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Malta Business Review INDUSTRIAL INTERNET Decoding the Industrial Internet By Deborah Sherry Today, we are in the midst of the Fourth Industrial Revolution, a time when technology innovation is driving significant advancements in the automation of production and the ability to connect machines, devices and even industrial and city infrastructure. learning, robotics, IoT and edge computing among others. While Industry 4.0 focuses mainly on how these technologies can be used to optimise operations across factories and their supply chains, the Industrial Internet stretches well beyond manufacturing. It encompasses everything that is connected through digital technology – from sensors and devices, through to machines, networks, analytics and people. In other words, the Industrial Internet encompasses not only how products are made, but also how things of any sort operate. GE was one of the first industrial businesses to embrace the Industrial Internet by embarking on its own digital transformation journey a few years ago. As part of this journey we connected machine data to powerful analytics to help both GE and its customers make informed decisions that improve the way they sell, manufacture, design, service and operate. The results are impressive! Inside GE, last year we drove $730 million in productivity gains by implementing our Industrial Internet technology and we expect to reach $1 billion in productivity gains annually by 2020. The Fourth Industrial Revolution presents tremendous opportunities for increasing productivity by leveraging the Industrial Internet to power companies and drive economic growth. Conservative estimates suggest the Industrial Internet market is about £173 billion globally, compared to the consumer Internet, which is valued at £131 billion. Some industry experts estimate that by 2020 the Industrial Internet will deliver more than $1.9 trillion in productivity gains globally. However, there is a lot of confusion about what defines the Industrial Internet, and how it is different from other widely used terms such as Industry 4.0 and the Fourth Industrial Revolution. Put very simply, the Industrial Internet is what powers the Fourth Industrial Revolution. It is the digital technology which enables the connection of machines, data and processes and makes possible the creation of smart technologies, smart manufacturing and connected city infrastructure. Industry 4.0 on the other hand is a term used to define the digitisation of manufacturing, triggered by the growing adoption of emerging technologies such as machine For example, analysing the data generated from connected devices and sensors within an airplane engine or wind turbine can help identify potential performance issues before they have occurred. This can help reduce system downtime and improve efficiency. Taking a step further, the Industrial Internet combined with data analytics, can enable machines to ‘talk’ to city infrastructure and other devices outside their immediate network. Imagine self-aware trains which can notify the nearest station that there are issues with the train ahead of time, so that staff can send the emergency services and alert passengers waiting at the next stop that there will be a delay. This predictive approach can be applied to multiple areas, including gas extraction, elevator maintenance, supply chain management and many others. In the above scenarios the Industrial Internet builds on Industry 4.0 as it enables the connection between machines, data and humans well beyond factories and industrial sites. It has the potential to connect everything to power the Fourth Industrial Revolution. This will lead us not only to greater industrial productivity, but also to greater commercial creativity by driving digital transformation. But our journey doesn’t stop here. We are committed to helping our customers and partners achieve similar, and even bigger productivity gains, and we are investing a lot of resource in supporting them on their digital transformation journeys. While undertaking your company’s own digital transformation might seem daunting, we have laid out the basic blueprint for how to get started. You can find out how to take the first steps towards digital transformation here. Digital Transformation Blueprint The Dawn of the Digital Industrial As an industrial company going through its own digital transformation, our customers ask us about our transformation strategy, and how we can help them develop their digital approach. To meet this need, GE Digital created the Digital Transformation Blueprint to help you develop the strategy that will put you in charge of your digital transformation journey. <strong>MBR</strong> Credits: Industry Voice, GE; POLITICO SPRL 32
DEUTSCHE BANK AWARD Malta Business Review FIMBank receives Deutsche Bank Award FIMBank has been awarded the prestigious Deutsche Bank Excellence Award, in recognition of the exceptional quality of its payments. The 2016 Straight Through Payment Award from Deutsche Bank takes into consideration the achievement of measured processing rates, which are considered the most important indicator for quality in the field of payment transactions. FIMBank has won this award for twelve successive years. Commenting on this achievement, Howard Gaunt, FIMBank’s Group Chief Operating Officer, stated that “This prestigious award by one of the most prominent international banks demonstrates FIMBank’s commitment to operational excellence and unparalleled customer service. Winning the Deutsche Bank STP Excellence Award recognises our advanced technological infrastructure including the capacity to satisfy regulatory needs while delivering an enhanced banking experience. We remain committed to further investment in the FIMBank Direct digital banking platform, as we continue to grow our payments volumes.” Loranne Pace, Head of Banking Operations commented that “Our Payments team is trained to ensure that payments processing is cost-effective and timely, and through optimised processes we have been achieving this recognition for such excellence. We are very proud of our Payments team, as winning this award for twelve consecutive years is evidence of the team’s consistent success in maintaining the highest standards”. <strong>MBR</strong> For more information about FIMBank plc, visit www.fimbank.com. For further information please contact: Jason Zammit, Head of Marketing & Administration, FIMBank plc Efficient. Flexible. Holistic. Medavia is the true one-stop-shop in aviation. • Part 145 MRO • Part 21J DO • Part M CAMO • Aircraft Operations • Aircraft Charter Brokerage • Ground Handling Mediterranean Aviation Co. Ltd. Safi Aviation Park, Carmelo Caruana Road, Safi SFI 1721 - Malta +356 2249 0000 www.medavia.com www.maltabusinessreview.net 33
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