Report states finance leaders see self-service data and analytics as vital for employee productivity
As CFOs explore ways to tackle the impact of inflation on margins, self-service analytics will be essential in driving employee productivity, according to a Gartner report.
In December 2021, Gartner surveyed 400 finance leaders and discovered that over 50% saw self-service data and analytics as an essential driver of employee productivity. At least one in four saw it as vital for increasing business speed and agility. Self-service data analytics refers to technology and processes that finance users leverage with minimal involvement from IT departments.
Alex Bant, chief of research in Gartner Finance, explains that two out of three finance leaders have raised their prices in response to inflation. Finding ways to improve productivity and efficiency rather than passing on inflationary costs to customers can create a critical long-term competitive advantage.
Advanced data and analytics and AI technologies generating high value and where investment is forecast to rise to include self-service data analytics, automated machine learning, cloud analytics, big data analytics and predictive analytics.
Predictive analytics predicts a series of outcomes overtime or the distribution of an outcome that could occur for a specific event, using techniques like driver-based forecasting, time-series forecasting and simulation. Predictive analytics is one of the most popular use cases for finance executives automating their forecasting processes.
Bant explains that over 90% of finance leaders have increased their digital ambitions for 2022, but the same proportion is concerned about whether this development can continue due to slower growth, higher rates and the added pressure on profitability. Investment into the digital area, even as growth declines with be vital in determining the successful businesses of the future.
Big data and predictive analytics are considered critical technologies for generating higher revenue through improving products or services. Machine Learning and cloud analytics were viewed as the best solutions to improve cost efficiency.
The upcoming Gartner CFO and Finance Executive Conference will provide insights on the issues facing CFOs on June the 6th. The conference will deliver actionable insights for CFOs and their teams to support them on their digital journey and understand what makes a team successful. The Gartner Finance practice supports finance leaders meet their top priorities and delivering on vital initiatives that spread across finance and generate business impact.