GE has undertaken a major digital transformation to transition from being an industrial equipment provider to a provider of data-driven services and solutions. Key aspects of GE's transformation include developing software and analytics products, opening its Predix big data platform to third parties, and attaching sensors to machines to capture performance data and provide analytics to improve efficiency. GE has also hired new digital leaders, set up centers of excellence for software and digital initiatives, and trained employees in startup methodologies to foster innovation. The transformation aims to allow GE to capitalize on data from its industrial equipment and maintain relevance in a changing industry.
The 2013 Deloitte Undergraduate Case Competition challenged students to develop strategy, technology, and human capital recommendations for MAD HATS, a company that donates a hat to a person in need for each hat purchased by one of their customers.
The 2013 Deloitte Undergraduate Case Competition challenged students to develop strategy, technology, and human capital recommendations for MAD HATS, a company that donates a hat to a person in need for each hat purchased by one of their customers.
Harvard Business School Case Study on Mountain Man Brewing Company by Shashank Srivastava, IET Lucknow under the guidance of Prof. Sameer Mathur, IIM Lucknow.
Manzana Insurance is the second largest insurance company founded in California in 1902. • They operated through a network of autonomous branch offices in California, Oregon and Washington. Each branch is treated as a separate profit and loss centre. • Manzana does not directly interact with public but instead has its 2000 agents who represents Manzana. • Fruitvale was one of the Manzana’s smaller branches, with 3 underwriting teams and 76 agents. Our case concern is the falling performance and hence the profitability on Property Insurance for this branch.
Innovation at Progressive (A) - Harvard Business School
Answering the following questions:
1. How does Progressive’s performance as an auto insurer compare to that of typical insurance companies? How does its performance changed over time? What explains the difference in performance?
2. Customers of auto insurers are very price sensitive. How problematic is it to Progressive that customers almost always select the insurer that offers the best price?
3. Assess the viability of the Autograph system. What level of consumer acceptance will it take to make Autograph successful? What are the barriers to consumer acceptance? Should Autograph be expanded nationwide?
Made and presented for the course Service Operations Management at the Viadrina University, winter term 2012/2013
GE: How an Industrial Leviathan became a Digital GiantCapgemini
An Interview with Beth Comstock – Vice Chairman of General Electric exploring the companies key milestones in their Digital Transformation Journey. Areas explored include their trajectory towards a digital industrial company, GE’s Predix Platform, a cornerstone in GE’s digital strategy, how they operationalized their digital strategy through investment, greenfield and acquisitions, how they adapted a digital culture in a century old company and the rationale behind GE Digital, a shift to centralise their digital capabilities.
Harvard Business School Case Study on Mountain Man Brewing Company by Shashank Srivastava, IET Lucknow under the guidance of Prof. Sameer Mathur, IIM Lucknow.
Manzana Insurance is the second largest insurance company founded in California in 1902. • They operated through a network of autonomous branch offices in California, Oregon and Washington. Each branch is treated as a separate profit and loss centre. • Manzana does not directly interact with public but instead has its 2000 agents who represents Manzana. • Fruitvale was one of the Manzana’s smaller branches, with 3 underwriting teams and 76 agents. Our case concern is the falling performance and hence the profitability on Property Insurance for this branch.
Innovation at Progressive (A) - Harvard Business School
Answering the following questions:
1. How does Progressive’s performance as an auto insurer compare to that of typical insurance companies? How does its performance changed over time? What explains the difference in performance?
2. Customers of auto insurers are very price sensitive. How problematic is it to Progressive that customers almost always select the insurer that offers the best price?
3. Assess the viability of the Autograph system. What level of consumer acceptance will it take to make Autograph successful? What are the barriers to consumer acceptance? Should Autograph be expanded nationwide?
Made and presented for the course Service Operations Management at the Viadrina University, winter term 2012/2013
GE: How an Industrial Leviathan became a Digital GiantCapgemini
An Interview with Beth Comstock – Vice Chairman of General Electric exploring the companies key milestones in their Digital Transformation Journey. Areas explored include their trajectory towards a digital industrial company, GE’s Predix Platform, a cornerstone in GE’s digital strategy, how they operationalized their digital strategy through investment, greenfield and acquisitions, how they adapted a digital culture in a century old company and the rationale behind GE Digital, a shift to centralise their digital capabilities.
GE IOT Predix Time Series & Data Ingestion Service using Apache Apex (Hadoop)Apache Apex
This presentation will introduce usage of Apache Apex for Time Series & Data Ingestion Service by General Electric Internet of things Predix platform. Apache Apex is a native Hadoop data in motion platform that is being used by customers for both streaming as well as batch processing. Common use cases include ingestion into Hadoop, streaming analytics, ETL, database off-loads, alerts and monitoring, machine model scoring, etc.
Abstract: Predix is an General Electric platform for Internet of Things. It helps users develop applications that connect industrial machines with people through data and analytics for better business outcomes. Predix offers a catalog of services that provide core capabilities required by industrial internet applications. We will deep dive into Predix Time Series and Data Ingestion services leveraging fast, scalable, highly performant, and fault tolerant capabilities of Apache Apex.
Speakers:
- Venkatesh Sivasubramanian, Sr Staff Software Engineer, GE Predix & Committer of Apache Apex
- Pramod Immaneni, PPMC member of Apache Apex, and DataTorrent Architect
See how Artificial Intelligence (AI) plays a wide range of increasingly sophisticated roles in creating better customer interactions at the user interface (UI) in trend 1 of Tech Vision 2017.
Innova Aviation Solutions, accelerate digital transformation of airline processes for operational excellence. For more information www.innova.com.tr/aviation
Monetizing the Internet of Things: Extracting Value from the Connectivity Opp...Capgemini
Cisco has estimated that the Internet of Things (IoT) has the potential to generate about $19 trillion of value over the coming years. The staggering potential size-of-the-prize has certainly caught the attention of the world’s business community. In a recent survey of senior business leaders around the globe, 96% said their companies would be using IoT in some way within the next 3 years. However, there is a catch – most organizations are yet to derive significant commercial value from IoT. Our research shows that 70% of organizations do not generate service revenues from their IoT solutions. We have looked at why organizations are falling short in monetizing the IoT, and have tried to capture some initial observations on monetization models in what is still a very fast-developing marketplace.
Presentation the internet of things - are organizations ready for a multi-tr...Rick Bouter
Presentation the internet of things - are organizations ready for a multi-trillion dollar prize - Karl Bjurström, Capgemini Consulting - digital transformation
Discovering U.S. Passenger Lists on AncestryAncestry.com
Ancestry, the world's leading resource for online family history & genealogy brings you a deep dive on understanding United States passenger lists to discover your ancestors.
The presentation focuses on how enterprises can turn Internet-of-Things-Data into Action and outlines the 5-A Model for Data Actionability. 5A stands for Action, Assignment, Analysis, Aggregation and Acquisition.
Central questions such as “How do I identify bad quality during or before the process?” or “How do I prevent unplanned downtime?” are addressed in this presentation by Prof. Michael Capone, at the Capgemini Week of Innovation Networks 2016.
Fixing the Insurance Industry: How Big Data can Transform Customer SatisfactionCapgemini
Insurers are facing a moment of truth. Customer satisfaction levels have hit worryingly low levels. According to a survey conducted by Capgemini in 2014, less than a third of customers globally are satisfied with the services of their insurance providers. Traditional insurers also face competition from new entrants who are determined to meet customer expectations. Non-traditional competitors, such as ecommerce majors and technology startups, are leveraging their data-rich customer interactions to create and sell insurance products.
Surprisingly, insurers seem to have overlooked the impact of Big Data on improving customer experience as they often focus their Big Data efforts on detecting fraudulent claims and improving underwriting profitability. In fact, only 12% of insurers consider the enhancement of customer experience as a top Big Data priority. This is startling given the poor levels of customer satisfaction in the insurance industry. In this research, we examine how insurers can effectively leverage customer data to improve customer satisfaction.
This presentation gives an overview of Microsoft & SAP Solution for Manufacturing O365 in MII 14 which helps you to manage complexity, rapidly develop/deploy, real-time and provides consistent User Experience. It also shows demo screen shots, information to the people who need it, mobile architecture for SAP manufacturing and more.
During the next few years, says GE Digital's leader Bill Ruh, the Industrial Internet will turn every company into a digitally empowered enterprise. Ruh sees himself as a productivity activist -- building the software and hardware platforms that will take society into a new, prosperous stage of development.
Patrick Couch - Intelligenta Maskiner & Smartare Tjänster IBM Sverige
Industriföretag, såväl tillverkare som användare av maskiner, fordon och utrustning, står inför ett paradigmskifte drivet av ökad global konkurrens, kunders förändrade efterfrågan samt det faktum att produkterna nu blir instrumenterade, ihopkopplade och mer intelligenta. Stora datamängder är inte ett buzzword för dessa företag, utan en reell verklighet som de behöver förhålla sig till för att säkra sin framtida verksamhet. I bästa fall omvandlar dessa företag denna teknologiska revolution (populärt kallad Internet of Things, Industrial Internet, M2M, Industri 4.0 etc.) till en motor för att utveckla verksamheten mot tillväxt och effektivare produktion. Detta skifte skapar framförallt stora möjligheter att förflytta sig mot leveranser av tjänster som kraftigt ökar mervärdet för kunderna, deras kunders kunder samt för producenten.
In prior research, we showcased how digital leaders are using investments in digital technologies to transform key capabilities across customer experience and operations. However, in today’s volatile and disrupted world, capability leadership is not enough. As well as having the capabilities in place, organizations need to be nimble and flexible – dexterous – if they are to respond to ever-changing technology advances, emerging competitive disruptions, and changing customer needs. Enterprises that excel in both qualities – capability and dexterity – are digital organizations. This ‘digital elite’ reported that they outperformed their competitors on multiple key performance indicators including profitability, customer satisfaction, innovativeness and growth.
GE의 디지털 산업 변화 - GE's Digital Industrial Transformation PlaybookGE코리아
많은 곳에서 산업의 디지털 변화에 대해 이야기하지만, 소수의 산업기업만이 실제 변화를 겪고 있습니다. GE가 바로 그런 기업입니다. GE의 디지털 산업 변화 문서에서는 GE가 디지털 산업 변화를 경험하며 얻은 통찰, 공유, 도구, 기술 등을 전반적으로 소개합니다.
While much has been written about the digital transformation
of industry, few industrial companies have undertaken the
daunting work of actually transforming. GE has and is.
This paper provides an overview of the insights, lessons
learned, tools, and techniques that GE acquired through its
own digital industrial transformation experience.
The Internet of Things: Are Organizations Ready For A Multi-Trillion Dollar P...Capgemini
The Internet is expanding. And this is not just in terms of getting accessible to more people; it is expanding beyond humans. Machines are becoming connected. Machines are talking to humans, but increasingly, they are also talking to one another. And this interconnectedness of machines, or the Internet of Things (IoT), is a potential multi-trillion dollar market that organizations can now tap into.
However, do organizations realize the scale of the opportunity? Capgemini Consulting conducted an extensive survey of IoT products and services of over 100 leading companies across North America and Europe. We also spoke at length with several industry executives at companies developing IoT solutions to understand the challenges companies face. This article presents the results of the survey and highlights the key hurdles companies are facing.
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G
oogle was the leading Internet search f i r m i n
2012, w i t h a nearly 67 percent market share i n
search f r o m home and w o r k computers and a
95 percent share i n searches performed f r o m mobile
devices. Google's business model allowed advertisers to
b i d on search terms that w o u l d describe their product or
service on a cost-per-impression (CPI) or cost-per-click
(CPC) basis. Google's search-based ads were displayed
near Google's search results and generated advertis-
i n g revenues o f more than $36.5 b i l l i o n i n 2011. The
company also generated revenues o f about $1.4 b i l l i o n
i n 2010 f r o m licensing fees charged to businesses that
wished to install Google's search appliance o n company
intranets and f r o m a variety o f new ventures. New ven-
tures were becoming a growing p r i o r i t y w i t h Google
management since the company dominated the market
f o r search based ads and sought additional opportu-
nities to sustain its extraordinary growth i n revenues,
earnings, and net cash provided by operations.
I n 2012, Google was pursuing a cloud comput-
i n g initiative that was intended to change the market
f o r c o m m o n l y used business productivity applica-
tions such as w o r d processing, spreadsheets, and pre-
sentation software f r o m the desktop to the Internet.
I n f o r m a t i o n technology analysts believed that the
market f o r such applications—collectively called cloud
computing—could grow to $95 b i l l i o n by 2013. Google
had also entered i n t o alliances w i t h Intel, Sony, D I S H
Network, Logitech, and other f i r m s to develop the
technology and products required to launch Google
TV. Google T V was launched i n the U.S. i n 2011 and
w o u l d allow users to search live network and cable
programming; streaming videos f r o m providers such
as N e t f l i x , A m a z o n Video O n Demand, and YouTube;
and recorded programs on a D V R . The company also
launched its G o o g l e + social networking site i n 2011
to capture additional advertising opportunities.
Perhaps the company's most ambitious strategic
initiative i n 2012 was its acquisition o f Motorola
M o b i l i t y f o r $12.5 b i l l i o n , w h i c h put i t i n the hard-
ware segment o f the smartphone and tablet computer
industries. Analysts f o l l o w i n g the transaction saw the
move to acquire Motorola M o b i l i t y as a direct attempt
to m i m i c Apple's strategy used f o r the iPhone and iPad
that tightly integrated hardware and software f o r its
most profitable and fastest g r o w i n g products. Google
had launched its A n d r o i d operating system f o r mobile
phones i n 2008 and allowed wireless phone manu-
facturers such as L G , H T C , and Nokia to produce
Internet-enabled phones boasting features similar to
those available o n Apple's iPhone. By 2012 ...
Ctrl-alt-del: Rebooting the Business Model for the Digital AgeCapgemini
Our research with the MIT Sloan Management Review reveals that only 16% of organizations are leveraging digital technologies to develop new business models. Most organizations follow traditional approaches to innovation that focus on new products and services, rather than on business models. However, research suggests that the returns from traditional approaches have been diminishing with time. As Serguei Netessine, Professor at INSEAD Singapore says, “Pharmaceutical companies spend as much as 30% of their revenues on R&D, trying to develop new products or technologies. But the return from this enormous expenditure has been very elusive and it is a common problem across industries.” Business model reinvention can be as good a route as technology, product or service innovations. This research highlight five different approaches that organizations can adopt to reinvent their business model with digital technologies.
Similar to Going Digital: General Electric and its Digital Transformation (20)
COVID-19 heightened chronic challenges within the global healthcare industry. It became a catalyst amid fierce competition and tight regulations for health providers and payers to focus on digital health, cybersecurity, patient data transparency, and a variety of customer-centric and operational enhancements. As a result, we found the 2022 trendline pointing to improvements in access and quality of care.
Healthcare challenges such as optimizing the cost of care while simultaneously enabling personalized interventions and consumer-friendly shoppable services are long-standing − but, historically, the industry has been slow to react.
Read our Top Trends 2022 report to examine the lingering ramifications of the pandemic, responses from medical and insurance organizations, and the worldwide impact of ever-changing regulatory standards and mandates.
A combination of factors − the pandemic, catastrophic weather events, evolving policyholder expectations, and insurers’ drive for operational efficiency and future relevance − are sparking P&C industry changes.
In a post-COVID, new-normal environment, the most strategic insurers are building resilient, crisis-proof enterprises poised to take advantage of emerging and future business opportunities. They are leveraging advanced data analytics and novel technologies to assure agility and achieve positive revenue and customer satisfaction outcomes. Competitive advantage will hinge on accelerated digitalization and faster go-to-market. Therefore, win-win partnerships and embedded services with InsurTechs and other ecosystem players are critical.
Read Capgemini’s Top P&C Insurance Trends 2022 for a glimpse at the tactical and strategic initiatives carriers are undertaking to boost customer-centricity, product agility, intelligent processes, and an open ecosystem to ensure profitable growth and future-readiness.
This analysis provides an overview of the top trends in the commercial banking sector as they shift to technology high gear to boost client efficiency and battle a volatile, uncertain, competitive, and evolving landscape.
First, it was retail banking. Now, advanced technology is shifting to – and disrupting − the commercial banking space. Many commercial banks, known for paperwork, red tape, and branch dependency, were unprepared to support clients during their post-COVID-19 ramp-up. But now, the digital pivot to new mindsets, partnerships, and processes is in overdrive.
As commercial banks grapple with competition from FinTechs, BigTechs, and alternative lenders, their inability
to fulfill SME demands and pandemic after-shocks necessitates transformative process changes and a move
to experiential, sustainable, and inclusive banking models. We expect banks to strive to meet the demands
of corporate clients and SMEs by digitally transforming critical workflows and improving client experience.
Additionally, incremental process improvements in the middle and back-office that leverage intelligent
automation will keep the competition at bay because engaged clients are loyal.
Adopting newer methods to mine data and moving to as-a-Service models will prepare commercial banks
to flexibly respond to newcomers and find ways to co-exist through effective collaboration. The time has come for commercial banks to put transformation on the fast track as lending losses in wallet and market share could spill over to other functions!
How incumbents react and respond to 2022 trends could determine their relevancy and resiliency in the years ahead.
The Covid-19 pandemic necessitated the payments industry undergo a facelift, sparked by novel approaches from new-age players, fostered by industry consolidation, and customers’ demand for end-to-end experience. Crossing the threshold, the industry is entering a new era – Payments 4.X, where payments are embedded and invisible, and an enabling function to provide frictionless customer experience. As customers make a permanent shift to next-gen payment methods, Digital IDs are critical for a seamless payment experience. The B2B payments segment is witnessing rapid digitization. BigTechs, PayTechs, and industry newcomers are ready to jump in with newfangled solutions to help underserved small to medium-sized businesses (SMBs).
As incumbents struggle with profits, new-age firms are forging ahead to take the lead in the Payments 4.X era by riding the success of non-card products and services. The new era demands collaboration, platformification, and firms can unleash full market potential only by embracing API-based business models and open ecosystems. Data prowess and enhanced payment processing capabilities are inevitable to thrive ahead. The clock is ticking for banks and traditional payments firms because the competitive advantage is not guaranteed forever. As industry players seek economies of scale, consolidations loom, and non-banks explore new territories to threaten incumbents’ market share. While all these 2022 trends are at play, central bank digital currency (CBDC) is emerging globally and might open a new chapter in the current payments landscape.
As we slowly move out of the pandemic, financial services firms have learned the criticality of virtual engagement to business resilience. Wealth management firms will need capabilities to cater to new-age clients and deliver new-age services. This report aims to understand and analyze the top trends in the Wealth Management industry this year and beyond.
A year ago, our Top Trends in Wealth Management report emphasized how the pandemic sparked disruption and digital transformation and changing investor attitudes around Environmental, Social, and Corporate Governance (ESG) products. As we begin 2022, many of those trends continue to hold as COVID-19’s wide-reaching effects continue to influence the wealth management industry.
As wealth management (WM) firms supercharge their digital transformation journeys, investments in cybersecurity and human-centered design are becoming critical to building superior digital client experience (CX). Another holdover trend − sustainable investing – is gaining mainstream attention and generating increasingly sophisticated client demands. Data and analytics capabilities will become ever more essential for ESG scoring and personalized customer engagement. As large financial services firms refocus on their wealth management business while new digital players make industry strides, competition is becoming historically intense. Not surprisingly, client experience is the new battleground.
This analysis provides an overview of the top trends in the retail banking sector driven by the competition, digital transformation, and innovation led by retail banks exploring novel ways to create and retain value in evolving landscape.
COVID-19 caught banks off guard and shook legacy mindsets to the core. With 20/20 (2020) hindsight, firms are more aware, digitally resilient, and financially stable as they head into 2022. The trials of the past 18 months forced firms to shore up existing business and consider new models and revenue streams.
Customer-centricity remains at the top of most FS agendas and is a 2022 focal point. Banks will focus on achieving operational excellence as diligently as delivering superior CX. In 2022 and beyond, it will be paramount for FIs to explore and invest in new technologies to remain relevant and resilient.
Banking 4.X will arrive in full force in 2022 with platform-supported firms monetizing diverse ecosystem capabilities and aggressively harvesting data to create experiential customer journeys through intelligent and personalized engagements. The new era will compel future-focused banks to finally abandon legacy infrastructure and collaborate with third-party specialists to solidify their best-fit, long-term roles. Increasingly, open platforms will make banks invisible as banking becomes embedded into customer lifestyles. At the same time, banks will shed asset-heavy models and shift to the cloud for greater agility, speed to market, and faster innovation. The shift will act as a precursor to adopting new technologies on the horizon – 5G and Decentralized Finance.
The recent past was filled will extraordinary lessons for financial institutions. Now is the time to act on those learnings and move forward profitably.
While COVID-19 has sparked the demand for life insurance, it has also exposed the operating model vulnerabilities in distribution, servicing, and customer retention. In a post-COVID, new-normal environment, insurers need to enhance their capabilities around advanced data management and focus on seamless and secure data sharing to provide superior CX and hyper-personalized offerings. Accelerated digitalization and faster go-to-market are vital to remaining competitive, and win-win partnerships with ecosystems are critical in the journey.
Read our Top Life Insurance Trends 2022 to explore the tactical and strategic initiatives carriers undertake to acquire competencies around customer centricity, product agility, intelligent processes, and an open ecosystem to ensure profitable growth and future readiness.
Property & Casualty Insurance Top Trends 2021Capgemini
The Property & Casualty insurance landscape is evolving quickly with the changing risk landscape, entry of new players, and changing customer expectations. The ripple effects of COVID-19 on the P&C insurance industry and natural disasters such as forest fires have adversely impacted insurance firm books.
In this scenario, to ensure growth and future-readiness, the most strategic insurers strive to be ‘Inventive Insurers’ – assuming a customer-centric approach, deploying intelligent processes, practicing business resilience and go-to-market agility, and embracing an open ecosystem.
Read our Property & Casualty Insurance Top Trends 2021 report to explore the strategies insurers are adapting to remain competitive amidst the evolving business landscape and how they can explore new ways to enhance their profitability.
A combination of factors such as demographic changes, evolving consumer preferences, and desire to become operationally efficient were already spurring changes in the life insurance industry. Enter 2020 – the COVID-19 pandemic is having a significant impact on the industry.
At the peak of disruption, the focus was on ensuring business continuity, but new initiatives are cropping up to tackle the challenges as the industry is adapting to the new normal.
Furthermore, COVID-19 has acted as a catalyst, pushing life insurers to prioritize their efforts on improving customer centricity, developing go-to-market agility, making processes intelligent, building business resilience, and embracing the open ecosystem.
Read our Life Insurance Top Trends 2021 report to explore the strategies insurers are adopting to manage the changing market dynamics.
The uncertainty of 2020 is setting the global tone for the immediate future in the financial services industry. So it is no surprise banks are laser-focused on business resilience, emphasizing both financial and operational risks. The need to adapt quickly to new normal conditions through virtual customer engagement is clear.
Customer centricity continues to drive commercial banks’ solution designs. And, the pandemic compelled products that deliver immediate client value ‒ quick digital onboarding, seamless lending, and support for small and medium-sized enterprises (SMEs). The onus is now on banks to go to market more quickly, which requires the implementation of intelligent processes and integrating corporates’ enterprise resource planning (ERP) systems with banking workflows.
To achieve go-to-market agility, banks across the globe are investing in and collaborating with FinTechs. Many of these partnerships are focused on boosting digital lending and providing seamless support to anxious small-business clients in need of assurance.
With newfound impetus for FinTech collaboration, commercial banks have picked up their step on the path toward OpenX. COVID-19 made it evident that survival during turbulence is manageable through collaboration with ecosystem players.
Read our Top Trends in Commercial Banking 2021 report to explore the strategies banks are adapting to transform their businesses from a product-led, siloed model to an experiential and agile plan.
When we published the Top Trends in Wealth Management 2020, little did we foresee the pandemic that would sweep through the world and disrupt life as we knew it. Yet, when we reviewed last year’s trends, we found that many still hold and some have taken on even greater relevance. One such trend is sustainable investing, which had begun to gain prominence as investors became more aware of ESG considerations, and firms rolled out more sustainable investing offerings. Another trend that has accelerated in the post-COVID world is the importance of investing in omnichannel capabilities and technologies such as artificial intelligence (AI) to enhance personalization and advisor effectiveness. The pandemic has driven wealth management firms to accelerate their digital transformation journey, with some immediate focus areas being interactive client communications and digital advisor tools.
There is no denying that time is of the essence. Yes, budgets are tight, but the Open X ecosystem offers wealth management firms opportunities to reimagine their operating models and deliver excellent customer experience cost-effectively.
Top trends in Payments: 2020 highlighted the payments industry’s flux driven by new trends in technology adoption, innovative solutions, and changing consumer behavior. The pandemic has tested the digital mastery of players, who are already grappling with transition. Non-cash transactions are on a robust growth path, accelerated by increased adoption during COVID-19. Regulators are working to instill trust and address non-cash payments risk amid unparalleled growth as players collaborate to quell uncertainty. Regional initiatives, such as the P27 (Nordics real-time payments system) and the EPI (European Payments Initiative), are gaining traction in response to country-level fragmentation and competition.
Investment in emerging technologies is looked upon as an elixir to mitigate fraud, data-driven offerings are being considered for providing value-added propositions, and distributed ledger technology is in focus for digital currency solutions, efficiency enhancement, and cost gains. New players, such as retailers/merchants, are integrating payments into their value chains while technology giants are upscaling their financial services game by weaving offerings around payments as a center stage. Constrained by budgets, firms consider business models such as Platform-as-a-Service (PaaS) to provide cost-effective and superior customer experience.
A combination of factors, including demographic changes, evolving consumer preferences, and regulatory and compliance mandates, were already spurring change in the health insurance industry. Enter 2020 and the COVID-19 pandemic, which is having sweeping implications for the industry.
At the peak of disruption, the focus was on ensuring business continuity, but new initiatives are cropping up to tackle the challenges as the industry adapts to the new normal.
Furthermore, some changes are here to stay, and it will be prudent for the industry players to be resilient to the market shifts by being agile, improving member centricity, making processes intelligent, and embracing the open ecosystem.
Read our Health Insurance Top Trends 2021 report to explore the strategies insurers are adopting to manage the external pressures.
The banking industry’s resilience is being tested as banks navigate through a remarkable 2020 filled with uncertainties. The impact of COVID-19 has been about setting the tone for future operational models. Retail banks have shifted focus towards integrated risk management with a more holistic view of operational risks. Adapting to the new normal, banks have prioritized cost transformation while engaging customers virtually. Incumbents sought to be more responsible within fast-changing environmental conditions and ESG remained a critical focus.
To provide more experiential services, banks are leveraging techniques such as segment-of-one to hyper-personalize offerings while aiming to humanize digital channels for increased engagement. Banks are also revamping middle and back offices, going beyond the front end leveraging intelligent processes. Open X is enabling banks to play on their strengths and use the expertise of ecosystem players. Going forward, banks are poised to become an enhanced one-stop shop by providing consumers value-adding FS and non-FS experiences.
To acquire customers in cost-effective manner, retail banks are tapping value-based propositions ‒ such as POS financing and mortgage refinancing. Further, Banking-as-Service provides incumbents a way to provide their high-value offerings to other players. In preparation for the future, banks will be looking to improve their go-to-market agility by leveraging the benefits of cloud. This analysis outlines the top 10 trends in retail banking for 2021.
Explore how Capgemini’s Connected autonomous planning fine-tunes Consumer Products Company’s operations for manufacturing, transport, procurement, and virtually every other aspect of the supply-value network in a touchless, autonomous way.
Financial services is undergoing a paradigm shift that is forcing incumbent retail banks to rethink growth strategies as they struggle to remain relevant. Growing competition from BigTechs, FinTech firms, and challenger banks has added to the complexity created by increasingly stringent regulatory and compliance requirements. Customers now expect a seamless customer journey and personalized offerings because they have become accustomed to top-notch individualized service from GAFA giants Google, Apple, Facebook, and Amazon. The changing ecosystem offers established banks new, unexplored opportunities and encourages a transition beyond traditional products to meet the exacting requirements of today’s customers. Bank collaboration with FinTech and RegTech partners is becoming commonplace. Incumbents are exploring point-of-sale financing and unsecured consumer lending, while they also boost their digital channel competencies to reach a broader customer base. Banks are beginning to accept open APIs and are working with third-party specialists to create an open shared marketplace. Technological advancements such as AI are fueling efforts to evolve customer onboarding and touchpoint processes. Increasingly, banks are turning to design thinking methodology to understand the customer journey, extract deep insights, and develop a more refined user experience across the customer lifecycle.
Our analysis of the top retail banking trends for 2020 offers a glimpse into the fast-changing banking ecosystem and explores the tools and solutions being used to face new-age challenges.
Aspects of the life insurance industry have remained constant for years – and so have premiums. Traditional savings products have taken a huge hit in terms of attractiveness because low interest-rates prevail. Meanwhile, the risk landscape is shifting, and insurers need to align better with the emerging business environment, manage changing customer preferences, and improve operational efficiencies. Within today’s scenario, industry players are undertaking tactical and strategic shifts in attempts to manage unpredictable market dynamics. Insurers must develop alternative products to breathe new life into policies and leverage emerging technologies (artificial intelligence (AI), analytics, and blockchain) to improve efficiency, agility, flexibility, and customer-centricity.
Read Top Trends in Life Insurance: 2020 for a look at the innovative steps future-focused insurers are considering to meet industry challenges and opportunities.
The health insurance industry is evolving and undergoing significant changes. As the risk landscape shifts, insurers are working to improve operational efficiencies, meet evolving customer preferences, and align better with the changing business environment. Accordingly, payers must adapt and align business models and offerings. An incisive tactical approach is required to accommodate members’ needs and related emerging risks — medical, health, and environmental. Advanced technologies such as artificial intelligence, analytics, automation, and connected devices are enabling insurers to manage these changes proactively, partner with members, and help to prevent risks, all the while continuing to fulfill payer responsibilities.
Read Top Trends in Health Insurance: 2020 to learn which strategies insurers are adopting to navigate and align with today’s challenges.
Similar to other financial services domains, payments is evolving into an open ecosystem. The EU’s Payment Services Directive (PSD2) pioneered open banking by encouraging banks and established payments players to securely open the systems to foster competition, innovation, and more customer choices. In tandem with non-cash transaction growth, regulations are driving banks and payments firms to expand their array of payment methods and channels. Governments are encouraging financial inclusion by also promoting the adoption of non-cash payments. Increasingly, merchants and corporates seek to offer alternative payment systems because of widespread popularity among consumers. Alternative payments also enable merchants to provide real-time and cross-border payments to boost business efficiency.
Banks, payment firms, card firms, BigTechs, FinTechs, and other players are continuously developing new technology to cash in on market changes. However, data breaches and fraud continue to hinder innovation as firms devote countless resources each year to address security issues. Many governments are also designing new regulations to reduce ecosystem threats. All these measures are expected to make the current ecosystem much more secure and simple for players as well as customers.
Top Trends in Payments: 2020 explores and analyzes payments ecosystem initiatives and solutions for this year and beyond
Software Delivery At the Speed of AI: Inflectra Invests In AI-Powered QualityInflectra
In this insightful webinar, Inflectra explores how artificial intelligence (AI) is transforming software development and testing. Discover how AI-powered tools are revolutionizing every stage of the software development lifecycle (SDLC), from design and prototyping to testing, deployment, and monitoring.
Learn about:
• The Future of Testing: How AI is shifting testing towards verification, analysis, and higher-level skills, while reducing repetitive tasks.
• Test Automation: How AI-powered test case generation, optimization, and self-healing tests are making testing more efficient and effective.
• Visual Testing: Explore the emerging capabilities of AI in visual testing and how it's set to revolutionize UI verification.
• Inflectra's AI Solutions: See demonstrations of Inflectra's cutting-edge AI tools like the ChatGPT plugin and Azure Open AI platform, designed to streamline your testing process.
Whether you're a developer, tester, or QA professional, this webinar will give you valuable insights into how AI is shaping the future of software delivery.
GDG Cloud Southlake #33: Boule & Rebala: Effective AppSec in SDLC using Deplo...James Anderson
Effective Application Security in Software Delivery lifecycle using Deployment Firewall and DBOM
The modern software delivery process (or the CI/CD process) includes many tools, distributed teams, open-source code, and cloud platforms. Constant focus on speed to release software to market, along with the traditional slow and manual security checks has caused gaps in continuous security as an important piece in the software supply chain. Today organizations feel more susceptible to external and internal cyber threats due to the vast attack surface in their applications supply chain and the lack of end-to-end governance and risk management.
The software team must secure its software delivery process to avoid vulnerability and security breaches. This needs to be achieved with existing tool chains and without extensive rework of the delivery processes. This talk will present strategies and techniques for providing visibility into the true risk of the existing vulnerabilities, preventing the introduction of security issues in the software, resolving vulnerabilities in production environments quickly, and capturing the deployment bill of materials (DBOM).
Speakers:
Bob Boule
Robert Boule is a technology enthusiast with PASSION for technology and making things work along with a knack for helping others understand how things work. He comes with around 20 years of solution engineering experience in application security, software continuous delivery, and SaaS platforms. He is known for his dynamic presentations in CI/CD and application security integrated in software delivery lifecycle.
Gopinath Rebala
Gopinath Rebala is the CTO of OpsMx, where he has overall responsibility for the machine learning and data processing architectures for Secure Software Delivery. Gopi also has a strong connection with our customers, leading design and architecture for strategic implementations. Gopi is a frequent speaker and well-known leader in continuous delivery and integrating security into software delivery.
JMeter webinar - integration with InfluxDB and GrafanaRTTS
Watch this recorded webinar about real-time monitoring of application performance. See how to integrate Apache JMeter, the open-source leader in performance testing, with InfluxDB, the open-source time-series database, and Grafana, the open-source analytics and visualization application.
In this webinar, we will review the benefits of leveraging InfluxDB and Grafana when executing load tests and demonstrate how these tools are used to visualize performance metrics.
Length: 30 minutes
Session Overview
-------------------------------------------
During this webinar, we will cover the following topics while demonstrating the integrations of JMeter, InfluxDB and Grafana:
- What out-of-the-box solutions are available for real-time monitoring JMeter tests?
- What are the benefits of integrating InfluxDB and Grafana into the load testing stack?
- Which features are provided by Grafana?
- Demonstration of InfluxDB and Grafana using a practice web application
To view the webinar recording, go to:
https://www.rttsweb.com/jmeter-integration-webinar
Slack (or Teams) Automation for Bonterra Impact Management (fka Social Soluti...Jeffrey Haguewood
Sidekick Solutions uses Bonterra Impact Management (fka Social Solutions Apricot) and automation solutions to integrate data for business workflows.
We believe integration and automation are essential to user experience and the promise of efficient work through technology. Automation is the critical ingredient to realizing that full vision. We develop integration products and services for Bonterra Case Management software to support the deployment of automations for a variety of use cases.
This video focuses on the notifications, alerts, and approval requests using Slack for Bonterra Impact Management. The solutions covered in this webinar can also be deployed for Microsoft Teams.
Interested in deploying notification automations for Bonterra Impact Management? Contact us at sales@sidekicksolutionsllc.com to discuss next steps.
"Impact of front-end architecture on development cost", Viktor TurskyiFwdays
I have heard many times that architecture is not important for the front-end. Also, many times I have seen how developers implement features on the front-end just following the standard rules for a framework and think that this is enough to successfully launch the project, and then the project fails. How to prevent this and what approach to choose? I have launched dozens of complex projects and during the talk we will analyze which approaches have worked for me and which have not.
GraphRAG is All You need? LLM & Knowledge GraphGuy Korland
Guy Korland, CEO and Co-founder of FalkorDB, will review two articles on the integration of language models with knowledge graphs.
1. Unifying Large Language Models and Knowledge Graphs: A Roadmap.
https://arxiv.org/abs/2306.08302
2. Microsoft Research's GraphRAG paper and a review paper on various uses of knowledge graphs:
https://www.microsoft.com/en-us/research/blog/graphrag-unlocking-llm-discovery-on-narrative-private-data/
Search and Society: Reimagining Information Access for Radical FuturesBhaskar Mitra
The field of Information retrieval (IR) is currently undergoing a transformative shift, at least partly due to the emerging applications of generative AI to information access. In this talk, we will deliberate on the sociotechnical implications of generative AI for information access. We will argue that there is both a critical necessity and an exciting opportunity for the IR community to re-center our research agendas on societal needs while dismantling the artificial separation between the work on fairness, accountability, transparency, and ethics in IR and the rest of IR research. Instead of adopting a reactionary strategy of trying to mitigate potential social harms from emerging technologies, the community should aim to proactively set the research agenda for the kinds of systems we should build inspired by diverse explicitly stated sociotechnical imaginaries. The sociotechnical imaginaries that underpin the design and development of information access technologies needs to be explicitly articulated, and we need to develop theories of change in context of these diverse perspectives. Our guiding future imaginaries must be informed by other academic fields, such as democratic theory and critical theory, and should be co-developed with social science scholars, legal scholars, civil rights and social justice activists, and artists, among others.
State of ICS and IoT Cyber Threat Landscape Report 2024 previewPrayukth K V
The IoT and OT threat landscape report has been prepared by the Threat Research Team at Sectrio using data from Sectrio, cyber threat intelligence farming facilities spread across over 85 cities around the world. In addition, Sectrio also runs AI-based advanced threat and payload engagement facilities that serve as sinks to attract and engage sophisticated threat actors, and newer malware including new variants and latent threats that are at an earlier stage of development.
The latest edition of the OT/ICS and IoT security Threat Landscape Report 2024 also covers:
State of global ICS asset and network exposure
Sectoral targets and attacks as well as the cost of ransom
Global APT activity, AI usage, actor and tactic profiles, and implications
Rise in volumes of AI-powered cyberattacks
Major cyber events in 2024
Malware and malicious payload trends
Cyberattack types and targets
Vulnerability exploit attempts on CVEs
Attacks on counties – USA
Expansion of bot farms – how, where, and why
In-depth analysis of the cyber threat landscape across North America, South America, Europe, APAC, and the Middle East
Why are attacks on smart factories rising?
Cyber risk predictions
Axis of attacks – Europe
Systemic attacks in the Middle East
Download the full report from here:
https://sectrio.com/resources/ot-threat-landscape-reports/sectrio-releases-ot-ics-and-iot-security-threat-landscape-report-2024/
UiPath Test Automation using UiPath Test Suite series, part 4DianaGray10
Welcome to UiPath Test Automation using UiPath Test Suite series part 4. In this session, we will cover Test Manager overview along with SAP heatmap.
The UiPath Test Manager overview with SAP heatmap webinar offers a concise yet comprehensive exploration of the role of a Test Manager within SAP environments, coupled with the utilization of heatmaps for effective testing strategies.
Participants will gain insights into the responsibilities, challenges, and best practices associated with test management in SAP projects. Additionally, the webinar delves into the significance of heatmaps as a visual aid for identifying testing priorities, areas of risk, and resource allocation within SAP landscapes. Through this session, attendees can expect to enhance their understanding of test management principles while learning practical approaches to optimize testing processes in SAP environments using heatmap visualization techniques
What will you get from this session?
1. Insights into SAP testing best practices
2. Heatmap utilization for testing
3. Optimization of testing processes
4. Demo
Topics covered:
Execution from the test manager
Orchestrator execution result
Defect reporting
SAP heatmap example with demo
Speaker:
Deepak Rai, Automation Practice Lead, Boundaryless Group and UiPath MVP
2. 2
General Electric:Preparing for a Digital Storm
remain in the Dow Jones Industrial Index
since the original index was established
in 18962
.
The Need for
Transformation
Over the last century, GE made the
bulk of its revenues by selling industrial
equipment and maintenance services
to its customers. However, in recent
years, it faced increased competition
from companies that were not just in the
business of selling equipment. These new
competitors used information generated
bylargemachinesorequipmenttoprovide
services that improved productivity and
reduced downtime.
GE realized that this trend had the
potential to reduce it to just a commodity
equipment provider. CEO Jeff Immelt
underlined the importance of this shift,
and the need to make drastic changes
in GE’s business model, when he said
in 2013: “We know that there will be
partnerships between the industrial
world and the internet world. And we
cannot afford to concede how the data
gathered in our industry is used by
other companies. We have to be part of
that conversation”3
.
In the same way that Millennials seem to
adopt the latest digital technology with
ease, our economy’s younger companies
also display a natural aptitude for the new
economy. However, while the stories of
the digital natives are instructive, what
about more established corporates with
longer histories? How can a company
that is over a century old transform itself
to thrive in a digital economy?
For GE, responding to change is part of
its modus operandi. This is a company
that has famously made change a core
capability and a constant in its history. For
over 120 years, GE has ploughed forward
under a banner of “Building, powering,
moving and curing the world. Not just
imagining. Doing1
.” This constant focus
on innovation and transformation has
made the company the only one to still
GE started taking steps to transform
itself from an organization predominantly
involved in selling hardware or industrial
equipment to one selling data-based
services. It started building software
around its products, enabling its
consumers to create new revenue
streams and become more efficient. In
doing so, it also wanted to secure the
value being created by its equipment.
As Bill Ruh, Vice President and Head of
GE’s software and analytics business,
said: “We want to deliver software
services across all our products at the
Silicon Valley speed. We are not going to
sell software. If you look at Google, they
have software but they sell advertising,
Amazon too sells retail. What we are
going to do is sell services wrapped
around our machines that make them
more efficient”4
.
GE is the only company
to be listed in the Dow
Jones Industrial Index
today that was included
in the original index in
1896.
We want to deliver
software services across
all our products at the
Silicon Valley speed.
–GE Vice President
3. 3
Since 2011, when GE resolved to expand
its business into the software and analytics
domain, it has developed and introduced
nearly 40 software products under its
“Predictivity” brand.8
These solutions
have been seeing strong traction across
industries. For instance, one of these
products, PowerUp, is being used by
E.ON to improve its operational efficiency.
In one year, over 1,400 turbines have been
contracted under the PowerUp services.
Using the product on a trial run, E.ON
experienced an overall increase of 4%
in power output on 60% of its turbines9
.
If rolled out across E.ON’s entire turbine
range, it is the equivalent to adding
19 new wind turbines. Revenues from
‘Predictivity’ solutions were expected to
touch $1.1 billion during 2014 and are
estimated to bring in $5 billion by 201710
.
GE is betting big on software and
analytics to bring about its transformation,
with Jeff Immelt stating: “I took over an
industrial company, now it will be known
as an analytics company”5
. GE’s focus
on data analytics was clear back in 2012
when it set aside up to $1.5 billion for
small take-overs to boost its presence
in analytics. By 2013, the company was
able to introduce a wide range of big
data products. These include predictive
software products, a Hadoop-based big
data software for ingesting and managing
industrial data, and a relationship with
Amazon Web Services to share industrial
data in public cloud6
.
GE’s transformation was based on a
combination of tactics: developing data-
driven solutions and opening up its big
data platform to external applications.
Providing Clients with
Data-driven Solutions to
Improve Machine Efficiency
GE is attaching sensors to its machines
that enable it to capture performance
data. This data is then analyzed to
provide real-time information to improve
machine efficiency, prevent downtime
and enable effective scheduling of
predictive maintenance (see Figure 1).
By attaching sensors to its machines, GE
currently monitors and analyzes 50 million
data elements from 10 million sensors on
$1 trillion of managed assets daily. The
overall goal is to move customers toward
zero unplanned downtime7
and GE has
christened this convergence of industrial
machines, data and internet connectivity
the ‘Industrial Internet’.
GE currently monitors
and analyzes 50 million
data elements from 10
million sensors on $1
trillion of managed
assets daily to move
customers toward zero
unplanned downtime.
I took over an industrial
company, now it will be
known as an analytics
company.
–Jeff Immelt, CEO, GE
Betting Big on Software and Analytics to Drive the
Next Wave of Growth
Figure 1: Connecting the components of the Industrial Internet
Source: Innovation World 2013 Keynote, Bill Ruh, GE Software—The Emerging Industrial Internet
Connecting Minds & Machines
Remote and
Centralized
Data Visualization
Big Data
Analytics
Data Sharing
with the Right
People and
Machines
Physical and
Human Networks
Intelligence Flows
Back Into Machines
Extraction and Storage
of Proprietary Machine
Data Stream
Industrial
Data Systems
Machine-Based
Algorithms and
Data Analysis
Secure
Cloud-Based
Networks
Instrumental
Industrial machine
4. 4
Throwing Open the Big Data
Platform to enable Cross-
Industry Application
A sign of GE’s rapid digital progress can
be seen in how it has transitioned its
internal big data platform as an external
service. Before late 2014, GE had used
its Big Data platform Predix to build its
proprietary Predictivity solutions. The
platform was built in order to bring all of
GE’s industrial machines onto one cloud-
connected system. The goal was to
drive a 1% increase in performance per
industry. For instance, just in aviation, a
1% increase in performance can mean
savings of around $15 billion in jet fuel and
other costs in a few years11
(see Figure 2).
However,inOctober2014,GEannounced
it was opening the Predix platform to
other companies that would like to create
their own customized industry apps. With
this move, GE intends to make Predix
the default platform for industrial Big
Data. As Dave Barlett, Chief Technology
Officer for GE Aviation, says: “We want
Predix to become the Android or iOS of
the machine world. We want it to become
the language of the Industrial Internet .”
Throwing open Predix also helps GE in
monetizing its big data platform directly
and provides an opportunity to expand
in geographies and industries where it
had little presence. In December 2014,
GE licensed its Predix software platform
to the Japanese telecom giant SoftBank
Telecom, allowing it to build apps for
shipping, manufacturing and other
industries. This deal is expected to earn
potential revenues of $200 million across
major industries in Japan over the next 5
years13
.
Driving customer outcomes
Power of 1% Annual impact
Airlines 1% fuel $2-3B
Utility 1% fuel $4-5B
Oil & Gas 1% uptime $5-7B
Healthcare 1% productivity $4-5B
Transportation 1% mile velocity $5-7B
Source: Company presentation
We want Predix to
become the Android
or iOS of the machine
world. We want it to
become the language of
the Industrial Internet.
Dave Barlett, CTO, GE Aviation
Apart from opening up its big data
platform to others, GE is also partnering
with Intel and Cisco to develop the next
generation of Predix-ready devices. This
would allow operators to integrate Predix
into existing infrastructure, increasing its
uptake amongst companies with existing
industrial assets.
Using Smart Tools to Encourage
Collaboration Among Employees
GE is fostering a digital culture across the
organization by adapting new devices
and services. GE was among the early
adopters of devices such as the Apple
iPhone and iPad. In order to maximize
its mobile capabilities, GE set up the GE
Mobile Center of Excellence, an internal
group that develops tools to make mobile
devices more useful for its many business
units14
. Similarly, GE also partnered
with Box, an enterprise content sharing
and collaboration company, to help its
employees and partners take advantage
of the cloud to share content across
devices and platforms15
.
Figure 2: Savings as a Result of 1% Improvement in Efficiency
5. 5
GE’s digital transformation is not the
result of being in the right place at the
right time. Instead, it is the result of a
structured approach that involved a
strong top-down digital vision, capability
development, achieving all-round buy-in
and a constant focus on innovation (see
Figure 3).
Drive the Digital Agenda
from the Top
Outlining a compelling leadership
vision for the organization
Highly visible digital leadership has been
a constant in GE’s transformation since
2011, when CEO Jeff Immelt outlined his
determination that GE would counter any
commoditization threat by capitalizing
on innovations in software and analytics.
His stated aim was “to create a global
network of connected machines from
which GE can offer outcomes-based
solutions that drive significant operational
improvement for customers”16
.
We never made real
progress here until we
brought people in from
outside GE.
- Jeff Immelt, CEO, GE
Making Digital a Key Part of the Organizational DNA
Figure 3: GE’s Journey towards Digital
Source: Capgemini Consulting Analysis
Building the right team to achieve the
vision
GE has long been recognized as a
breeding ground of outstanding business
leaders. However, the nature and potential
of the talent required for its software and
services offerings were different. GE
made a number of new hires at senior
levels to drive the transformation. It hired
William (Bill) Ruh as the Vice President of
its Global Software Center and made him
responsible for developing the software
to power the Industrial Internet. Prior
to joining GE, Bill Ruh was responsible
for developing advanced services and
solutions at Cisco and had more than 25
years of industry experience in enterprise
application integration and object oriented
technology.
GE also hired Kate Johnson as Chief
Commercial Officer for sales and
marketing, with the aim of building new
software and solution sales capabilities.
She had previously held senior roles at
Oracle Corporation. In May 2015, GE
named her CEO of the Industrial Internet
Software Group17
. Another key hire was
Harel Kodesh who joined GE as CTO of
GE Software. Harel was CEO and founder
of Nurego, an analytics company, and
prior to that a senior executive at EMC
and Amdocs18
.
The importance of bringing in leaders
from outside was outlined by Jeff Immelt
when he said: “We never made real
progress here until we brought people in
from outside GE”19
.
Develop the Vision and
communicate it effectively
Build a management team
with the knowledge and
skills to convert the vision
into a reality
Set realistic growth targets, and
mechanisms for optimization
Define KPIs and the methodology to recognize
revenues generated from new digital offerings
Drive the
Digital
Agenda
from The
Top
Build
Capabilities
essential for
Digital
Initiatives
Achieve
Business
Buy for Digital
Offerings
Accelerate
Innovation
Establish a dedicated center focused
on the digital agenda
Hire quality talent with technical and
business domain expertise
Invest in the right digital tools
Incubate creativity and
innovation to stay ahead
Develop partnerships and
derive synergies from
competitors
6. 6
Building Capabilities to
Support Organization-Wide
Digital Initiatives
Setting up a Center of Excellence
(CoE) for digital initiatives
GE set up a Global Software Center
based out of San Ramon, California.
Unlike traditional GE business units, the
CoE was not set up as a business unit
with its own P&L but was funded centrally
through a corpus amount of $1 billion20
.
The center, led by Bill Ruh, is dedicated
to developing predictive services based
on data collected from GE’s industrial
machines, which is essential for powering
GE’s Industrial Internet offering. GE also
set up a User Experience CoE tasked
with improving the quality of GE’s digital
experiences and defining the human
interface to the Industrial Internet. The
CoE’s team work across all businesses
to introduce user-experience methods
and improve the design of software
applications21
.
Developing functional capabilities to
sell solutions along with products
One key challenge in transitioning a
traditional, hardware-focused company
to selling software solutions is to change
the mindset of its sales force. At GE, the
sales force had to abandon its traditional
product-selling mindset and embrace a
solution-based sales approach. As Jeff
Instead of a features
list with pricing and
discount caps, we’re
shaping deals from
the ground up that
are based on the value
derived by the customer.
- Kate Johnson,
Chief Commercial Officer, GE
Injecting the spirit of a startup into a century-old
giant
Since 2011, GE has been working with Eric Reis, a tech entrepreneur and
author of ‘The Lean Startup’. This collaboration has developed a program called
FastWorks - designed to help GE foster innovation and accelerate product
development. The program combines a set of tools and behaviors designed to
deliver better outcomes for customers faster. The method focuses on building
imperfect early versions, releasing them to customers, getting feedback, and
then “pivoting” or adapting the products when necessary.
By August 2014, GE had already trained 40,000 employees under the FastWorks
initiative, one of the largest in the company’s history24
. The program has the
backing of GE’s top management, including Jeff Immelt and Chief Marketing
Officer Beth Comstock. It is expected to bring the agility and innovative spirit of
a startup into this much larger corporate giant.
An early result from the FastWorks initiative was an oil well flow meter technology,
GE Safire™, aimed at managing oil and gas reservoirs efficiently. The FastWorks
program helped GE to move from a problem statement to a prototype within a
year and the solution is now being commercialized with Chevron25
. FastWorks’
principles were also seen in action with the five-year, $500 million project by
GE engineers to upgrade its H-class turbine. The FastWorks approach was
applied to the project, which started with a proof-of-concept exercise costing
$25 million, and it is now expected to be completed for half the cost26
.
Immelt says, “The transition we have
to make with our customers is going
from agreements that are break/fix to
agreements that guarantee outcomes”.
As part of the process to develop its
go-to-market and commercialization
strategies, GE hired Kate Johnson as
Chief Commercial Officer. Her aim was to
create and expand GE’s outcome-based
sales capabilities. She also led a new
Commercial CoE that had been set up to
focus on increasing service revenue and
margin growth22
.
GE’s sales team now includes solution
architects, who combine industrial
knowledge with advanced analytics to
develop models for setting and achieving
business outcomes. Sales professionals
now needed to do a whole range of
calculations and modeling before they
even approached a potential customer.
This completely changed the way GE’s
offerings are priced to their customers.
As Kate Johnson says: “Instead of a
features list with pricing and discount
caps, we’re shaping deals from the
ground up that are based on the value
derived by the customer. It’s a completely
different set of economics that is very
disruptive in the industry”23
. Moving to
such a model was not easy though. GE
had to convince its salesforce of the need
to move from a transactional sales model
to a consultative selling model that has a
different incentive philosophy.
Achieve Business Buy-In for
Digital Offerings
Transforming GE’s business inevitably
led to some friction between the deep-
rooted industrial mindset of keeping
things within a defined step-by-step
process and the startup ethic of fail-fast
and learn. To overcome this resistance,
the Global Software Center team
7. 7
GE Venture has
specialized teams
focused on in-depth
research and analysis
- the teams identify
unmet needs, isolate
opportunities and look
for companies that
fulfill the need gap.
Figure 4: Creating an Ecosystem to Foster Innovation
Source: Capgemini Consulting Analysis
look for companies that fulfill the need
gap. As Noah Lewis, Managing Partner
for GE Ventures, explains: “We spend a
lot of time developing specific investment
themes, starting 10 years out in the
marketplace. We map out the major trends
and directions as well as profit pools, and
identify disruption” 31
.
Creating an Ecosystem to
Speed-Up Innovation
Transformation is an ongoing journey
and organizations need to constantly
innovate to stay ahead. GE has created
an entire ecosystem that enables it to
gather innovative ideas and speed up the
process of taking new products to market
(see Figure 4).
Investing in tomorrow’s ideas through
GE Ventures
In January 2013, GE started its corporate
venture capital entity, ‘GE Ventures’. It was
born out of a restructuring of its health,
energy, software and manufacturing
venture investment groups. The venture
has an annual fund commitment of $150
million28
. It invests in a variety of areas such
as software, analytics, healthcare, energy,
advanced manufacturing, among others.
One notable exit is Veracyte, a molecular
diagnostic company. The company
IPO’d in 2013 and has in recent months
announced a research collaboration with
GE’s healthcare team29
.
As of January 2015, GE Ventures had 61
startups in its portfolio covering software,
energy, healthcare and advanced
manufacturing30
. The venture arm has
specialized teams focused on in-depth
research and analysis - the teams identify
unmet needs, isolate opportunities and
engaged with business units that were
eager to participate in the initiative during
its inception. The rapid transformations
achieved by these pioneering business
units, and the revenue returns they
delivered from Industrial Internet offerings,
made it difficult for other units to remain
agnostic.
As Bill Ruh explains: “I said, ‘We’re going
to do this; who wants to be first in line?’
A number wanted to, so we developed
them at a very fast pace and got them
successful quickly. The performance gains
and revenue enhancements were visible
to other executives, who then asked
their own businesses, ‘How can we do
this?’” The peer pressure and the visible
benefits led to a domino effect across
business units, resulting in others to start
experimenting with software services27
.
Crowd-sourcing ideas through partnerships
Partnering with various crowdsourcing platforms
to develop new ideas and improve existing ones
Partners: Quirky, Kaggle, GradCad,
Frost Data Capital, Local Motors
Partnering with potential competitors
Collaborating with companies providing competitive
products/services to learn and improve offerings
Partners: Intel, Cisco,
Amazon Web Services
Teaming up with incubators and providing startups
with access to GE departments, engineers, executives
and specific capabilities/ technologies
Teaming up with incubators to reduce
time-to-market for innovative offerings
Incubators: LemnosLabs, Rock Health,
Breakout Labs, Startup Health, Bolt, Surge
Investing in futuristic ideas through GE Ventures
Developing specific investment themes, mapping
out major trends and identifying disruption
Investments: Rethink Robotics,
GRIDNET, Caremerge, Predixion
Creating an
Ecosystem for
Innovation
8. 8
Software and Analytics Organization
SoftwareResearch Product Development SoftwareCTO
Co-Located SoftwareCTOsfor Business Alignment
Technical Resources : 1,000+ in COEsand 10,000+ in Business
Aviation Oil & Gas Energy Management
Power & Water Healthcare Transportation Aviation
Governing the Transformation
To avoid fragmentation of approach and investment, GE’s software and analytics commercialization team was designated a
common capability that would support the rest of the organization.
Within the software group, there are distinct roles for heads of software research, product development and software CTO.
These executives work with dedicated co-located software CTOs to encourage business alignment. This team is then supported
by over 1,000 technical resources in dedicated CoEs and around 10,000 people in all businesses. These technical resources
include computational and analytical scientists, platform developers and software engineers.
Nurturing startups to reduce time-to-
market for products and solutions
GE Ventures has also teamed up with
various startup incubation labs such as
Lemnos Labs, Rock Health, Breakout
Labs, Startup Health, Bolt and Surge.
These collaborative partnerships enable
the incubation labs to provide startups
with access to GE technologies and
information resources. Simultaneously, it
allows GE to gain experience in engaging
with startup communities. Executives
from GE Ventures also act as a guide for
startups, facilitating interaction with GE
departments, engineers or executives
who may become pilot customers,
advisers or business partners for their
ideas32
.
GE has also partnered with Frost Data
Capital, an incubator for Big Data
startups, and launched an Industrial
Internet incubator called Frost I3, which
aims to launch 30 startups33
.
Crowdsourcing ideas through
partnerships
GE has also partnered with various
crowdsourcing platforms to gain
access to new and innovative product
ideas. It has partnered with Quirky, a
crowdsourced invention platform, to
develop its Wink range of connected
products. GE also gave Quirky and
its inventor community access to
thousands of its patents. The aim is to
work with this agile startup to develop
new and innovative products and to
do so at speed.34
The partnership
has yielded products such as a smart
window and door sensor, Tripper; an
outlet for monitoring and managing
power usage, Outlink; 35
and Aros,
a smart air conditioner 36
. Other GE
partnerships include Kaggle – an online
community of data scientists – which
9. 9
The apparent rapid
transformation of peer
business units and
the revenue benefits
that they derived out
of Industrial Internet
offerings made it
difficult for other units
to remain ignorant.
it is using for obtaining algorithms to
optimize airline paths and reduce air
delays37
; and Local Motors, an open
source hardware innovator for designing,
testing, and producing large appliances38
.
Collaborating with potential
competitors to learn and improve
GE is collaborating with potential
competitors, such as Intel, Cisco,
Amazon Web Services and Microsoft,
which provide similar technology
solutions. The company is deploying the
majority of its new apps from the cloud.
The idea is to introduce a data analytics
platform that can manage large-scale
industrial machines in the cloud. GE is
also part of an open membership group,
the Industrial Internet Consortium (IIC).
The consortium focuses on sharing best
practices and reference architectures.
It also influences the global standards
development process for Internet and
industrial systems39
.
Corporate Revolutionary
GE is not an organization that believes
in sitting still. Since its inception, it has
reinvented itself at critical junctures. This
certainly holds true in the digital age as
well. GE has made a bold play to lead
the ‘Industrial Internet’ and has shown
an impressive appetite for radically
changing its normal ways of working and
its culture to achieve results. While many
digital natives, from FaceBook to Uber,
continue to take much of the limelight,
this 120-year-old giant of the corporate
world shows that digital agility is not just
confined to the new Millennial corporates.
10. 10
1 GE Factsheet
2 GE Factsheet
3 AllThingsD, “GE CEO Jeff Immelt’s Big Data Bet”, May 2013
4 Livemint, “GE reinvents itself as a software start-up”, September 2013
5 CBC News, “GE CEO Jeff Immelt sees future in infrastructure, analytics”, September 2014
6 Gigaom, “GE’s industrial internet focus means it’s a big data company now”, June 2013
7 Businesswire, “GE to Open Up Predix Industrial Internet Platform to All Users”, October 2014
8 The Predictivity solutions are based on GE’s Big Data platform for Industrial Internet called Predix
9 Recharge, “E. ON lauds GE PowerUp platform”, October 2014
10 Bloomberg Business, “GE Sees Fourfold Rise in Sales From Industrial Internet”, October 2014
11 Wired, “GE’s radical software helps Jet Engines fix themselves”, October 2013
12 GE Reports, “GE Opens Predix Industrial Internet Software Platform to SoftBank in First Licensing Deal”, December 2014
13 GE Newsroom, “GE Opens Predix Software Platform to SoftBank Telecom in First Licensing Deal”, December 2014
14 Apple profile of GE usage of iOS devices
15 Company website
16 HBS Blogs, “DIGITAL LESSONS FROM A 122 YEAR OLD COMPANY”, April 2014
17 Fortune, “GE names Kate Johnson CEO of industrial internet software group”, May 2015
18 ZDNET, “GE appoints former IBM, EMC execs to software leadership posts”, November 2014
19 InformationWeek, “GE CEO Jeff Immelt’s Analytics Lessons Learned”, October 2013
20 Harvard Business Review, “Building a Software Start-Up Inside GE”, January 2015
21 IDSA,“GE User Experience Strategy and Capacity Building”, 2012.
22 Harvard Business Review, “Digital Ubiquity: How Connections, Sensors, and Data Are Revolutionizing Business”, November 2014
23 Harvard Business Review, “Digital Ubiquity: How Connections, Sensors, and Data Are Revolutionizing Business”, November 2014
24 Bloomberg Business, “General Electric Wants to Act Like a Startup”, August 2014
25 GE Annual Report 2013
26 The economist, “General Electric: A hard act to follow”, June 2014
27 Harvard Business Review, “Building a Software Start-Up Inside GE”, January 2015
28 CB Insights, “General Electric and Siemens Venture Capital: A Comparison of Their Investments”, December 2013
29 Company website
30 GE Reports, “Backing the Future: Where GE Ventures Sees the Next Big Ideas”, January 2015
31 Mobile Enterprise, “How GE Ventures, Fidelity Labs and The Weather Channel Innovate with Mobile”, September 2014
32 Wall Street Journal, “GE Ventures’ Sue Siegel: Accelerators Reduce Risk for Early-Stage Investors”, May 2014
33 GE Ventures, “GE Partners with Frost Data Capital to Launch 30 New Industrial Internet Start-Ups”, May 2014
34 Wired, “Quirky and GE Partner to Conquer the Internet of Things”, November 2013
35 Techcrunch, “Quirky, GE Unveil Their Vision For The Connected Home”, November 2014
36 Triple Pundit, “Partnership Between GE and Quirky Presents a ‘Truly Brilliant’ Air Conditioner”, March 2014
37 GE Ventures, “GE Partners with Frost Data Capital to Launch 30 New Industrial Internet Start-Ups”, May 2014
38 CNET, “GE and Local Motors team up to make small-batch appliances”, March 2014
39 Cisco, “AT&T, Cisco, GE, IBM, and Intel Form Industrial Internet Consortium to Improve Integration of the Physical and Digital
Worlds”, March 2014
References