Digital solutions have the potential to save billions of dollars each year.
Use of data as the fuel and analytics as the growth engine promises to drive disruptive and positive changes across the industrial landscape. In recognition of this, two industrial heavyweights Reliance Industries and GE, have signed global partnership agreement to collaborate on building Industrial IOT applications on GE’s Predix platform.
The ‘first-of-its-kind’ partnership marks the coming together of two of the world’s largest industrial heavyweights to provide IIOT solutions to customers in oil & gas, fertiliser, power, healthcare, telecom and other heavy industries. The agreement was signed in the presence of Jeff Immelt, Chairman and CEO, GE and Mukesh Ambani, Chairman and Managing Director, Reliance Industries Limited.
“India’s potential in driving the migration to digital is well appreciated.” Immelt commented. “The partnership with Reliance Industries will shape the future of the Industrial Internet not just in India but globally. The possibilities that it opens to develop solutions on our Predix platform for the industrial sector are endless,”
Insights & Efficiencies
GE will provide its Predix cloud offering, Industrial Internet applications and data science expertise. Reliance will develop solutions on Predix as an Independent Software Vendor, bringing to bear its over 30 years of data, process and operational expertise. They will also offer nationwide connectivity infrastructure to customers through a 4G network powered by Jio. GE brings the security, availability and monitoring aspects of the platform to RIL and its customers. The potential for other revenue streams includes telecom, healthcare and agriculture.
The benefits to customers include driving operational efficiencies, profitability and new revenue streams by making use of data and analytics. A one percent productivity gain for companies creates ~ USD 250 billion value over 15 years, across these key energy and infrastructure industries. The digital market is growing at a fast pace with IIOT contributing the highest degree of growth at over 10%. According to Gartner, there exists a market opportunity of over USD 25 billion by 2022 for IIoT solutions across the four key industries of oil & gas, power, healthcare and transportation.
“India needs to rapidly move to the next level of smart manufacturing which leverages big data, algorithms, and sensor technology. The presence of ubiquitous high bandwidth connectivity and cloud services enabled by Jio will be a key enabler for the rapid growth of IIOT within India. Indians have been in the forefront of creating smart and innovative solutions in a number of fields. It’s time we brought smart manufacturing capability into India by providing value added IIOT solutions for the industry that will enable India’s economic growth,” said Mukesh Ambani, Chairman and Managing Director, Reliance Industries Ltd.