Disrupted Industry – Internet of Things comes to Industry

Real time data acquisition and management will bring huge positive disruption to industry

iDisrupted Commentary

We’re starting to see momentum gather around the Internet of Things – in this case we’re seeing something very different from B2C consumer product in the form of industrial B2B IoT.
The opportunity is vast – especially around maintenance and device optimisation using big data. Core to industrial IoT is the ability to predict device failure. Pre-emptive maintenance based on “batch” data on average failure rate costs companies billions of dollars every year. IoT devices that warn of imminent failure will cut those costs in a highly disruptive manner saving business huge amounts of money and creating major shareholder value.
Key to all of this is the connectivity of such industrial IoT devices to an operating system and data layer (like the operating system for Robots we covered in a previous post) that can act as the conduit – GE – the industrial giant – has just launched such a service.
GE, a company that sells consumer appliances as well as jet engines and other complex industrial equipment, today announced Predix Cloud, a version of its Predix machine data analytics software that will be accessible to companies as a cloud service (GE expects this to be a $1 billion revenue stream for it).
Industrial Internet of Things
Source: http://labs.sogeti.com

Here’s the press release:

CHICAGO announced today 14 new Industrial Internet Predictivity technologies that will enable global industries to achieve outcomes such as minimal unplanned downtime, increased productivity, preventive maintenance, lower fuel costs and reduced emissions. GE’s solutions will be powered by Predix, a first-of-its-kind industrial strength platform that provides a standard and secure way to connect machines, industrial big data and people. GE is also expanding its ecosystem to include AT&T, Cisco and Intel, which will boost wired and wireless machine connectivity.

Jeff Immelt, chairman and CEO, GE, said, “Industrial data is not only big, it’s the most critical and complex type of big data. Our greatest challenge and opportunity is to manage and analyze this data in a highly secure way to deliver better outcomes for customers and society. We are developing more predictive solutions and equipping our products with sensors that constantly measure performance so our customers see major productivity gains and minimize no unplanned downtime. Observing, predicting and changing this performance is how the Industrial Internet will help airlines, railroads and power plants operate at peak efficiency.”

GE now offers customers 24 total Predictivity solutions, including 14 launched today. These solutions deliver asset optimization and operations optimization, providing more flexible solutions to manage machines and entire operations — helping them run better, consume less fuel, get serviced more efficiently and minimize unplanned downtime.

In the last year, customers have seen improved outcomes across the board. For St. Luke’s Medical Center, which is using GE software to manage and analyze patient and equipment data, this means a 51 minute reduction in bed turnaround time and reduced patient wait times. Gol Airlines is using software to better track, analyze and adapt its flight routes and fuel consumption and predicts it will see $90 million in savings over the next five years.

For the first ten products launched in the last year, revenues are $290 million year-to-date, with orders of $400 million. GE will leverage our high-margin $160 billion services backlog to develop more technologies, grow our dollars of revenue per installed base 3-5 percent annually, and increase software sales by more than 15 percent annually. GE has 14 launch customers for its 14 new technologies. New Predictivity products launched today include:

Asset OptimizationOperations Optimization
  • The Drilling iBox System (Oil & Gas)
  • ReliabilityMax (Oil & Gas)
  • Field360 (Oil & Gas)
  • System 1 Evolution (Oil & Gas)
  • LifeMax* Advantage (Power & Water)
  • PowerUp (Power & Water)
  • Rail Connect 360 Monitoring and Diagnostics (Transportation)
  • Non-destructive Testing Remote Collaboration (Oil & Gas)
  • Hof SimSuite (Healthcare)
  • Cloud Imaging (Healthcare)
  • Grid IQ™ Insight (Energy Management)
  • Proficy MaxxMine (Energy Management)
  • Flight Efficiency Services (Aviation)
  • ShipperConnect (Transportation)

@idisrupted @johnstraw @GEPredix #industrialinternet