Photo - (From left) Dato' Dan E. Khoo, Vice President of Corporate Strategy, Multimedia Development Corporation (MDeC); Dr. Joseph Salvo Director of Industrial Internet, GE; Kenny Sng, Solution Architect, Intel Corporation; and Vijay Ramani, Senior Manager, IoE Strategy & Market Development, Cisco Malaysia.
Diversified technology and financial services giant General Electric (GE) organised its inaugural Minds + Machines Malaysia 2015 event to discuss the latest developments of the industrial internet across various industries including aviation, healthcare, Oil & Gas, rail and transportation.
This particular event, which focuses on the integration of complex physical machinery with networked sensors and software, was first launched in the US three years ago, was themed "Unleashing the Power of One Percent", said GE's Asean chief executive officer, Stuart Dean.
In his keynote, Dean said: "The power of one percent is the notion that a small change drives a big impact. For customers, this 'one percent' in terms translates into improved efficiency, less downtime and costs, which could bring remarkable efficiency savings of about US$276 million [about RM1 billion (US$270 million)] to the global economy in the next 15 years."
"By unlocking the power of one percent, businesses will be able to enjoy greater savings and efficiency, by just making small changes to the way they do things," he said. "For instance, a one percent reduction in fuel will see US$30 billion (about RM105 billion) in saving for aviation companies and a US$66 billion (about RM231 billion) savings in energy costs for power producers.
"A one percent reduction in system inefficiencies can lead to a US$27 billion (RM95 billion) savings in rail operation costs and a US$63 billion (about RM221 billion) savings for healthcare providers; whereas a one percent reduction in capital expenditure will result in a US$90 billion (about RM315 billion) savings for Oil & Gas players," said Dean.
He said, "The Industrial Internet comprises three key components: Intelligent Machines, which describes new ways of connecting the word's myriad of machines, facilities, fleets and networks; Advanced Analytics, which harnesses the power of physics-based analytics, predictive algorithms, and automation; and People at Work, which connects people, at any time to support more intelligent design, operations, maintenance as well as higher quality service and safety."
The event included speakers from public and private sector organisations such as Dato' Dan E. Khoo, vice president of corporate strategy, Multimedia Development Corporation (MDeC), Kamarul A. Muhamed, founder and managing director, Aerodyne, Kenny Sng, solution architect, Intel Corporation, Vijay Ramani, senior manager, IoE strategy & market development, Cisco Malaysia.
Some of the discussion topics included the Malaysia's public sector framework to drive Industrial Internet as well as the policies that the government will be rolling out in the future and how businesses can capitalise on this revolution.
Dean said the company has launched two solutions that were developed to help businesses around the world to better realise the opportunities in the Industrial Internet era. These include Predix, which is GE's software platform for the Industrial Internet that allows asset and operations optimisation by providing a standard way to run industrial-scale analytics and connect machines, data, and people and GE Predictivity solutions; which provide advanced technology for asset and operations optimization across a wide range of industrial sectors.
In Malaysia, GE Predix and GE Predictivity are already operational at the GE Oil & Gas Monitoring & Diagnostics Centre (iCenter) located at KL Sentral. This iCenter is one of three global centres set up to deliver 24x7 monitoring and diagnostics services for GE's installed fleet of turbomachinery for Oil & Gas customers throughout the world.
Sign up for MIS Asia eNewsletters.