Bill Ruh, CEO GE Digital and Chief Digital Officer of General Electric (GE) delivered a speech in Graduate School of Business of Nazarbayev University on November 14, 2017. As an expert in new business models, cloud computing, analytics, industrial internet, and digital transformation, Bill told students that due to digital industrial revolution we can already operate equipment more effectively, “speaking” with machines the same language.
The world is becoming more and more integrated. Thus, according to GE, over 1 billion smart meters will be installed, 10 billion bulbs will be connected to the Internet, and GE equipment will transfer 1 million terabytes of data a day by the year 2020. Those who can analyze and use these data quickly and effectively for processes optimization will become the leaders of industry.
Despite the obvious benefits, today there is still a gap between relation and desire of company management to digital transformation and concrete steps taken by the companies. According to a study by GE, the mangers are optimistic about potential of Industrial Internet of Things (IIoT). 80% believes that IIoT may be transformative for their companies and industries. Even more consider digital transformation important for their competitiveness. At the same time only 8% of managers implement digital transformation program. According to Bill, GE is working on reducing this gap and making IIoT available for companies in all phases of transformation.