“Eighty-seven percent of enterprises believe big data analytics will redefine the competitive landscape of their industries within the next three years,” according to a recent survey from Accenture and General Electric.
Additionally, 89 percent believe that companies without a big data analytics strategy in the next year risk will lose market share and not be as competitive, notes the survey that focused on how the combination of big data analytics and the Internet of Things (IoT) are redefining the competitive landscape of entire industries.
The Industrial Internet involves the use of sensor, software, machine-to-machine learning and other technologies to gather and analyze data from physical objects or other large data streams, and then use that information to manage operations and in some cases offer new, valued-added services, according to the “Industrial Internet Insights Report for 2015” from Accenture and GE.
The study also points out that many enterprises are investing the majority of their time in analysis (36 percent); only 13 percent are using big data analytics to predict outcomes, and just 16 percent are using analytics to optimize processes and strategies.
Other key findings of the survey include:
- Seventy-three percent of companies are already investing more than 20 percent of their technology budgets on big data analytics. Just over two in 10 are investing more than 30 percent. And 76 percent of execs say spending levels will increase.
- Big data analytics is the highest priority for aviation (61 percent), wind (45 percent) and manufacturing (42 percent) companies.
- Seventy-four percent of enterprises say that their biggest competitors are using big data analytics to point out their competitive strengths to clients, the media, and investors.
- Ninety-three percent of enterprises say their new competitors are also using big data analytics to differentiate themselves. Enterprises also understand that if they don’t implement big data strategies, they will lose market share to their competitors that have deployed big data analytics tools.
- Sixty-five percent of enterprises are focused on monitoring assets to identify operating issues for more proactive maintenance. Fifty-eight percent say they have capabilities such as connecting equipment to collect operating data and analyzing the data to produce insights.
- Increasing profitability (60 percent), gaining a competitive advantage (57 percent) and improving environmental safety and emissions compliance (55 percent) are the three highest industry priorities, according to the survey.
- The top three enterprise challenges to implementing big data initiatives are: system barriers between departments prevent collection and correlation of data for maximum impact (36 percent); security concerns are impacting the ability of enterprises to implement wide-scale big data initiative (35 percent); and difficulty consolidating disparate data and being able to use the resulting data store (29 percent).
- Turn data into insight with Spotfire. Start your free trial today.
- Subscribe to our blog to stay up to date on the latest insights and trends in big data and big data analytics.