Data Science – A Winning Strategy

When it comes to helping industrial organizations manage their assets, systems, and enterprises, GE Digital has a portfolio of industrial applications that are transforming how industry operates. We’re working with leading manufacturers in Food and Beverage, Chemicals, Automotive, Original Equipment Manufacturing, and other industrial sectors to enable digital transformation. This is what we do. 

That being said, bringing together the physical and digital worlds can translate into a winning strategy for any organization—industrial or otherwise. It’s all about leveraging the data you have to help drive business outcomes.

Leveraging “dark” data

In a typical industrial environment, data is allowing companies to optimize production, predict and minimize downtime, improve quality, and reduce costs—making operations more efficient than ever before. For other types of “non-industrial” organizations—such as retail, media-services providers, banking, and professional sporting organizations—data is helping to anticipate customer needs, mitigate fraud, deliver relevant products, personalize service, and improve overall consumer experience. Sometimes, however, that data can be overwhelming and cause operational challenges that pose a threat to your bottom line.Because of the volume, organizations may let some of this data go “dark” or unused. That can turn into missed opportunities. 

So, how can you tap into your “dark” data and achieve business outcomes?

That answer – data science.

What is data science?

Data science is the art of looking at data and applying mathematical tools to uncover key patterns within the data that will drive significant business value. Data scientists can help build custom analytics that address a specific problem—or set of problems—within an organization.

Partnering on data and analytics

In January 2017, GE signed a multi-year deal with the Boston Celtics, an American basketball team based in Boston, Massachusetts, to become the “Exclusive Data and Analytics Partner” for the team.

As part of the partnership, the Celtics have worked with GE Digital’s Data Science Services team to help set optimal prices for tickets to their games. In order to predict future ticket prices, the Celtics are working with our data scientists to leverage historical data, such as traditional team rivalry, player popularity, playoff potential, and pricing trends. Through multiple mathematical models, as well as an interactive custom dashboard built on the Predix Platform, the Celtics are using dynamic pricing to address swings in demand for home games—helping to drive attendance while maximizing revenue. 

A slam dunk for your IIoT journey

Whether you’re a legendary sports organization or a global industrial manufacturer, data science methods can enable your organization to push through the enormous amounts of data to drive a winning business strategy.

The game clock is ticking and it’s time to maximize the value of your industrial big data. Are you ready to unlock new business value?