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Reliance Industries Limited (RIL) and GE announced the signing of a global partnership agreement in the Industrial Internet of Things (IIOT) space. RIL and GE will work together to build out joint applications on GE’s Predix platform. The first-of-its-kind partnership marks the coming together of two large industrial conglomerates to provide Industrial IoT solutions to customers in oil & gas, fertilizer, power, healthcare, telecom, and other industries.
GE will provide its Predix cloud offering, Industrial Internet applications, and data science expertise. While RIL will develop solutions on Predix as an Independent Software Vendor (ISV), leveraging over 30 years of data, process and operational expertise. Additionally, RIL will also offer nationwide connectivity infrastructure to customers through its 4G network called Jio. GE would offer the security, availability and monitoring aspects of the platform to RIL and its customers. The potential for other revenue streams includes telecom, healthcare and agriculture.
The expected benefits to customers include driving operational efficiencies, profitability, and new revenue streams by making use of data and analytics. According to the press release, a one per cent productivity gain for companies creates approximately USD 250 billion value over 15 years, across these key energy and infrastructure industries. The digital market is growing at a fast pace with IIOT contributing the highest degree of growth at over 10 per cent. Digital solutions have the potential to save billions of dollars each year. Use of data as the fuel and analytics as the growth engine promises to drive disruptive and positive changes across the industrial landscape
Keywords: Industrial Internet of Things (IIOT), Data Science, Analytics, ARC Advisory Group.