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Economy

GE to use $20m on digital strategy

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2016-07-21 09:06Shanghai Daily Editor: Huang Mingrui

General Electric Co will invest $20 million in digital development over the next two years in China with the help of a Digital Foundry workshop that the U.S. firm launched in Shanghai yesterday.

The $11 million workshop plans to incubate startups and have developers work on new software applications to make machines more intelligent.

The move is part of GE's plans to lead a productivity revolution in global industry by combining machinery with analytics, after selling off its financial assets and embarking on a major restructuring.

Chief Digital Officer Bill Ruh said the world's biggest maker of jet engines and diesel locomotives had already made $500 million in productivity savings for itself this year by using smarter machines, and he expected this to grow to $1 billion in total by 2020.

GE is investing $500 million annually in software as part of the digital drive, and Ruh said the company expected the products to bring in about $6 billion in revenue this year.

In September, it said its portfolio of software-related products would yield more than $5 billion in revenue in 2015, swelling to more than $15 billion by 2020.

GE yesterday also announced a partnership with Huawei Technologies Co, which will see the Chinese communications technology firm adopt GE's industrial cloud-based platform Predix, which is already used by China Eastern Airlines Corp, China Telecom and on Tianjin city's street lamps grid.

  

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