Big data and analytics routinely top the list of priorities for business executives. A recent survey from Accenture show just how much of a priority analytics is for competitive companies in 2015.

The survey “How the Industrial Internet is Changing the Competitive Landscape of Industries” revealed several key findings:

  • 89% of surveyed executives say that companies that do not adopt an analytics strategy in the next year risk losing market share and momentum.
  • 93% of respondents feel that newer entrants are leveraging analytics as a key differentiation strategy.
  • 80% to 90% of companies indicate that analytics is either their top priority or in the top three.
  • 84% feel that analytics has the power to shift the competitive landscape for their industry in the next year.
  • 65% focus on monitoring–the ability to proactively identify operational issues.
  • 53% of healthcare organizations are investing from 10% to 20% of their overall technology budget on analytics.

The actual survey repeatedly refers to “big data analytics” but I intentionally left off “big data” from the statements above. Big challenges with data and big opportunities for analytics are not just for big companies. All companies, both the big company with large amounts of data or the small company with data issues that seem huge, compete in the same marketplace. That’s why I like to distinguish “big data” analytics from big “data analytics”, with the latter referring to the big challenges and even bigger opportunities every company has in leveraging their data effectively for business metrics and analytics.

What are you planning for in 2015?

  1. Are you willing to risk market share to 89% of your competitors who are investing in data analytics? What about a new targeted customer retention effort driven by data?
  2. Are you developing a key differentiation strategy like 93% of your upstart competitors? Can you use your data to know your customers like no one else can?
  3. Are you making big data analytics a top three priority like 80% to 90% of your competitors? A top priority doesn’t necessarily have to mean a big project if you do it right.
  4. Are you prepared to shift the competitive landscape on your competitors next year, or are they going to shift it on you first? When was the last time you adjusted prices and created promotions based on complementary metrics like resource utilization, customer retention, and profitability altogether?
  5. Are you finally going to move from reacting to crises to proactively identifying issues and turning them into opportunities? Can you identify exit-bound customers and downward trends before it’s too late?
  6. Are you allocating 10% to 20% of your 2015 budget (not just your IT department’s budget) on improving your use of data and analytics? How about considering an analytics platform like The iBLeague™ to start quickly and cost-effectively?

Question: So, what about you? Where does big data analytics rank on your list of 2015 priorities?