Understanding GE Digital's Predix Industrial IoT Platform
In 2014, 58% of GE's Operating profit came from industrial activities. The company anticipates this figure will rise to 90% in 2018.
GE recently completed the sale of its appliances division to Haier and is also divesting from its financial services business. The company is now primarily focused on Industrial, and IoT plays a huge role in the new direction.
The company is integrating sensors in aviation, transportation, manufacturing, healthcare, and energy production business and creating software to analyze the resulting data.
GE recorded $6Billion in revenue from its software and analytics offerings in 2015, but it's aiming to become a top-10 software company and achieve $15 Billion in sales in 2020.
GE Predix's Platform is at the center of many of its industrial IoT Ventures and provides a cloud operating system, security, and manufacturing analytics. It also functions as a store for industrial apps.
GE is building its Industrial IoT resources internally and through acquisitions, most recently purchasing ServiceMax for $915 Million in order to integrate the company's field service management software with Predix.
GE's Brilliant Manufacturing software runs on Predix and delivers predictive and real-time analytics for factory management. The company is integrating the software into its own factories and selling it for use by other manufacturers.
Big efficiency improvements aren't needed to create big value. GE calls this "the power of one percent." GE expects that a 1% efficiency increase would save the oil and gas industry $90 Billion over a 15 year period.
2016 will see GE increase its machines and materials connectivity by 400% compared to the previous year.
The company anticipates that Industrial IoT will add between $10 Trillion and $15 Trillion to global GDP by 2030.
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