Results that Matter
TEI of Observability and Security Infographic
Elastic Cloud Value Calculator
About Elastic:
Elastic (NYSE: ESTC) is a leading platform for search-powered solutions. Elastic understands it’s the answers, not just the data. The Elasticsearch platform enables anyone to find the answers they need in real-time using all their data, at scale. Elastic delivers complete, cloud-based, AI-powered solutions for enterprise security, observability and search built on the Elasticsearch platform, the development platform used by thousands of companies, including more than 50% of the Fortune 500. Learn more at elastic.co.
The release and timing of any features or functionality described in this document remain at Elastic’s sole discretion. Any features or functionality not currently available may not be delivered on time or at all.
Elastic and associated marks are trademarks or registered trademarks of Elastic N.V. and its subsidiaries. All other company and product names may be trademarks of their respective owners.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230606005396/en/
Contacts
Elastic Public Relations
PR-Team@elastic.co
