General Electric (GE) has always embraced innovation and we will continue to integrate advanced technology in our operations. At GE we embraced technology and our strategy should allow us to focus on getting out more of the technology we already have in place by enhancing the current technical and mechanical features to ensure that we continue being industry leaders. The data element of the Internet of Everything is the area that GE must improve the most on by taking advantage of connected technologies. By incorporating the Internet of Everything component in our IT strategy. A recent survey from Cisco showed that to maximise operational efficiency oil and gas businesses should consider the ‘data deluge’ which has been created by the Internet of Everything phenomenon (Cisco, 2017). Improved drilling technology has significantly benefited both the efficiency and production aspect, a few years ago to produce oil from a well would have taken as much as over nine months to produce but with increased digitalisation it can now be done within 30 days Wroldsen and Hege, (2017).
GE is in a unique position as we can take advantage of the opportunity to combine drilling technology advances with digital Internet of Everything driven technologies which have the potential to take our operational efficiency to a higher level for example this can further improve oil recovery rates, reduce oil spillage and increase employee productivity (Forbes.com, 2017). The future for the GE oil and gas division looks bright, we are industry leaders in a unique position, we can make IT services a commodity in the organisation which can lead to a reduction in cost and improved operations (Inc.com, 2017). At GE we have already digitised a large majority of our operation by incorporating high level sensors which can predict and detect any issues or faults with machines and computer systems before they even occur however now we need to shift our focus on the other areas of the Internet of Everything component which is data to receive the maximum benefits from our daily operations.
Just like other industries, the oil and gas sector is overloaded with large quantities of data, the majority of which is produced by the sensors and computer systems set up throughout the value chain. As a result, there is no real smooth flow of information about GE’s assets that travels to different departments (Economist.com, 2017). GE should consider connecting our IT infrastructure and architecture to various sophisticated cloud servicing models. By adopting these cloud service models, various GE can reduce the frequent challenges linked with the software at oil plants and offers the ability to provide underlying infrastructure for applications including oil wells and remote locations on land and offshore. In addition, by putting data in the cloud GE can continue adopting digital technology in our daily operations and can enhance GE’s ability to handle large amounts of data and manage remote offshore oil teams (DU Press, 2017). Cloud computing can be beneficial for collaboration amongst GE departments, oil teams and GE executives can securely exchange information regarding oil reservoir, geological data, simulations and other important information without consulting the e-mail system. Other companies such as Siemens and Tullow Oil have recently incorporated cloud computing in their daily operations and GE should not be left behind.
In addition, with the rise of the ‘Internet of Things’ most oil equipment is now either connected to networks or can be tracked using connected devices, cloud software can track and trace these assets and know exactly where to send certain equipment (Accenture.com, 2017). If GE chooses to strategically embrace cloud computing, then this can allow GE executives to deploy the infrastructure needed for further mergers and ventures with software companies such as IBM and Microsoft thereby enhancing our competitiveness. In addition, another up and coming technological solution that we could incorporate into our daily operations at GE is augmented reality software. Augmented reality technology can be used a workforce training method as employees working in the oil fields can receive either one- to- one or group coaching sessions by professionals in locations from all over the world. This can maximise GE’s maintenance efficiency especially in reference to assets in remote environments and also adopt an innovative method to train our workforce in the form of augmented reality applications (McKinsey & Company, 2017).