Big Data has always been a big commodity, but many businesses are not sure how to capitalize on the benefits. General Electric, however, has found a way to not only harness Big Data, but also share with other companies. With Big Data becoming more and more essential, this strategy is something that can’t be missed.
General Electric has been capturing and analyzing information from its machines in order to gain insight into how to run the machines better. The four-year-project has yielded major results and revenue of over $1 billion per year. Now, G.E. is looking to sell this service to other industries, and it is a way to collect and analyze Big Data that other businesses should not overlook.
Measurement sensors on machines from General Electric deliver data to large analysis systems. So far, this approach to Big Data has been applied in the areas of oil and gas production, power generation, aviation, railroads, and healthcare. But the question is, has General Electric found a market for this type of Big Data service?
The answer is a resounding yes! Softbank, a Japanese company, has already indicated interest in a partnership that would allow them to gather data via G.E.’s methods. The company is primarily a telecommunications service provider, and this means that they already have the means to transfer the data from the sensors to the data analysis computers.
So what does this mean for the future of Big Data? Well, it means that gathering and analyzing Big Data is going to be easier than ever for companies looking to get on board. It means that Big Data is going to become even more of a necessary component for businesses than it already is. And it means that General Electric can look forward to some lucrative business pairings in the future.
All in all, it looks like one of the biggest challenges of Big Data – how to collect and analyze it – has been solved by General Electric. This means that more businesses will have a chance to use Big Data effectively, something that they need to start doing immediately.
David A. Steinberg is CEO of Zeta Global