Marco Annunziata of GE spoke at a recent TED event on the ‘Industrial Internet’ and how it can help various public and private corporations cut costs and save time.
Marco Annunziata, who is the Chief Economist and Executive Director of General Electric, recently spoke in length about the rise in the use of technology coupled with internet and how it could affect our lives in the future. At a recent TED Talks event, Annunziata mentioned how technology is infused with modern internet, calling it one of the major innovations of the century, after the industrial revolution of the early 19th century.
His idea is simple and revolves around providing convenience to people and ultimately saving money. Starting off, he spoke about the use of this technology with airline companies. The introduction of Industrial Internet in this sector would intimate ground technicians of any potential errors or difficulties with the aircraft while it’s still midway through its destination. This will allow the technicians to be ready with all the essential tools to fix it right after landing, thus saving the time and money of the passengers as well as the airlines. He believes that a system like this will save more than 60,000 airline delays per year, and thus helping nearly 7 million passengers reach their destination on time.
Moving on, he spoke about the healthcare sector where he claims that on an average, nurses spend over 21 minutes every shift looking for medical equipment and other essential components. This time can be saved with the help of interconnected devices within the hospital which connects the patient and the doctors and staff with the help of specialized devices, ultimately saving time. As we all know, time is of much value in a hospital because a person’s life could be depended in a matter of minutes. This technology is currently being used in St. Luke’s Medical Center of Houston, Texas. Annunziata claims that this new implementation has reduced turnaround times by about 1 hour, which is massive for a hospital environment.
In Washington, some hospitals have volunteered to try out a technology where the results of the CT Scan or MRIs are stored and capable of being monitored through cloud services. This will allow a number of doctors and specialists have a look at the required documents simultaneously rather than having to wait for a physical copy of the scan. Not only does this save time, but money too. If the two measures are implemented correctly, over $60 billion can be saved from the healthcare sector every year.
Lastly, Annunziata spoke about the savings that could be had in the renewable energy sector, which are based on wind farms. Here, they plan to add sensors to these windmills so that they interact with each other and adjust the pitch of the blade accordingly depending on the requirements. This will save tremendous amounts of money with the prices coming down to 5 cents per KWH (Kilowatt Hour) while only thirty years ago it was about 30 cents per KWH.
It is said that these technological advancements and innovations will not decrease the value of humans. But rather make humans better equipped for what lies ahead of them. This has certainly opened new windows of opportunity for all sectors of industry although Annunziata only spoke about three primary sectors of the industry in his presentation.