Less than one-third of companies have predictive analytics capabilities although big data analytics is a top priority for 88 percent of executives, according to a new study from GE and Accenture.

The report, “Industrial Internet Insights for 2015,” shows that there is a growing urgency for organizations to embrace big data analytics to advance their Industrial Internet strategy. But only 29 percent of the 250 executives surveyed for the study are using big data across their company for predictive analytics or to optimize their business.

Most of the organizations surveyed (65 percent) use big data analytics to monitor their equipment and assets to identify operating issues and enable proactive maintenance, the report says. And 62 percent have implemented network technology to help gather vast amounts of data in dispersed environments.

Two-thirds of the executives surveyed across eight industrial sectors think their company could lose its market position in the next one to three years if it does not adopt big data. A huge majority, 93 percent, is already seeing new market entrants using big data to differentiate themselves, and nearly 90 percent of the executives say big data analytics is a top priority for their company.

“The Industrial Internet, fueled by machine-to-machine data inputs, has the potential to drive trillions of dollars in new services and overall growth,” Matt Reilly, senior managing director, Accenture Strategy, said in a statement. “But to reap those rewards, industrial companies will need to use insights about their customers and their customers’ use of industrial goods to build new offerings, reduce costs and reinvest their savings.”

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