The remarkable collaboration between Domo and Manulife Financial Corporation has resulted in an extraordinary return on investment (ROI) of 184%, earning them the Nucleus Research ROI Award for 2024. This partnership exemplifies the transformative power of advanced data analytics and business intelligence in optimizing business processes. The story of how these two entities joined forces underscores the significant impact that intelligent data solutions can have on operational efficiency, cost savings, and marketing effectiveness, serving as a benchmark for other organizations to emulate.
The Genesis of the Partnership
The journey towards achieving such a phenomenal ROI began in 2022 when Manulife decided to bring its media buying processes in-house. Recognizing the need for a robust business intelligence platform to support this critical transition, Manulife adopted Domo’s platform in early 2023. This strategic decision aimed not only at cutting costs but also at gaining greater strategic control over its diverse marketing campaigns. By October 2023, over 400 users across various departments had seamlessly integrated into the new system, showcasing a smooth transition facilitated by Domo’s technologies.By internalizing media buying, Manulife sought to foster a data-driven culture that would drive substantive improvements in operational efficiency and marketing effectiveness. This groundwork laid the foundation for substantial streamlining of processes, enabling better tracking and analysis of marketing metrics. The transition to an in-house system indeed provided a fertile ground for enhancing performance, setting the stage for what would eventually become an award-winning endeavor.
Enhancing Marketing Efficiency and Data Accessibility
The integration of Domo’s business intelligence platform led to a significant increase in marketing efficiency for Manulife. The platform’s capabilities brought about a 14% rise in global leads, with some business units experiencing growth of up to 197%. Additionally, conversion rates saw a notable improvement of 23%, underlining the effectiveness of the system in streamlining marketing efforts. Domo enabled the creation of insightful dashboards like Demand Generation and Resource & Capacity Tracking, which democratized access to data within the organization.These dashboards played a pivotal role in helping various departments evaluate performance trends, fostering an analytical culture that prioritizes data-driven decision-making. Such tools allowed for precise monitoring of marketing expenditures, improved media planning efficiency, and a more strategically focused approach to campaigns. As a result, the company could better allocate resources and fine-tune its marketing strategies to drive optimal results.
Automation and Cost Savings
One of the crucial elements in achieving the impressive 184% ROI was the shift from relying on external agencies to internalizing media management processes. This change allowed Manulife to realize considerable cost savings and gain greater control over its marketing activities. Domo’s automation capabilities played an instrumental role in this transformation, significantly reducing the time spent on manual reporting tasks. By automating these repetitive tasks, Domo saved the marketing team over 90 hours each month, and other business units benefited as well, with time savings ranging from 40 to 65 hours per month.These time savings translated directly into enhanced productivity, allowing team members to focus more on strategic initiatives rather than getting bogged down with manual tasks. The streamlined operations facilitated by Domo’s platform equipped Manulife to make quicker, data-driven decisions, greatly enhancing efficiency and cost-effectiveness. These operational efficiencies contributed to the substantial ROI and underscored the transformative potential of intelligent automation in large-scale organizations.
Recognition and Industry Impact
The extraordinary success of the collaboration between Domo and Manulife did not go unnoticed in the industry. Nucleus Research recognized their impressive accomplishments with the prestigious ROI Award for 2024, validating the substantial returns realized through their joint efforts. This accolade serves as a testament to the tangible benefits that advanced technological solutions like Domo’s platform can bring to large-scale businesses. It highlights the broader impact such cutting-edge business intelligence tools have on optimizing operations and improving overall business outcomes.The award also underscores the broader implications for the financial services sector. By leveraging Domo’s capabilities, Manulife demonstrated how financial institutions could move away from external media consultants in favor of more cost-efficient and effective in-house approaches. This shift not only brought about significant cost savings but also enhanced the strategic agility and responsiveness of Manulife’s marketing efforts. The recognition from Nucleus Research thus sets a precedent in the industry, encouraging other organizations to explore similar technological integrations for operational excellence.
Broader Industry Trends
The success story of Domo and Manulife encapsulates several overarching trends currently shaping the modern business landscape. Central among these is the concept of data democratization, which emphasizes making data accessible across all organizational levels to foster a culture of informed decision-making. The integration of Domo’s platform at Manulife perfectly exemplifies this trend, as it empowered employees at various levels to leverage data insights for performance improvements, resource allocation, and strategic planning.Another key trend spotlighted by this case study is the critical role of automation in enhancing productivity and operational efficiency. By eliminating redundant and time-consuming tasks, businesses can redirect their focus toward strategic growth and innovation. The success achieved by Manulife in streamlining its media buying processes and making data-driven decisions through automated tools highlights the importance of embracing automation to drive business success. Moreover, the preference for in-house process management reflects a growing trend towards greater control and cost efficiency.
The Power of Technology in Financial Services
The remarkable partnership between Domo and Manulife Financial Corporation has led to an exceptional return on investment (ROI) of 184%, earning them the prestigious Nucleus Research ROI Award for 2024. This collaboration highlights the transformative power of advanced data analytics and business intelligence in optimizing various business processes. By leveraging Domo’s state-of-the-art data solutions, Manulife has significantly improved its operational efficiency, achieved substantial cost savings, and enhanced its marketing effectiveness. The story of how these two organizations joined forces serves as a powerful example of the substantial impact that intelligent data solutions can have on a company’s performance. This case study is not just a testament to the impressive results achievable through such collaborations but also sets a benchmark for other organizations seeking to leverage data analytics to drive their own success. It underscores the pivotal role that data-driven decision-making can play in a competitive business landscape. This partnership is a compelling demonstration of how intelligent solutions can revolutionize entire industries.
