General Electric Company (NYSE:GE) Chief Executive Officer Jeffrey Immelt said Thursday that the company is set to earn more than $1 billion this year from its data business sales. This is more than $200 million above what the company posted last year from the same segment. He also said that the company has a plan to increase the annual revenue to $5 billion by 2017.
The company also plans to expand the scope of its services and make them widely available. General Electric Company (NYSE:GE) coined the term “Industrial Internet” and has been earning large amounts in revenue from services offered to several targeted industries.
General Electric Company (NYSE:GE) has used cutting edge technology to develop advanced data repositories that are capable of receiving and analyzing data. The data is captured from sensors that are attached to machines, with the analyzed data providing useful information such as machine performance. The technology provides increased efficiency in the management of machines.
“This is happening today. This is no longer a vision about the future,” Immelt said during the company’s “Minds and Machines” meeting. “Every industrial company is going to be transformed in some way around data and analytics.”
Through Industrial Internet, the company currently musters up to 50 million pieces of data daily from 10 million sensors that the company has already installed on machines. Since 2011, the company has so far introduced around 40 different products for different industries in a bid to increase efficiency and productivity.
And that’s not all! The company has a vision of a world where machines, through their sensors, are able to detect malfunction, analyze the problems and find their own solutions. So far, the company has several sensors that are analyzing data from big factories, medical equipment, engines, and an array of other machines.