If the GE Store is the beating heart of our company, then innovation is the lifeblood that animates it. Some of the greatest inventions in history have sprung from the unexpected recombination of ideas and technologies. Our entire Aviation business took off because one our Power engineers figured out how to build a groundbreaking gas compressor. Later, our Aviation business returned the favor and helped our Power and Oil & Gas businesses build revolutionary mobile power plants with jet engines at their core. Our X-ray systems, originally developed by Healthcare, can now inspect both human arteries and gas pipelines.
But the GE Store goes beyond technology transfer. By taking the best ideas and products from all our businesses, we can stack technologies and know-how like LEGO® blocks and quickly build new things that the world needs and reach unexpected breakthroughs. We can even borrow some blocks from our partners. The GE Store lets us grab an idea, an approach, a tool, a framework or a way of working – no matter where it comes from – apply it, and scale it to deliver better, faster outcomes for our customers. We use it to bring in the expertise of our partners in markets around the globe. In other words, the Store is an exponential formula for new growth. It’s kind of like capturing lightning in a bottle.
FastWorks is a great example of the GE Store’s essence. The program is already transforming GE and becoming the way we work. It enables us to move quickly, experiment in finding a better solution, and stay focused on the customer. For example, we share ideas with our customers before they’re perfect, make small bets, and test and validate along the way to scale. What gets rewarded? Speed, risk-taking, and learning from failures. What gets jettisoned? Complexity, bureaucracy, and anything that doesn’t bring value to our customers.
FastWorks is also a force in incubating new businesses like Vitruvian Networks, a life sciences business co-developed with Mayo Clinic. It helped us be more competitive in rural healthcare markets, where we co-created with our customers an Affordable Care Portfolio, including the Lullaby Suite to reduce infant mortality. It’s also helping to transform our Lighting business into Current, an energy management company developing intelligent applications for industrial customers.
With the GE Store, we are positioned with ideas, people, and capital to solve problems as they emerge, ready to tackle change before it disrupts. A competitive advantage in an ever-accelerating, ever changing world.