Profiting From Services and Solutions

Chapter 7

Challenges to Offering New Services and Solutions

“We used to do monitoring and diagnostics,” said Mark Little, the director of global research at GE. He was referring to GE’s use of sensor technology on gas turbines, where GE would alert customers to blips in the functioning of these engines and explain how to fix them. GE is now upgrading its service offerings dramatically by leveraging “the Industrial Internet,” commonly known as “the Internet of Things,” where every physical object has a digital representative. Combining powerful predictive software with the sensors embedded in GE’s products and networked to report on operations, and you get unprecedented prognostic capabilities. GE’s new services and solutions are able not only ...