General Electric Company has recently disclosed its plans for a new digital power plant for the company’s water division and digital power. The idea behind this plant to cope up with the increasing energy demands across the globe along with safer power solutions. The plant has an inbuilt hardware and software solution that will create a digital simulated prototype of the massive industrial power plant complexes. As per the company, GE will power this plant through its Predix platform. This will assist various utilities through effective monitoring along with managing the components of the power generation ecosystem. The operations governed under Predix have resulted in a 25% increase in the year over year revenue of the firm. General Electric is known for its internal productivity and efficiency, which paired with Predix’s scale, will allow the firm to churn in more than $15 billion in terms of revenues from software and solutions by FY20. The reason behind this growth is that the company is diverting its focus to E-commerce at a relatively fast pace. It has been estimated that by FY20, almost 50 billion of the applications that deal with industrial assets will be linked to the Internet. An increase in revenues from $6.29 billion reported during the second quarter of FY14 was transformed to $6.80 billion by FY15 for General Electric’s water and power division. Moreover, the company also reported an increase in profits, where during the second quarter of FY14, it gathered $1.13 billion whereas during the second quarter FY15 the profits summed up to $1.22 billion. Many analytical firms believe by adding a new digital power plant the company will be successful in achieving its transformation strategy. The transformation strategy is focused towards enhancing the company’s infrastructure resulting in better services for its consumers across the globe. The company has now narrowed down its focus and is working towards expanding its industrial operations. The process of transformation will be governed by the development of a digital canvas like the Predix that will allow the developers to build new apps. British Petroleum and Boeing are few of those companies that are already using this platform. As per General Electric, Predix will have more than 20,000 developers present on its portal by the fiscal year of 2016. The company is not only coming up with a revolution in the industrial sector that will benefit it in the end but would also allow developers to experiment using a dynamic ecosystem.
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