Datawatch Delivers 923% ROI for Pentagon Federal Credit Union, Nucleus Research Finds
BOSTON--(BUSINESS WIRE)--Feb 27, 2019--Pentagon Federal Credit Union (PenFed), a financial services company that specializes in serving affiliates of the U.S. military, deployed the Datawatch Monarch platform to modernize its data management and analysis capabilities. This enabled dramatic time savings as a result of simpler workflow mechanics and task automation capabilities from within the platform.
The Datawatch business intelligence deployment realized an ROI of 923% with payback in only 1.2 months.
Founded in 1935, PenFed is headquartered in McLean, VA and maintains 50 locations globally serving 1.6 million customers. The company offers a full range of financial services to members including home, auto and personal loans, credit cards, checking and savings accounts. The company had reached its end-of-support cycle for a legacy product and sought a replacement that could handle growing data management and analysis demands across its many office locations.
“The Datawatch Monarch platform lowered the total cost of ownership by reducing the need for internal platform support and administration. It greatly improved usability by replacing command line scripting with drag-and-drop workflows. This is an excellent example of how low- to no-code industry trends are improving how greater numbers of users can modify and customize how they interact with a given platform,” said Daniel Elman, analyst at Nucleus Research.
Key benefit areas seen as a result of the deployment include cost savings from vendor negotiations, additional revenues generated by greater Datawatch insights, a more collaborative and data-centric culture and increased user productivity.
“Beyond the hard numbers, the adoption of a more data-literate company culture fostered a greater level of trust in users’ ability to access and understand the data they need with an overall higher degree of confidence in leveraging data to support business decisions,” said Elman.
Nucleus Research analyzed the costs of software, hardware, personnel, professional services, and user training over a three-year period to quantify Pentagon Federal Credit Union’s total investment in Datawatch technology. Direct and indirect benefits were also quantified over the three-year period. Direct benefits quantified include the cost savings realized from data-backed negotiations with the vendor.
About Nucleus Research
Nucleus Research is a global provider of investigative, case-based technology research and advisory services. We deliver the numbers that drive business decisions. For more information, visit NucleusResearch.com or follow us on Twitter @NucleusResearch.
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KEYWORD: UNITED STATES NORTH AMERICA MASSACHUSETTS
INDUSTRY KEYWORD: TECHNOLOGY DATA MANAGEMENT HARDWARE INTERNET NETWORKS SOFTWARE SMALL BUSINESS MOBILE/WIRELESS PROFESSIONAL SERVICES ACCOUNTING BANKING CONSULTING FINANCE
SOURCE: Nucleus Research
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PUB: 02/27/2019 11:35 AM/DISC: 02/27/2019 11:36 AM