The New Data Economy

Despite software-based models offering the opportunity to generate and analyze considerable amounts of data, manufacturing businesses do not appear to be capitalising on this opportunity yet. 47% of organizations do not generate data or do not access it when generated. A further 16% do not use data even if they have access to it. Encouragingly, manufacturing businesses seem to realize the potential that data holds, and are working on ways to take advantage. In five years’ time, 93% of manufacturing organizations will generate and be able to access data.

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47% of respondents’ organizations do not generate data or do not access it when data has been generated, from their hardware products. A further 16% do not use data even if they do have access to it. At present, only 17% use data to sell the customer additional features and analytics.

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38% respondents believe that their organization will generate data from their hardware products to sell to customers in five years’ time.

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85% of surveyed decision makers agree that the future of their organization’s business resides in data, with a similar percentage (86%) believing that data will allow them to develop better products by understanding what the market needs. However, 47% of respondents believe that their organization does not have the skills in-house to be able to analyze data when/if they collect any. 72% of respondents agree that those with hardware-centric business models in their industry will be leaving money on the table as others monetize from software enabled hardware.

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52% of respondents’ organizations would prefer the process of utilising and/or monetizing data that their organization does/would generate to involve a third party, with 25% preferring to look to an external partner to manage this entire process.

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