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GE announces ‘Big Data’ productivity gains

A new report from GE – General Electric, USA – found that the Industrial Internet  could add €2.2 trn to European GDP by 2030, boost productivity and spur economic expansion.

The report, called The Industrial Internet – Pushing the Boundaries of Minds and Machines: A European Perspective, says that a mere 1 % increase in efficiency in healthcare, aviation, transportation and energy could yield savings close to €40 billion.

By adopting the technologies of Big Data and intelligent machines, the report’s authors claim Europe could “recover the productivity gains missed in the first round of the internet revolution and compound them with new ones, catching and moving ahead of the curve”

Good examples include:

  • AI to aid doctors and lawyers

  • Big Data analytics for retail and drug discoveries

  • Wearable sensors to monitor blood pressure and health conditions

  • Robots for surgery and eldercare

  • 3D printing for complex manufacturing such as bespoke hip joints or gas turbine blades

But such claims are NOT new

‘Expert systems’ to help diagnose faults and maintain human bodies or machines were being built back in the 60s – but they were too simplistic and didn’t catch on

However, with AI, IoT technology and enormous modern computer power, GE’s expectations may well be realised

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