excellent experiences for their customers, particularly in highly competitive and rapidly evolving markets.
“Executives believe that efficient and successful innovation hinges on three factors: understanding customers and anticipating market evolutions (84 %); attracting and retaining the most talented and skilled employees (79 %); and quickly adopting emerging technologies (67 %),” the report states.3
The report notes that “big data has evolved from a buzzword to an important tool in the innovation process, albeit one that executives recognize poses certain difficulties. While 70 % of businesses see big data as critical to optimize business efficiency, 61 % believe it will be a real challenge to implement. For those who utilize it, 69 % see added value for the innovation process.”4
Frankly, most of the CIOs and IT leaders I speak with have already invested in some form of advanced analytics that feed on big data sources. Almost everyone I meet is interested in learning more about big data and the technologies around it.
The report also touches on the potential impact of the Internet of Things (IoT), which GE often refers to as the Industrial Internet, or the concept that anything electronic can be connected to the Internet. Whatever you call it, the phenomenon is growing quickly and will soon become inescapable. Some experts predict that by the end of 2020, the IoT will connect 212 billion “things,” ranging from diesel locomotives and jet engines to thermostats and refrigerators.
“The Industrial Internet is an emerging concept but positively received, with half agreeing that it will drive innovation success in the future. But only one in four feels prepared to use it,” according to the GE report.
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