General Electric (GE) is developing a playbook for digital transformation, focusing on the Internet of Things (IoT) and big data analytics. The strategy involves creating a ‘digital twin’ of physical assets, such as jet engines and wind turbines, to monitor performance and predict maintenance needs. GE’s Predix platform, a cloud-based operating system designed for industrial applications, is central to this approach. The company is also investing in talent, hiring thousands of software engineers and data scientists, and has opened a software centre in California. GE’s digital transformation strategy is already yielding results, with the company predicting it will generate $7bn in software and solutions revenue in 2016. The firm is also planning to make its digital twin technology available to other industries, such as healthcare and transportation.
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