In the ever-evolving world of business, there has been an upsurge in the number of tools available to aid companies in making crucial decisions through data analysis. However, Logan Havern – co-founder and CEO of Datalogz – reveals that this increase in data adoption has brought along a major predicament. “The sprawl that inevitably comes with this report proliferation is overtaking data-mature organizations and causing cost, risks, and labor efforts to rise exponentially,” Havern divulges to TechCrunch.
What if an organization reports the same KPI in twenty different dashboards with slightly different calculations? This leads to wasted computing, but more importantly, could result in major business consequences.
To combat the risks and costs associated with decision-making intelligence software, Havern founded Datalogz with the mission to optimize BI environments. Following a successful $2.3 million financing round led by Squadra Ventures in February, Datalogz has recently announced raising an additional $5 million led by Great Point Ventures.
Havern is joined by a team of co-founders, including Pablo Lerdo – a long-time friend from high school and college who manages operations; Tina Bhatia – who oversees sales; and Tom Juntunen – an engineering expert met through a Reddit discussion on BI.
The Risks of Report Proliferation
During his time at JetBlue, Havern witnessed a drastic increase in the number of reports as the airline invested in digital transformation. From a couple of hundred reports, the count quickly rose to tens of thousands, each tracking different key performance indicators. As a data analyst, Havern was overwhelmed with an abundance of reports on customer information, flight delays, lost baggage, and other forms of data.
Havern argues that this surge in reports can lead to thousands of dashboards with duplication, unused assets, security risks, inefficiencies, and ultimately, unwanted costs.
The Solution: Datalogz
Leveraging his experience in handling large sums of data at JetBlue, Havern is now working with major corporations, including the American Bureau of Shipping, Gateway Services, and SSA & Company. Datalogz aims to acquire around ten enterprise customers by early next year and currently has an eight to twelve-month-long sales cycle with annual contract values ranging from $100,000 to $250,000.
Challenging Traditional Consulting Firms
Part of Datalogz’s business involves encroaching onto the territory of traditional consulting firms. Havern states that these firms charges a yearly fee of $1-10 million for performing business intelligence audits and clean-ups – mostly done manually. In contrast, Datalogz offers an algorithm-driven automation tool that integrates with customers’ BI environments to generate insights and automations for risk mitigation, security enhancement, cost reduction, and performance monitoring tasks.
Datalogz also boasts a price advantage. “When you compare it head to head with the timeline to implement Datalogz, the cost, the resources required, it’s a fraction of what a traditional consulting firm would charge, like 2-5%. The ROI is 10-20x of what you’re getting out of it,” Havern explains.
The Future of Datalogz
Headquartered in Long Island City, the Datalogz team, led by Havern, is continually working towards their goal of optimizing BI environments. With their innovative automation tool and competitive pricing, Datalogz is set to revolutionize the world of business intelligence. As Havern concludes, “We are confident that our product will be a game-changer in the industry, and we are grateful to have the support of our investors to help us achieve our mission.”