The Industrialist's Dilemma: Beth Comstock, Chief Marketing Officer of GE | Summary and Q&A

TL;DR

GE is transforming from a traditional industrial company to a digitally-enabled industrial business, focusing on the Internet of Things (IoT) and digital technologies.

Key Insights

• ☠️ GE's transformation is driven by the need to find new growth in a tough market with slow growth rates.
• 🖐️ The industrial internet and digital technologies play a crucial role in GE's transformation, enabling new levels of productivity in various industries.
• 🐕‍🦺 The company is navigating the challenges of integrating software and hardware capabilities and redefining its service model.
• 📼 GE is focused on assets under management and using data and analytics to improve outcomes for their customers.
• 🔬 The company is investing in ventures and partnerships to accelerate digital transformation.
• 🤕 GE is reshaping its leadership development program to cultivate leaders who are responsive and agile in the digital age.
• 😤 The company is incentivizing speed and agility in its teams and implementing a culture of fast work.

Transcript

Read and summarize the transcript of this video on Glasp Reader (beta).

Questions & Answers

Q: How is GE managing to transform from an industrial to a digital business?

GE has recognized the importance of digitization and the Industrial Internet. They have named and claimed the industrial internet, and invested in research and development, software technology, and sales and marketing to drive the transformation.

Q: Is GE facing challenges in convincing its customers about the benefits of the Industrial Internet?

Yes, GE had to develop a customer maturity model, as most customers were not ready for the digital transformation. However, GE's approach of co-creating and partnering with its customers has helped to bring them along in the transformation journey.

Q: What is the role of data and analytics in GE's transformation?

Data is crucial for GE's transformation, with the company moving towards an "assets under management" model. By collecting and analyzing data from connected assets, GE can predict failures and offer maintenance solutions to their customers.

Q: How is GE dealing with the need for speed and agility in the digital world?

GE has implemented a "fast work" culture, adopting lean startup methodologies and agile practices. They are incentivizing their teams based on velocity and speed, and providing training and development opportunities to help the organization move faster.

Summary & Key Takeaways

• GE is facing a tough market with slow growth, but is determined to ramp up its growth engines and find new ways to grow.

• The company started to realize the importance of digital transformation around 2008 and has been redefining its future for the past four to five years.

• The key focus of GE's transformation is the Industrial Internet, which aims to connect their assets and enable new waves of productivity in various industries.