Article written by Best Businesses
We all know well that whenever we logged onto the Web, someone somewhere is watching us. When we logged onto a business site to buy something online, someone is collecting data on us. But when General Electric says that it is going to collect data from jet engines, generators, locomotives, or CT Scanners, it becomes big news. That is exactly what they said at a recently concluded Mind and Machines event in San Francisco.
The Fairfield, Connecticut based General Electric wants to extract data from operating machines and used that data to make products works more efficiently. If data gathered from a jet engine can be used to lower the consumption of jet fuel by one percent, the airline industry can save up to $2 billion a year. One percent reduction in capital expenditure in oil and gas exploration and development could save up to $90 billion in 15 years. GE is planning what it calls an “Industrial Internet”. GE has allocated $100 million and hired more than 300 data analysts to work in the project located closer to the Silicon Valley in California. They expect to increase the employment to 1,000 in the near future. GE has more than 250,000 customers who are using its machines.