An increasing number of companies are realizing the importance of data analytics as a tool for success, according to a recently published study by Accenture and General Electric (GE). A survey of 250 executives showed that many are still lagging in business intelligence analytics solutions, but most are aware of the potential applications and are preparing to implement them.
Only 29 percent of respondents said their companies currently use big data for predictive analytics or to streamline their business processes, but many more are using data in other areas of their operations. Sixty-five percent are employing data tools to monitor their equipment, using the information they gather to proactively carry out maintenance and 62 percent are gathering analytical information from dispersed environments, such as oil pipelines or wind farms.
When it comes to awareness about the importance of analytics, an overwhelming 93 percent have already noticed new competitors in their markets successfully using big data, which has driven 88 percent of respondents to call data analytics a top priority for the coming months. Sixty-six percent of executives expressed concern that their organizations could lose their market position if they fail to implement analytics.
“The payoff from joining industrial big data and predictive analytics to benefit from the productivity gains the Industrial Internet has to offer is no longer in doubt,” said GE Software vice president Bill Ruh in a press release. “But data alone won’t generate value. To make information useful requires an investment in new capabilities and talent that will serve as a catalyst to extract value quickly.”
ETL tools allow businesses to gather specific data based on which area of operations they want to address. Companies can then analyze this information to optimize business processes and get ahead of the competition.
