Forrester Consulting’s recent study, “The Total Economic Impact™ Of K2 blackpearl-Cost Savings And Business Benefits Enabled By The blackpearl Business Application Platform,” shows how K2 blackpearl delivered real benefits for K2 customers.
Forrester interviewed K2 blackpearl customers for the study who comprised of:
• A commercial real estate arm of an American financial services institution who process approximately $50 billion in wholesale commercial real estate loans annually
• A Global consumer packaged goods Company operating in 150 countries with annual revenue in excess of $20 billion
• An Asia Pacific regional airline carrier with annual revenues of over $1.2 billion
So what are Forrester’s financial results from the study and how can other organizations seize these opportunities.
This Forrester study reports that there was a reduction in business process application development costs of $1.11M due to a drastic reduction in effort. “By using K2’s low-code, drag-and-drop visual designers for building applications with its simplified and streamlined data integration functionalities, the composite organization was able to reduce the time required to build a business process application by 78%.”
As many organizations travel along the digital transformation journey, business process automation and management is becoming a critical enabling technology in helping enterprises meet their strategic intent. A major concern for leadership teams is how their organizations can cope with capital expenditures to adopt these break-through technologies. When evaluating enterprise applications, organizations can minimize these concerns by looking for intelligent platforms that reduce cost and at the same time increase revenue.
Forrester reports a Labor cost reduction of $787,051 through the use of junior-level and non-developer business professionals in lieu of senior-level developers was realized during the time of the study. “By moving away from custom-coded .NET or C# business applications that require expensive and difficult-to-hire senior-level developer talent, the composite organization was able to lower its labor and training costs by using junior-level and non-developer business analyst resources who could more easily learn the drag-and-drop visual designers for creating application on the blackpearl platform. The benefit for the organization is that it was able to rebalance resources and place senior-level developers on other value-add business initiatives.”
Labor costs are a key driver for every enterprise application development project. Organizations can navigate this challenge by looking for customizable, intelligent no-code app platforms. IT leadership teams can now spend more time on how to deploy technology to improve their business processes based the business model.
Forrester reports gains in business process application management efficiency of $752,541. “Using K2 blackpearl as its enterprise business process application standard, the organization consolidated and centralized its business processes onto a single, holistic tool, improving its efficiency in supporting, managing, optimizing, and troubleshooting its business process-oriented applications.”
Productivity is a key metric that all organizations monitor regularly across the enterprise. By choosing an intelligent business process application, the IT department can evade the pressure form stakeholders to deliver on numerous applications at scale. This in the end boosts satisfaction of both its internal and external customers.
Forrester reports a quicker realization of business productivity gains of $3.44 million from added process efficiencies. “With the low-code, drag-and-drop interfaces that support rapid development and deployment and automation, the organization was able to digitally transform its business processes and improve 50% of its business process workflows, resulting in a 1.5% improvement in end user productivity on an annual basis, providing the organization with over $3.4 million in process efficiencies.”
There is a legacy issue in the IT industry, of stakeholder concerns on speed and cost. However with Intelligent business process applications, there is a dramatic shortening of the development and deployment lifecycles. This reduces the pay-back period, for the enterprise to extract value from its investment and makes it easier for business to fast-track their digital transformation agenda.
We have discussed the key findings from the Forrester study. If you want to discover more, you can access the report for free.
Want to learn how K2 Blackpearl can improve your digital transformation? You can schedule a consultation.