5 Reasons Why Australia is Positioned Perfectly for the Industrial Internet Revolution

With pressure on commodity prices, resources companies are turning to technology to help get more out of their investments. Big Data solutions are capturing information from equipment out in the field, and real time analytics are providing organisations with insights to reduce unplanned downtime and optimise their operations. This technology focus has been coined ‘the Industrial Internet Revolution’ and economic studies promise hundreds of billions of dollars in savings worldwide.

GE has just wrapped up it's annual Minds+Machines conference in San Francisco, where I had the opportunity to mingle with passionate innovators and experience the latest Industrial Internet solutions.

The conference showcased examples of Industrial Internet ideas from around the globe where companies are embedding sensors in their equipment to collect terabytes of data. Using real time analytics, insights can be found that in turn allow their operations to run smoothly, make their equipment work harder, and increase business success and profitability.

I was staggered by the different sectors that are embracing this technology – from freight railroads to power plants – and it really highlighted to me that Australia’s current industrial and economic climate is ideally placed to reap the benefits of this Industrial Internet Revolution.

There is already evidence to show Australia is equipped to take advantage of the Industrial Internet in a very meaningful way:

1. Scale. Our country is vast and our resources and agriculture industries can benefit from the distribution of cheaper sensors across operations. Big Data allows companies in Mining, Oil & Gas and Agriculture to manage resources remotely and use them more efficiently. A real world example of this is the remote monitoring of oil pipelines in Western Australia to reduce failures.
2. Productivity. Commodity prices have weakened and we need to focus on productivity and driving more return on our investments. Reducing fuel consumption in rail networks and improving wind farm performance are classic examples where data collection and transformation by smart sensors can radically change equipment effectiveness.
3. Economic Shift. The evolving trend from manufacturing hub to knowledge economy demonstrates our ability to adapt to changes in global market trends. As we reposition our workforce it will be technology that is at the heart of our growth.
4. Invention. Australia has a rich history of innovation and continues to achieve milestones in science and technology fields. One only has to look at the innovation coming from our research agencies, or the way our universities lead the way in areas like data visualisation and advanced analytics, to see the potential we hold.
5. Entrepreneurs. While we may not be Silicon Valley quite yet, our Start-up communities are alive and active - with centres like Fishburners, MAP and The York Butter Factory germinating a new generation of entrepreneurs.

In the Australian industrial world the Industrial Internet is completely changing the way we can think about efficiency, productivity, forecasting and maintenance. By embracing this technology Australia is presented with vast opportunities for innovation, and industrial businesses can gather richer knowledge about the reliability, productivity and efficiency of their assets.

The world of start-ups have a wealth of ideas in solving consumer problems which can be translated to solutions at the industrial scale and improve Australia’s productivity.  And so in the spirit of innovation and STEM development in Australia, and providing opportunities for start-ups to develop ideas, GE will be hosting it's first ever Industrial Hackathons in Sydney on November 28th - 29th and in Melbourne on December 12th - 13th.

In a highly competitive and immersive environment, teams of three or four will build a plan to solve some real world industrial problems, develop a solution, and pitch it to a panel of Industry judges. Participants will be evaluated on their chosen solution, quality of design and build, business model and market validation. 

We're excited to see what ideas will come forward, and how our entrepreneurial community sees their influence on the need and the opportunity facing Australia today.