On today’s SiliconANGLE Live NewsDesk Show, (see live feed below or visit youtube.com/siliconangle to watch on-demand), we learn about GE CEO Jeff Immelt’s big bet on Big Data and the Industrial Internet replacing our current Consumer Internet.

A direct quote from the story:

There is a massive business opportunity in using software to anticipate industrial equipment maintenance needs,” Immelt said. “Take the jet engine. It has about 20 sensors that capture real-time continuous data — temperature, engine performance, etc. If I can take that data and use it to model a consumer outcome — say, more time on the wing or less fuel burn — that’s worth an awful lot of money to my customers. A 1 percent change in fuel burn for an airline is worth hundreds of millions of dollars.”

General Electric, know to our parents for “big iron”, is seemingly shifting to a company that will be known for Big Data. In the Industrial Internet, using Big Data analytics to track usage and make near real-time changes will not only save money, but improve usability and performance. Specific to the world of “big iron”, that’s better fuel performance, less downtime, less unplanned downtime, and conceivably better products.

The predictiveness of Big Data is something we are just starting to understand. Big Data allows for  productivity one or two times better than current levels. Smarter machines, smarter people, smarter everything. Services are more lucrative because efficiency is higher than its ever been.

Joining us now to provide his breaking analysis on GE’s big data outlook is Wikibon Principal Research Contributor Jeff Kelly. (See the live broadcast, embed below ~ if you missed today’s topic, check our YouTube channel for archived clips.)

Some of the things we’ll be discussing with include:

1. Immelt explained that “There’s a massive business opportunity in using software to anticipate industrial equipment maintenance needs.” Can you tell us about the example he provided to illustrate that point?
2. GE doesn’t have much of a history building software systems. So what are they doing to build up their software development capabilities?
3. What about GE’s competitors like Siemens? Where does this leave them or does GE have the Industrial Internet market all to itself?
4. Why is the industrial internet big business for GE?
5. What about the benefits of the industrial internet for GE’s customers and their customer’s customers’? What’s in it for them?