Industrial companies need to adopt a digital mindset that embraces what the Industrial Internet can offer in new growth opportunities.
If you have a mobile phone, tablet, computer or all three, companies like Amazon, Google and Apple are all household names. With the explosion of the consumer Internet during the past 15 years, these companies collectively have amassed more than $200 billion in value innovating and establishing new business models on this singular platform. These companies through the use of data and analytics have defined the consumer Internet.
It’s a simple fix, but it involves complex physics. “Circuit breakers protect our homes from electricity overload,” says Tim Ford, senior product manager for industrial circuit breakers at GE’s Industrial Solutions business. “This sounds easy, but the amount of energy they are often called on to dissipate is like grabbing the flywheel of a running car and stopping it.”