Big Data is more than market hype, and will have the ability to reshape entire markets and shift competitive landscapes, according to recent research from General Electric and Accenture.
"Executives across the industrial and healthcare sectors see the enormous potential of the Industrial Internet—the combination of Big Data analytics with the Internet of Things," according to the research findings. "The Industrial Internet enables companies to use sensors, software, machine-to-machine learning and other technologies to gather and analyze data from physical objects or other large data streams—and then use those analyses to manage operations and in some cases to offer new, valued-added services."
Among the survey highlights:
- 89 percent say that companies that do not adopt a Big Data analytics strategy in the next year risk losing market share and momentum.
- 93 percent of respondents feel that newer entrants are leveraging Big Data analytics as a key differentiation strategy.
- 80 to 90 percent of companies indicate that Big Data analytics is either their top priority or in the top three.
- 84 percent feel that Big Data analytics has the power to shift the competitive landscape for their industry in the next year. Eighty-seven percent believe it will have that power within three years.
- Almost two-thirds of respondents (65 percent) focus on monitoring—the ability to monitor assets to identify operating issues for more proactive maintenance.
- About one-third of healthcare organizations (31 percent) claim that they are significantly ahead of the game in the area of analytics.
- About half of all healthcare organizations surveyed (clinical, 53 percent; operations, 50 percent) are investing from 10 percent to 20 percent of their overall technology budget on Big Data analytics.
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