Elastic Public Relations
Elastic (NYSE: ESTC) ("Elastic"), the company behind Elasticsearch and the Elastic Stack, today released a commissioned study conducted by Forrester Consulting on behalf of Elastic, The Total Economic Impact of Elastic Observability and Security Solutions.
The study reveals that organizations using Elastic's Security and Observability solutions realize an average return on investment (ROI) of 358% over a three-year period, with the platform paying for itself in less than six months.
The new study concluded customers using Elastic saw quantified benefits of $19 million, consisting of reduced operations and monitoring labor costs, developer labor savings, reduced risk of data breach, and reduced infrastructure and licensing costs.
The study further demonstrated that after implementing Elastic's Observability and Security solutions, customers improved the efficiency of their development and security teams, increasing time-to-value benefits due to faster application delivery while reducing security operations costs.
Additionally, organizations using Elastic for observability and security found the following benefits:
- Up to 10X performance improvement and 75% reduction in licensing costs: Elastic customers found up to 10X performance improvement with Elastic's data ingestion and query response times when using less expensive storage devices, and licensing cost savings of up to 75% versus the prior SIEM solution cost when combined with the use of alternative storage methods.
- $5.9 million in reduced infrastructure and licensing costs: Elastic customers using both Observability and Security solutions were able to reduce SIEM tools licensing costs significantly compared to their previous tools for the same data volume, and reduce storage costs by 25% by moving to less expensive storage.
- $6.5 million in savings due to data breach risk reduction: Elastic Security customers were able to reduce their risk of a data breach by 40% over three years as a result of additional data sources and detection rules, and improved monitoring and root cause analysis.
- Nearly $2.1 million in reduced operations monitoring labor costs: Elastic Observability customers were able to reallocate 33% of their monitoring team with only 50% of the resources needed compared to their previous solution, facilitated by seamless data integration, shortened development cycles, and improved resource efficiency.
- $3.1 million in developer labor savings: Elastic Observability customers were able to save time when using Elastic for application development, testing, and debugging while building more stable applications and controlling resource consumption.
"As customers modernize their security and observability operations they need to balance cost and complexity with time to value and ease of use," said Paul Appleby, President Worldwide Field Operations, Elastic. "We believe Forrester's analysis highlights how the speed and scale of Elastic saves customers time and money while making it easier to prevent cyber security threats and evolve their observability posture. When a customer brings all of its people, data, and systems into one place, the value they receive from their investment rises exponentially."
Forrester Consulting interviewed Elastic customers to assess the costs, benefits, risks, and opportunities associated with using the Elastic Observability and Security solutions. The firm then designed a composite organization and financial model based on those interviews to construct a framework for prospective customers to evaluate the potential financial impact of Elastic on their organizations.
Elastic is a search company built on a free and open heritage. Anyone can use Elastic products and solutions to get started quickly and frictionlessly. Elastic offers three solutions for enterprise search, observability, and security, built on one technology stack that can be deployed anywhere. From finding documents to monitoring infrastructure to hunting for threats, Elastic makes data usable in real time and at scale. Thousands of organizations worldwide, including Cisco, eBay, Goldman Sachs, Microsoft, The Mayo Clinic, NASA, The New York Times, Wikipedia, and Verizon, use Elastic to power mission-critical systems. Founded in 2012, Elastic is a distributed company with Elasticians around the globe and is publicly traded on the NYSE under the symbol ESTC. Learn more at elastic.co.
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