This is a very interesting report by Peter C. Evans, the Director of Global Strategy and Analytics and Marco Annunziata, Chief Economist and Executive Director of Global Market Insight at GE. Not the usual corporate yada yada at all.
It describes the three modern waves of innovation that have led to the rise of the industrial Internet (Internet of Things) starting with the Industrial Revolution, moving through the Computer and Internet Revolution, to the start of the Industrial Internet. This third wave of innovation is driven by advances in three principle elements: Intelligent Machines, Advanced Analytics and People at Work and they consider the ‘Power of 1%‘ – the value to industry of making things just 1% more efficient.
This is an excellent summary of some of the potential benefits of the Industrial Internet to industry, the things that need to be done to make it a reality and the problems that we have to solve on the road ahead. It doesn’t consider the impact of the Internet of Things from a consumer perspective where there will be even more creative and interesting opportunities emerging over the next decade as more and more devices are connected.