Hardware, Software & the Internet of Things
June 23–25, 2015 • San Francisco, CA

GE and the industrial internet: Reinventing services through software

Matthew Stein (Multitude)
4:35pm–5:15pm Thursday, 06/25/2015
Heavy Industry/Intelligent Enterprise
Location: Fleet Room (Bldg D)
Average rating: **...
(2.00, 2 ratings)
Slides:   1-PDF 

Prerequisite Knowledge

Business models

Description

In November 2011, GE’s board decided to invest $1 billion in software development to re-energize the company’s $45 billion services business. Three years later, GE Software in San Ramon, California employs 1,000+ technologists focused on igniting the next industrial revolution through software.

In that timespan, GE Software has closed eight venture investments; established six strategic partnerships; acquired a software security firm; partnered with GE’s business units to develop and commercialize a portfolio of outcome-based software and service offerings, resulting in $1+ billion incremental revenue in 2014; built an Industrial IoT platform called Predix; and co-founded the Industrial Internet Consortium.

Like GE’s transition from break-fix to comprehensive service agreements in the late 90s, this transition to a software-enabled services business model has required focus, humility, an experimental mindset, and a high appetite for organizational disruption. This session will explore key decisions, metrics, and learnings along this journey.

Photo of Matthew Stein

Matthew Stein

Multitude

Co-founder and CEO of Multitude. Former Head of Commercial Strategy and Developer Ecosystem for GE Digital.