Inflation is on the rise, and that leaves many businesses with a big decision to make—including those in the construction industry. In order to deal with the steep rise in inflation, is your company increasing prices or investing in the analytics that will ultimately increase productivity and lower labor costs?
One analyst has weighed in, with results from a recent survey. In December 2021, Gartner surveyed 400 finance executives. Here’s what it found. The most selected combination of value and technology was self-service data and analytics as a driver of employee productivity. Roughly 49% of respondents indicate this perception of the technology. What’s more at least one in four respondents also saw it as being a driver of increased organizational speed and agility.
Let’s dig in a bit deeper to the specific technologies that are helping. Self-service data analytics refers to technologies and processes users leverage with minimal involvement from IT departments. The technology is enabled by low-code or no-code tools in areas such as analytics and business intelligence, data preparation, and data catalogs.
The analyst firm suggests advanced data and analytics and AI (artificial intelligence) technologies are driving high value. Specific areas where investment are expected to increase are self-service data analytics, automated ML (machine learning) and ML, cloud analytics, big data analytics, and predictive analytics.
Big data analytics and predictive analytics were the top technology categories for driving higher revenue through improving products or services. Additionally, one in three finance executives see clear value. Still, ML and cloud analytics technologies were seen as the best bets to improve cost efficiency with approximately one in five respondents indicating this.
What we have learned here is as companies look to address the impact of inflation on a company’s bottomline, self-service analytics will be key. Do you agree? What hurdles must we overcome in order to embrace this?
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