As prices rise, execs look toward 'self-serve' analytics

Rising costs have driven tech-forward companies to rethink their data analytics strategies to increase both efficiency and productivity so as to avoid passing price increases to customers, and executives see self-serve data analytics as a promising tool for these efforts.

A recent report from technology consulting firm Gartner said that nearly half of business executives, 49%, see self-service data and analytics — that is data analytics leveraged with minimal to zero intervention from the IT department or other technical experts — as a driver of employee productivity; meanwhile, at least 25% also saw it as a driver of increased organizational speed and agility.

“Two out of three CFOs have raised prices in response to inflation,” said Alex Bant, chief of research in the Gartner finance practice, in a statement. “However, finding ways to improve business productivity and efficiency rather than simply passing on inflationary costs to customers will be a long-term driver of competitive advantage.”

Beyond self-serve data analytics, the report also found great interest in automated machine learning. In contrast, only 21% see it as a driver of increased worker productivity, but 22% see it as a way to increase cost efficiency (only 10% did so for self-serve data analytics). Bant said these responses reflect companies taking a more strategic view on their digital transformation strategies.

“Ninety-four percent of CFOs have greater digital ambition in 2022, yet they are concerned about whether this can continue in the face of slower growth, higher rates, and pressure on profitability,” said Bant. “This continued investment into digital, even as growth slows, will be what distinguishes winning companies years from now as the cycle improves. We call this digital deflation.”

The data was based on a survey of 400 finance executives, who were polled in December 2021.