GE's Business Model Innovation
Danielle Merfeld, Technology Director Electrical Technology and Systems, GE Global Research
Over GE’s 130 year history it has continued to re-invent itself to meet the challenges of the day from a technology and product perspective as well as through fundamental innovation of its business model. Most recently the company is executing on three important new aspects of our model:
Industrial internet- Advances in machine sensor technology, connectivity and data analytics are driving a new industrial revolution. Up to half of all global activities stand to benefit. The energy sector alone could realize $500bn of value per year by 2025. The healthcare, transport and manufacturing sectors will also gain.
Advanced manufacturing- The brilliant factory will change the way manufacturing works, by bringing designers, suppliers and production engineers together to design goods and virtually test production without touching materials or machines.
Fastworks- GE is focused on ways to simplify our operations- enabling strong customer focus and competitive speed. FastWorks is one of the ways we are enabling this simplification. Fastworks is a set of tools, principles and behaviors that will help us get better outcomes for our customers quickly, especially in an increasingly ambiguous and constantly changing world. But it isn’t just about moving faster – it’s about engaging teams in a new way to create greater impact whether we are doing something for our customers or working our internal processes.