Several interesting pieces of research were published this week. Kantata published a study commissioned from Forrester Consulting that investigated how the professional services automation market is evolving towards vertical SaaS solutions. It advocates that professional services firms should look for software vendors dedicated to the industry rather than a solution and vendors that do everything. MuleSoft revealed how IT talent acquisition challenges now heavily influence technology investment decisions. Berkshire Grey, the AI-enabled robotic solutions provider that automates supply chain processes, unveiled its 2022 State of Retail & eCommerce Fulfilment Report. Warehouse operations face a generational challenge, with labour shortages a catalyst for change.
Deltek
Nucleus Research published a research note entitled How Deltek Costpoint Users Win More Deals. The research is based on a series of interviews with Deltek Costpoint customers. It identifies how the solution has enhanced organizational visibility, security, and compliance while improving productivity for government contractors.
Author Samuel Hamway, Analyst at Nucleus Research, commented: “Deltek Costpoint’s ERP offering is focused specifically on government contractors, bringing an end-to-end ERP solution, from accounting to the shop floor, with a suite of compliance certification offerings and security features specifically designed for work with the United States Federal Government. Additionally, the solution serves both enterprise businesses and SMBs, supporting both service and product-centric use cases in addition to proven scalability for growing businesses.”
IFS
A recent study by IFS of over 600 senior decision-makers at large energy companies look at digital transformation challenges. The survey, conducted across France, Australia, Japan, the Nordics, the USA, the UK, and the Middle East, found that 44% want to invest in energy-efficient assets to achieve sustainability goals. They cited five keys drivers for digital transformation:
- Tighter integration (31%)
- Better Collaboration (31%)
- Better project management (30%)
- improved asset lifecycle management (30%)
- Improved operational efficiency (29%)
Challenges remain, though:
- Inability to accurately measure value from investment from digital transformation (29%)
- A lack of clarity about the resources and skills needed (26%)
- A lack of consensus on priorities across leadership (24%)
- Poor business case makes adoption look costly (19%)
There are also different approaches, with only 17% completing the process. While 65% are approaching it one function at a time, 10% have started with asset management.
Carol Johnston, VP Energy, Utilities and Resources, IFS, said: “The research has revealed how energy and utility organizations are held back from moving forwards with digital transformation by the inability to define and measure how they will obtain return on investment from enterprise software. Companies in the energy sector are often very risk averse and are frequently dealing with regulators and other stakeholders that demand proof of RoI. The inability to put a quantifiable number on what they will get for their spend and when, is therefore preventing them from progressing.
“These are barriers that more advanced software providers are overcoming, especially through composable platforms that help them to address their biggest pain points incrementally and build measurable RoI steadily over time. Due to the economic and social pressures the industry is under, simply doing nothing is, in contrast, not an option. The good news is that an ever-growing number of organizations understand this today.”
Procore
Procore released its construction industry benchmark report ‘How We Build Now 2022 – Tracking Technology in Asia Pacific Construction in 2022’. Across Asia, the sentiment in construction is positive, with many either very or somewhat confident about the future. The average was 91%, with Australia’s lowest at 85% and the Phillippine’s highest at 98%. Singapore was at 45% very confident and 48% somewhat confident.
Bruce Wells, Vice President of Asia, Procore, commented: “Against persistent headwinds in the construction sector globally, Singapore construction decision-makers remain resilient and continue to display strong confidence and optimism in the upcoming months. This optimism is telling of the strategies that the Singapore construction industry has adopted. Our report serves as a benchmark for the overall industry to see where the gaps are, and how their peers are accelerating their digital transformation journey to support business growth.”
The report also highlights the investments companies consider taking in technology within the next three years. There is a mix. However, data is seen as vital, with 99% believing it will benefit their business. The report is a comprehensive look into the use of technology within the construction industry across Asia and is worth a read.
Qlik
Qlik has published a report entitled “State of Data and Analytics, Australia and New Zealand, 2022.” It was developed by Corinium Global Intelligence and based on a survey of 150 data leaders.
The survey reveals the industry is positioned for continued growth.
- 47% are focused on creating data-driven business cultures (47%)
- 47% are actively developing new data platforms
While 65% are looking to grow their data teams, it is proving difficult, and 42% said hiring and retaining people with the right data skills is challenging.
Joe DosSantos, Chief Information & Analytics Officer at Qlik, commented: “People in the data and analytics industry often think about a special moment where everything comes together, and you start using analytics and have data literate organizations. When, in fact, the companies that are doing this right are making meaningful incremental progress against use cases that matter.”
The report also highlights an apparent disconnect between strategy and data insights. Only 17% of the surveyed data leaders report to a CEO, which is better than the 0% from the previous year. There are also issues with governance around data and analytics.
Michael Jenkin, APAC Editor, Corinium Global Intelligence, noted: “More than ever, business leaders are aware of data’s potential to improve productivity and drive business decision-making. The report highlights that data leaders do face challenges as they look to evolve. However, the optimism for projects, demand for expertise and team growth expectations are positive signs we’ll see more organizations realize this potential.”
Qualtrics
A recent survey by Qualtrics looked at the impact of hybrid and remote work on employee relationships. It found that 70% of remote and hybrid workers have close work friends. Only 23% of workers with close friends at work plan to leave within the next six months, compared to 29% of those who don’t have close work friends.
Dr Benjamin Granger, Chief Workplace Psychologist at Qualtrics, commented: “The relationships we form at work play a very real role in our lives, whether it’s commiserating over a tough challenge or celebrating a team win. Even as the way we work changes, the impact of having these social connections is clear. Fostering an environment that encourages and enables people to get to know one another makes for happier employees and can lessen turnover.”
The research throws up some interesting findings. For example, remote workers are significantly more likely to have daily check-ins with their team.
Rosslyn
The 2022 WBR Insights Benchmark, published in partnership with Rosslyn, found that 61% of respondents use geopolitical risk data to strengthen their organizations’ supply chain resiliency, while 57% rely on financial risk data. Chief procurement officers are increasingly looking to third-party data because of the growing uncertainty. Sustainability has also increased in importance for 44%, though for 17%, it has reduced.
Sam Clive, Director of Product and Strategy at Rosslyn, said of the report: “Every day, I speak with key people on the front line about their procurement projects, what they are trying to achieve, and the problems and risks they are facing. Almost always, it comes down to lack of visibility. It is a continuous problem, and it needs continuous innovation, but having visibility through technology, created by industry experts, will make it much less of a challenge. Hopefully this report will go some way to shining a light onto the ongoing challenges and opportunities everyone in procurement shares.”
Xero
Xero published a series of findings from surveys held in Australia and New Zealand.
Changing world of work
Its Changing world of work report highlighted employers’ concerns in New Zealand. The biggest challenges are:
- Managing business disruptions caused by COVID-19 – 66%
- The impact of inflation on costs and services – 65%
- Securing and retaining talent – 43%
On the latter, employers expect to have to pay top dollar, and with 72% of employees ranking pay and compensation as a key factor, it seems they are right to do so.
Bridget Snelling, Xero Country Manager, NZ, commented: “While we’re seeing a trend around ‘silent quitting’, with employees most concerned about their personal wellbeing and work-life balance, compensation is still the top factor when choosing where to work. In fact, employees admit that low pay was a top reason for leaving their past workplaces. With almost a third of employees planning to look for new opportunities in the next 12 months, employers will be under pressure to retain staff.”
Similar issues exist in Australia, with findings in a matching report indicating that many small businesses are struggling to stay on top of regulation or award requirements around employee entitlements and payments, with more than half (56%) agreeing it’s stressful or confusing and 37 per cent worrying their staff will be paid incorrectly due to confusing payroll obligations.
Late payments
In a separate report, Xero found that late payments cost Kiwi small businesses $456 million yearly. Entitled Crunch: Cash flow challenges facing small businesses, Part II, prepared by Accenture, also shows 45% of invoices issued by Kiwi small businesses in 2021 were paid late, with 8% paid more than a month after they were due.
Snelling commented: “Many Kiwi small businesses are still feeling the flow-on effect of COVID-19 lockdowns and subsequent slowdown in activity. As the small business economy continues to recover from the impacts of more than two years of COVID-19 restrictions, consumers and big business alike need to remain aware of this climate. Delays in making repayments can make the difference between a small business remaining open and operational, or making tough decisions about the future viability of the business.
“The pressure of expenses is one of the biggest stressors for Kiwi small business owners, with cash flow already continuing to be impacted by inflation and a decline in discretionary spending as consumers tighten the purse strings. It’s essential the government and the business community tackle avoidable cash flow stressors like late payments and relieve expenses pressures where they can.”
In Australia, a similar challenge exists, with late payments costing SMEs $1.1 billion annually. It found that 48% of invoices issued by Aussie small businesses in 2021 were paid late, with 10% paid more than a month after they were due.
Zendesk
Zendesk has published its CX Accelerator report. It found that the challenges of meeting customers’ expectations are rising. Even the best companies, the champions of customer success, said that unresolved queries were up 157% annually. However, there is an emerging breed called the Risers. 79% of them have added more customers from competitors than they lost. The findings indicate three changes companies must adopt:
- Balance human and automation strategy
- Integrate key data from critical apps
- Evolve the role of CX
Jeff Titterton, Chief Operations Officer at Zendesk, commented: “In an increasingly tough economy, businesses have a challenge on their hands to stay agile and keep things running efficiently while meeting customers’ demands in order to keep them coming back. Our latest research shows it’s clear that success is dependent on engaging your customers in relationship-driven conversations, and investing in technology that enables your team to deliver nothing less than exceptional service and make sure it’s all integrated across your business.”
The report also looks at the challenges of data and the gaps between silos of information that still exist. It also looks at the evolution of CX and how it supports selling. Tiverton added: “The biggest changes businesses face to keep up with – let alone get ahead of – customers’ expectations are both operational and cultural. The role of CX cannot be understated, and business leaders still need to only prioritize their investments but make them work well for their teams. We understand how daunting this can be, but the data underscores just how significant the opportunity is when you get it right.”
