To quote from Jeff Immelt, President of General Electric, speaking at the “Minds + Machines 2015” conference:
As an industrial company it’s our turn
He’s referencing the Industrial Internet and continues:
Technology has created tremendous value for technology companies and consumers have been the big beneficiaries of the Internet age. But as industrial companies we have averaged 4% productivity from 1990 – 2010, and from 2011 – 2015 it has dropped to 1%.
Jeff Immelt’s vision is to turn this around and create value out of technology for GE, for the industrial sector and for their customers. He wants to build the Industrial Internet, a vast network of sensors embedded into machines and connected to cloud based software. The goal is to achieve no unplanned downtime and full asset optimization.
This video explains more.
It’s not a new idea. The “Smart Home” concept has been around for a few years and players like Google, Microsoft and Amazon are all actively involved in intelligently automating every conceivable household device. But true to form their respective efforts don’t play very well with each other or the device manufacturers as this Fortune article eloquently describes.
However this pales by comparison to GE’s vision and power to globally transform cities and industries.
It’s why 65% of forward thinking global supply chain managers in the 2015 SCM Survey think that the Industrial Internet is disruptive and important to the way we develop our supply chains.
So for us Logistics Professionals it’s time to wake up and pay attention (if you haven’t done so already).
As Jeff Immelt said at the beginning of this article:
It’s our turn