The Internet of Things (IoT) is no longer just a buzzword – it’s a reality for consumers and businesses alike. By 2020, there will be more than 50 billion technologies connected to the internet.
We experience IoT in our everyday lives – through smart watches and other wearables, in the vehicles we drive, and even in our homes with smart thermostats and lightbulbs. This connectivity presents an enormous opportunity for commercial and industrial businesses to harness the power of data collection and analytics.
Because GE has been transforming power and energy since our inception, we have teams steeped in studying and analyzing the market to determine what’s coming next. We’ve noticed three converging trends in the commercial, industrial, and municipal energy space:
• Cloud and IoT technologies are growing at a rapid pace, making the demand for data more important than ever.
• Advances in distributed energy technologies are driving down costs at exponential rates.
• There are new disruptive business models in the energy space – the market is clamoring for a holistic horizontal solutions provider that looks across an environment with a lens to energy, digital, financing, and more.
There are 5.6 million commercial buildings in the United States alone. Just the number of lighting fixtures that can be connected inside and around these buildings creates multiple – if not endless – opportunities to impact and optimize the business occupying the space.
This is where Current, powered by GE, shines.
We start with energy efficiency through our LED technologies. Sensors and software turn LED systems into digital infrastructure that illuminates space and brings valuable insights to light.
Our sensor-enabled network is open, works with our customers’ existing infrastructure, and feeds into our industrial IoT platform, Predix. By establishing an intelligent environment, we connect our customers’ assets, harness data and analytics to get them insights, and help them determine how and when to optimize energy spend, gain savings, and improve processes.
As a result, we help our customers unlock new opportunities for additional operational efficiencies, business outcomes, and new revenue streams.