EY, GE partner on Industrial IoT
June 2, 2016
Professional services and consultancy firm Ernst and Young is forming a strategic alliance with GE Digital to develop new Industrial Internet of Things services. Ernst and Young (EY) has particular expertise in industrial sectors such as oil and gas, financial services, mining, government, biotech and life sciences, insurance and automotive and transport.
GE Digital’s industrial IoT Predix cloud system will serve as the delivery platform for new services developed by the two companies.
The new services will be designed to help companies reduce operating expenses and increase revenue through improved machine uptime and streamlined industrial workflows.
Ernst and Young has worked with GE for more than 10 years. The formal alliance between the two firms will give the consultancy access to digital tools and domain expertise from across GE.
Ernst and Young will provide GE Digital with its experience in business transformation; IoT, data analytics and IT cybersecurity capabilities; and access to global resources across multiple industries.
"Within the global economy, CxOs face tough challenges: the unrelenting pressure to do more with less and optimize performance whilst controlling costs, as well as the need to innovate,” said Lionel Lamy, Associate Vice-President, Co-Lead ? European IoT Practice, IDC.
“They must get more from their fixed assets, improve capital ROI and optimize the productivity and value of their increasingly mobile and demanding workforce. The Internet of Things helps address these issues, but as a complex and fast-moving market, partnerships must be formed to ensure a holistic, end-to-end approach. This alliance, combining GE Digital's Industrial IoT technologies with EY's IoT experience confirms the vital role of collaboration and strategic relationships. Bringing data analytics and cloud capabilities to co-create services to help companies use their data to realize significant gains in workflows and productivity will go a long way to address key business challenges," said Mr Lamy.
"At EY, we are forming strategic alliances, like the one today with GE Digital, to better serve our clients and new markets,” said Carmine Di Sibio, EY Global Managing Partner ? Client Service.
“With GE Digital, we'll help industrial companies not only improve productivity of their existing assets, but also help them to fundamentally reshape their enterprises," said Ms Di Sibio.
GE Digital and Ernst and Young believe that in the oil and gas industry, producers will use the IIoT to develop maintenance schedules that improve oil rig uptime, reduce the number of times workers must travel to maintain rigs and identify the tools and parts they need to take with them. In other industries, like hospitality, the IIoT can help a hotel system "know" when to block availability of a room because the plumbing requires maintenance.
"We are building an Industrial Internet ecosystem with world-class partners who share our commitment to delivering better outcomes for our customers, said Bill Ruh, Senior Vice President and Chief Digital Officer, GE and CEO, GE Digital.
“Together, we are co-developing solutions on Predix that will combine GE's industrial domain expertise with EY's innovative approaches to addressing complex business challenges to uncover creative ways to increase productivity and efficiency for our customers through data and analytics," said Mr Ruh.
"With data and digital technology impacting every industry, businesses are under tremendous pressure to adapt in almost real time. Our expanded relationship with GE and approach to digital operations will enable us to bring innovative IIoT services to market to help clients dramatically improve productivity, reduce cost and increase revenues," said Mr Jeff Liu, EY Leader for the GE alliance, and EY Global Sector Head, Technology.