The industrial world is undergoing a seismic shift in productivity and efficiency as machines become increasingly intelligent. The resulting Industrial Internet is expected to have the same transformative effect as the consumer Internet, creating intelligence through innovative sensor technology, machine-to-machine connectivity, new automation approaches, and software that generates real-time insight.
William Ruh, Vice President of GE Software, will discuss this transformation, and how the Industrial Internet is creating business opportunities, during his presentation at Rock Stars of Big Data, set for October 29 at the Computer History Museum in the Silicon Valley.
GE, a 135-year-old industrial stalwart, has been making a major push into the Industrial Internet. In June, GE announced its big data and analytics platform robust enough to manage the data produced by large-scale, industrial machines in the cloud. The platform, supported by Hadoop-based historian data management software, is expected to help airlines, railroads, hospitals, and other industries increase productivity and reduce waste and downtime. The company also announced expanded partnerships with Accenture, Pivotal, and Amazon Web Services.
The convergence of advanced computing, analytics, low-cost sensing, and new levels of connectivity are combining to create a deeper meshing of the digital world with the world of machines, write Peter C. Evans, GE Director of Global Strategy and Analytics, and Marco Annunziata, Chief Economist and Executive Director of Global Market Insight at GE. That convergence has the potential not only to transform global industry, but also daily life and the way many of us do our jobs, Evans and Annunziata write in their vision paper, “Industrial Internet: Pushing the Boundaries of Minds and Machines.”
The volume of data in industry is expected to grow twice as fast as in other sectors over the next decade, and according to a report from The Wikibon Project, is expected to account for $514 billion in spending by 2020. However, industry has been slower than other sectors to embrace big data due to the enormous computing power required to process the huge amounts of raw data. Still, if industry can leverage big data, it could result in $1.3 trillion in savings from improvements in efficiency and productivity, and other associated benefits, the Wikibon researchers estimate.
In this environment, said Ruh, companies need to make strategic decisions on capturing this increasingly valuable part of the value-chain. For example, companies in the automotive industry are capturing the software value inherent in vehicles’ transformation into entertainment, navigation, and social systems. Companies that want to win and survive in today's economy must ask if it makes more sense to focus on existing products and business models or create new integrated hardware/software solutions and services, said Ruh, who leads software services and solutions portfolio strategy, development, and operations at GE Software.
Ruh is among nearly a dozen technology leaders who will share their experiences at Rock Stars of Big Data. To register, visit http://www.computer.org/Big-Data