May 23, 2015 - Now is the time for companies to harness the power of Big Data analytics to advance their Industrial Inte
MOVING TOWARD THE FUTURE OF THE INDUSTRIAL INTERNET Now is the time for companies to harness the power of Big Data analytics to advance their Industrial Internet capabilities
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WHY A SENSE OF URGENCY TO TAKE ACTION? Big Data is shifting the competitive landscape According to GE and Accenture research for 2015, executives across many sectors see the vast potential of the Industrial Internet—the combination of Big Data analytics with the Internet of Things. Many feel an urgency to move briskly; some executives are already deploying the first generation of solutions. Companies’ main priority is developing Big Data analytics for profitability gain; and, despite certain challenges, plan to hire new talent and partner with outside organizations to create new opportunities for success.
84%
87%
of executives expect it to shift within the next year
expect it within the next 3 years
Top 3 company fears if unable to implement their Big Data strategy in the next 1 to 3 years
66%
31%
52%
Losing market share
Waning investor confidence
Less competitiveness
COMPANIES’ TOP 3 CHALLENGES TO IMPLEMENTING BIG DATA INITIATIVES
36%
Systems integration issues
93%
In the last 2 to 3 years, 93% say they’ve seen new industry entrants leverage Big Data as a key differentiation strategy
35%
Security concerns Who’s driving the adoption of Big Data analytics the most?
29% Data silos
52% Board of Directors
47% The CEO
COMPANIES’ TOP PRIORITIES How important is Big Data?
88%
51%
of companies report up to 20% to 30% of their technology expenditure is dedicated to Big Data analytics...
Executives’ top 3 future priorities for using analytics
say it’s within their top 3 priorities
60%
82%
Increasing profitability
76% And
of executives are planning to build or further develop a Big Data platform and/or analytics capability within 3 years
57%
Gaining a competitive advantage
55%
Improving environmental safety and emissions
expect it to increase next year!
Top business priorities, by industry Increase profitability through improved resource management
58% Aviation 53% Power Generation 69% Power Distribution 5O% Oil & Gas 76% Manufacturing
61% Aviation 71% Wind 56% Power Generation 56% Oil & Gas 67% Rail
Gain insights into equipment health for improved maintenance
61% Wind 50% Power Generation 75% Power Distribution 59% Oil & Gas 58% Mining
Create new business opportunities with new revenue streams
Drive operational improvements and workforce efficiencies 73% Rail 67% Manufacturing
Gain insights into customer behaviors, preferences and trends
Improve environmental safety and emissions
Gain a competitive edge
72% Distribution 64% Mining
58% Aviation 61% Wind 60% Rail 70% Manufacturing
Meet or exceed regulatory compliance 61% Wind 58% Mining
50% Oil & Gas
THE PATH TO SUCCESS: HIRE NEW TALENT & PARTNER WITH OTHER ORGANIZATIONS Areas where companies report talent gaps
The new talent that executives say they need to hire
