BURLINGTON, Mass. – July 27, 2020 – Everbridge, Inc. (NASDAQ: EVBG), the global leader in critical event management (CEM), today announced the findings of a June 2020 commissioned study conducted by Forrester Consulting, which combined with recent research from the United Nations on the economic impacts from the ongoing COVID-19 pandemic, highlight the importance of CEM for organizations today.
The Forrester study titled The Total Economic Impact™ of The Everbridge Critical Event Management Platform reveals organizations that use Everbridge’s platform respond to, and contain, critical events—including the ongoing pandemic, cyberattacks, IT outages, severe weather, workplace violence, terrorism, or supply chain disruptions—more effectively than those that do not deploy its CEM solution. As a result, Everbridge customers benefit from safer workforces, reductions in property damage, decreases in IT downtime, and increased employee productivity, among other benefits.
The stakes for business, healthcare and government organizations remain especially high as the coronavirus pandemic continues to spread throughout the world amid other crises. “The global economy is expected to lose nearly $8.5 trillion in output over the next two years due to the COVID-19 pandemic, wiping out nearly all gains of the previous four years,” according to a recent United Nations¹ study. The impact of COVID-19 adds to the strain of an estimated $489 billion annual economic impact² resulting from other disruptions, including natural disasters, cyber-attacks, workplace violence and terrorism.
Forrester Consulting Study Highlights Critical Event Management ROI
The companies Forrester interviewed include industry leaders across multiple verticals, such as retail, insurance, healthcare and manufacturing. The study found that Everbridge CEM customers benefit from improved security for employees at all levels, better customer experiences for their end users, and increased investor and regulatory confidence in the organizations’ proactive approach to risk.
The companies interviewed confirmed the following quantifiable benefits:
- Reduced losses from business interruption
- Lowered costs from IT downtime
- Decreased losses from property damage
- Averted costs of lost employee productivity
- Increased security team productivity through freed up time for higher-value tasks
The study also notes that interviewed executives told Forrester that Everbridge helped them: “maintain business operations and revenue during critical events; react to unpredictable events more quickly and confidently; and put appropriate plans in place for events (such as a hurricane) that were more predictable. Because Everbridge uses an organization’s unique asset footprint to determine which incoming news and risk feeds to analyze, [an organization’s] security analysts do not waste time sorting through irrelevant alerts and can react more quickly to situations that pose a real threat to their assets.”
Over 5,200 global firms rely on Everbridge to keep their people safe and organizations running in anticipation of, or amid, critical events, whether natural, cyber, or manmade. The Everbridge CEM solution provides an integrated, end-to-end approach for helping organizations assess the severity of events; determine their relevance to people, assets, suppliers, and supply chains; automate actions and workflows to mitigate threats and track progress; and analyze performance to improve future response. The Everbridge CEM Platform leverages 225 out-of-the-box, pre-existing integrations and 22,000 risk data sources to digitally transform how organizations effectively keep employees safe and their operations, IT systems and supply chains running.
“Today’s multinational organizations require a unified approach to mitigating critical events, from the COVID-19 pandemic and severe weather to cyber-attacks and more,” said Ajay Nigam, Chief Product Officer, Everbridge. “The Forrester Consulting Total Economic Impact study demonstrates that Everbridge CEM provides a significant and measurable return to mitigating risk, keeping people safe and operations running, and helping organizations use business resilience as a competitive advantage.”
For more details on the study, please visit The Total Economic Impact™ of The Everbridge Critical Event Management Platform landing page here.
Forrester Consulting also published an Opportunity Snapshot in 2018 entitled Take A Unified Approach to Critical Event Management that highlighted how an integrated, un-siloed approach helps companies improve operational resilience.
Forrester has constructed a Total Economic Impact™ (TEI) framework for those organizations considering implementing Everbridge’s Critical Event Management platform. The objective of the framework is to identify the cost, benefit, flexibility, and risk factors that affect the investment decision. Forrester took a multistep approach to evaluate the impact that the Everbridge Critical Event Management platform can have on an organization: 1.) due diligence – interviewed Everbridge stakeholders and Forrester analysts to gather data relative to the Critical Event Management platform; 2.) customer interviews – Interviewed four organizations using Everbridge to obtain data with respect to costs, benefits, and risks; 3.) composite organizations – designed a composite organization based on characteristics of the interviewed organizations; 4.) financial model framework – constructed a financial model representative of the interviews using the TEI methodology and risk-adjusted the financial model based on issues and concerns of the interviewed organizations; and 5.) case study – employed four fundamental elements of TEI in modeling the Everbridge Critical Event Management Platform’s impact: benefits, costs, flexibility, and risks. Given the increasing sophistication that enterprises have regarding ROI analyses related to IT investments, Forrester’s TEI methodology serves to provide a complete picture of the total economic impact of purchase decisions. Please see Appendix A for additional information on the TEI methodology.
¹United Nations World Economic Situation and Prospects (WESP) mid-2020 report – May 13, 2020
²Based on 2016 estimates from Institute for Economics and Peace – 2016 Global Terrorism Index; Munich RE “Overview of Natural Catastrophe Figures for 2016; U.S. Council of Economic Advisors – “The Cost of Malicious Cyber Activity to the U.S. Economy”; National Academies “Costs of Violence in the Workplace”; and United Nations Estimation given 0.5% global economic growth, as of March 9, 2020