Industrial companies are at different stages of adoption of analytics, according to a report from Accenture and GE. Similar to IMI’s findings in a recent survey of distributors, the report also found that a financial gap is widening between those that adopt analytics and those who don’t.
But most industrial companies in the report see the use of analytics as a critical piece of their strategies going forward. Eighty-nine percent of respondents to the survey – all of which had revenues of more than $150 million – said that companies that do not adopt a Big Data analytics strategy in the next year risk losing market share and momentum.
More than 90 percent feel that newer entrants to the market are leveraging Big Data analytics as a differentiation strategy. And 80 percent to 90 percent of companies put Big Data analytics as their top priority or in their top three.
Eighty-four 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.
The Accenture report examined not just attitudes around analytics, but also looked at the use of data on the plant floor through the use of the Internet of Things. The latter allows industrial companies to collect and analyze data on operating assets and performance.
Almost two-thirds of respondents (65 percent) focus on the ability to monitor assets to identify operating issues for more proactive maintenance. “Using Big Data analytics can be powerful. It moves us beyond being reactive and allows industries to predict and prevent. … At Johnson Controls, we are building an infrastructure to standardize and manage information,” said Craig Williams, vice president of quality for Johnson Controls Power Solutions in the report.
Another growing frontier for analytics among industrial companies is the use of data for more efficient and effective sales and marketing. Market size data, like that offered by IMI, help industrial companies target better leads, better qualify opportunities and identify sweet spots for growth.
The Accenture report asks, however, if companies are “up for the challenge” of more predictive and innovative uses for analytics. While most companies recognized the potential for a big impact on their businesses by analytics, their capabilities lag.
