Industrial equipment companies are unable to fully capitalize on the Internet of Things (IoT) because the amount of data generated by industrial assets overpowers the capacity of their existing technology and analytics. Genpact's studies show that $1 billion industrial businesses incurs $80–$100 million in missed revenue, and $15 million in lost profits, due to lack of timely and meaningful insights.
Reimagining Data-to-Insight and Insight-to-Action processes is critical to improving asset performance and harnessing the opportunities presented by IoT and the Industrial Internet.
GE's Predix is a platform that helps connect assets, streamline data flows, and generate insights to create business value. Genpact's experience with blue-chip industrial organizations in multiple sectors offers some examples of early successes.
A case study from the aviation world
A leading aircraft component manufacturer relied on aftermarket service contracts for more than 40% of revenue. It suffered high failure rates, high labor and parts costs, and unpredictable downtime, reducing revenue from flight hours, and diminishing profits across the remaining years of service contracts.
Enter Predix and Genpact's approach to the Industrial Internet
Accurate master data, business rules that eliminate redundancies and prevent mistakes, and robust controls ensure timely aggregation of information from multiple data sources, such as parts MRP and repair shop ERPs. GE's Predix extracts cost from multiple data sources, validates it by applying business rules, and stores it in a central data hub for granular analysis of contract performance and service operations in support of cost reduction.
Combining GE's Predix with technology, analytics solutions, and scalable engineering results in Data-to-Insight and Insight-to-Action. But enterprises must start with business problems, then work backward to address process, people, and data. A Lean DigitalSM approach, which combines Lean management practices and design thinking with powerful analytics and digital technologies, helps keep focus on outcomes and prioritizes the most effective interventions. In this way, enterprises can architect Intelligent OperationsSM that sense, act, and learn to improve continuously in agile fashion, and generate impact faster.
Learn how Genpact is helping large enterprises harness the power of the Internet of Things (IoT).