Aiming towards digital transformation in the industrial world, Reliance Industries Limited signed a global partnership agreement in the Industrial IoT space (IIOT) with GE. Both the companies will work together to build joint application on GE’s Predix Platform.
In a partnership, which is first of its kinds, two of the world’s largest industrial conglomerates have come together to provide Industrial IoT solutions to consumers in oil & gas, fertilizer, power, healthcare, telecom and other industries.
The agreement was signed in the presence of Jeff Immelt, Chairman and CEO, GE and Mukesh Ambani, Chairman and Managing Director, Reliance Industries Limited.
As per the agreement, GE would provide its Predix cloud offering, Industrial Internet applications and data science expertise whereas RIL will develop solutions on Predix as an Independent Software Vendor (ISV). With this RIL would be bringing its more than 30 years of data, process and operational expertise on table.
RIL will also offer nationwide connectivity infrastructure to customers through a 4G network powered by Jio. Additionally, GE would be offering 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 partnership brings benefit to the customers as they would be able to drive operational efficiencies, profitability and new revenue streams by making use of data and analytics. A one per cent productivity gain for companies creates ~ 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. According to Gartner, there exists a market opportunity of over USD 25 billion by 2022 for IIoT solutions across the four key industries of oil & gas, power, healthcare and transportation.
“India’s potential in driving the migration to digital is well appreciated. The partnership with Reliance Industries will shape the future of the Industrial Internet not just in India but globally. The possibilities that it opens to develop solutions on our Predix platform for the industrial sector are endless,” said Jeff Immelt, Chairman and CEO of GE.
Mukesh Ambani, Chairman and Managing Director, Reliance Industries Ltd. said “India needs to rapidly move to the next level of smart manufacturing which leverages big data, algorithms, and sensor technology. The presence of ubiquitous high bandwidth connectivity and cloud services enabled by Jio will be a key enabler for the rapid growth of IIOT within India. Indians have been in the forefront of creating smart and innovative solutions in a number of fields. It’s time we brought smart manufacturing capability into India by providing value added IIOT solutions for the industry that will enable India’s economic growth.”
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.