In today's technology heavy world, time is everything. Companies that can collect and analyse data in real time will no doubt have a distinct advantage over their competitors which can lead to efficiency savings.
This is where General Electric (GE) plans to make its mark. GE will spend $500 million this year to advance and promote its Predix Cloud network. Which essentially is an Internet of Things (IoT) for hard industrial sectors such as aviation, energy and transport to name a few.
The Predix platform will allow companies to analyze and use real-time operational data to provide insights for better and faster decision making.
GE's Predix Cloud network will span the globe consisting of data centers, telecommunication facilities and computers that are all linked together to analyse the millions of data that will be generated by machines.
GE's CEO Jeffrey Immelt told the Chicago Tribune: "A more digital hospital means better, faster health care. A more digital manufacturing plant means more products are made faster. A more digital oil company means better asset management and more productivity at every well."
Over the next two years GE will be partnering with Equinix to build and develop 10 data centers to monitor and analyze data from 10 million sensors spread over $1 trillion worth of assets across the globe.
With so much data flying around the globe, one of the concerns would have to be security. This is a case in point that has not been lost and Predix Cloud will operate a "gated community" model that limit people to access only their industrial ecosystem. GE has said that Predix Cloud was designed with advanced security protocols which includes adaptive security solutions for industrial operators and developers.
The Predix Cloud network will be available commercially from next year and GE will no doubt have to compete with other big players in the market including Siemens, Hitachi and other rivals in the industrial-cloud market.