Despite considerable conversations about the power of analytics for maximizing operations, using data to manage information and performance is just beginning to take hold.
At its core the Industrial Internet is a combination of remotely networked machines and powerful analytics tools that make sense of huge volumes of data. Both resources are powerful on their own, but once combined, they have the power to unlock entirely new capabilities and efficiencies.
A new survey conducted by Harvard Business School Professor Thomas Davenport, commissioned by Deloitte Analytics, explores how companies are putting analytics to work. The Analytics Advantage examines the current state and future of analytics readiness at leading corporations.
According to the survey, applying analytics to business challenges is helping companies achieve new insights, identify opportunities for innovation, and ultimately improve performance. The best way to stay ahead of competition will be to invest in analytical capabilities, integrating analytics into decisions and process.
Key findings include:
- The importance of analytics will increase in coming years. Ninety-six percent of respondents feel that analytics will become more important to their organizations in the next three years.
- Analytics are a decision-making resource. Forty-nine percent of the respondents assert that the greatest benefit of using analytics is that it is a key factor in better decision-making capabilities.
- There are barriers to overcome. The uptake of advanced analytics is slowed by data management challenges and a lack of qualified talent.
A full copy of the survey is available here.