Domo Inc Stock Price, News & Analysis

Domo (Nasdaq: DOMO) has released a special AI-focused edition of its annual Data Never Sleeps (DNS) infographic. This report highlights the significant impact of AI on data generation and everyday life. Key findings include:

- $293,000 is spent globally on AI every minute
- 1,389 images are generated by Dall-E 2 every minute
- 19,028 images are created by other text-to-image platforms every minute
- 7,431 minutes of AI-generated video are created every minute
- 35 new cars with hands-free automation are sold each minute
- Employees save 467,882 hours of work using ChatGPT every minute
- 52 college papers are flagged for AI plagiarism on Turnitin every minute
- Up to 185 gallons of water are used to cool ChatGPT supercomputer every minute

The report emphasizes the growing influence of AI across various sectors and its resource requirements.

Domo (Nasdaq: DOMO) has been named a Challenger in the 2024 Gartner Magic Quadrant for Analytics and BI Platforms. The company received the second-highest product ratings for Analytics Developer (3.45/5) and Data Scientist Integration (3.43/5) Use Cases in the Critical Capabilities report. Domo's CEO, Josh James, emphasized the platform's ability to serve as an all-in-one solution for companies leveraging AI and data for informed decision-making.

Domo customers gave the platform an overall rating of 4.6 out of 5 based on 42 reviews on Gartner Peer Insights over the past 12 months. Users praised Domo's scalability, data connectivity, customizable dashboards, and integration capabilities. The platform is particularly recommended for business users without coding expertise, especially those operating with cloud-based data.

Domo (Nasdaq: DOMO) announced that Freddy's Frozen Custard & Steakburgers is using Domo's Data Science Suite to gain insights into restaurant data, enabling franchisees to optimize pricing and model menu mix. Freddy's, a fast-growing franchise with over 500 locations in 36 states, initially struggled with implementing Machine Learning and AI. After an unsuccessful pilot with another platform, they turned to Domo, their long-time data partner.

With Domo's experienced data science consultants, Freddy's achieved several quick wins, including launching and optimizing a new guest loyalty program and gaining the ability to accurately score locations for A/B testing initiatives. Sean Thompson, VP of IT at Freddy's, emphasized the importance of partnering with a company that understands the journey and importance of education in data science implementation.

Domo (Nasdaq: DOMO) has announced a partnership with GNW Consulting, a strategic marketing operations agency. This collaboration aims to support mutual clients throughout their marketing journey, from strategy to deployment. GNW Consulting, having served over 600 clients, will utilize Domo's AI and data platform to optimize marketing operations programs, enabling quicker and better-informed real-time decisions.

The partnership enhances GNW Consulting's implementation of Analytics Essentials and Operational Analytics, as well as integration processes with popular MarTech solutions. Domo's platform allows clients to efficiently integrate and manage various data sources, delivering actionable intelligence through advanced analytics and visualization tools. This collaboration is expected to drive efficiency, scalability, and explainability in clients' marketing and sales strategies.

Domo (Nasdaq: DOMO) was recognized as the B2B Program of the Year at Forrester's B2B Summit North America 2024. This accolade highlights Domo's successful efforts to enhance customer engagement through their user community platform, Domo Central. Established in 2023, Domo Central unified customer engagement strategies, resulting in a 130% increase in community forum visits, a 25% rise in product ideas from customers, and a reduction in average response time to 30 minutes. The platform includes diverse features such as a Customer Advisory Board, Community Discussion Forums, Educational Support, and more, aimed at improving customer relationships and satisfaction. Domo Central's comprehensive approach reflects the company's commitment to fostering human connections and valuing customer feedback throughout the entire customer journey.

Bassett Furniture Industries has integrated Domo's AI and data platform across its operations, from headquarters to retail stores. This initiative, which began in 2020, allows Bassett to use real-time data for decisions such as engaging retailers, selecting regional merchandise, and optimizing inventory. Bassett, a leading U.S. furniture manufacturer since 1902, revamped its legacy systems with Domo to foster a data-driven culture. Employees now use Domo daily for filtering data, generating reports, and monitoring trends. The Domo mobile app provides instant updates to teams nationwide, enhancing their ability to manage inventory and provide better customer experiences. This data-driven approach also aids in sales forecasting and inventory management, improving operational efficiency.

Domo (Nasdaq: DOMO) and Manulife Financial have been named winners of the 2024 Nucleus ROI Award for achieving a 184% ROI through Domo’s business intelligence platform. Manulife implemented Domo in early 2023, and by October 2023, had integrated it across all departments, enhancing data access, productivity, and marketing efficiency. The platform saved the marketing team over 90 hours a month and overall teams 40 to 65 hours monthly. Key benefits include a 14% increase in global leads, up to 197% lead growth in specific areas, and a 23% improvement in conversion rates. The internalization of media planning, enabled by Domo, also provided significant cost savings and enhanced expenditure tracking. Recognized for automating reporting and improving data-driven decision-making, this achievement underscores the value of Domo's data democratization and real-time analytics.

Domo (Nasdaq: DOMO) announced that its annual 'Data Never Sleeps' infographic has won the 2024 Communicator Award for the second year in a row. The infographic, an annual feature for over a decade, tracks real-time global data usage, highlighting significant growth across various online platforms.

The latest version, Data Never Sleeps 11.0, showcases data trends like ChatGPT's 6,944 prompts per minute, Google's 6.3 million searches per minute, Amazon's $455,000 in sales per minute, and Venmo's $463,768 in transactions per minute. It underscores the evolving landscape of digital data, especially with AI becoming more mainstream.

The Communicator Awards, celebrating their 30th anniversary, recognized Domo's infographic for its creative excellence. This competition is the largest of its kind, with over 3,000 entries globally. The infographic continues to drive significant engagement, drawing millions to Domo’s channels to explore data's impact on business and culture.

Medius, an accounts payable software provider, has integrated Domo to enhance its analysis of sales and marketing impacts, and optimize sales funnel efficiencies. Processing over $200 billion annually for 4,000+ customers across 102 countries, Medius aims to automate invoice processing using AI. Before Domo, data was fragmented, hampering intelligent decision-making. Post-implementation, Medius achieved comprehensive visibility into its go-to-market strategies, improving lead tracking and revenue analysis. Domo's pre-built connectors and Cloud Amplifier have accelerated value realization, improving data governance and compliance. This integration positions Medius as a leading AP solution provider, enhancing its technological prowess and customer service capabilities.