In order to achieve real-time benchmarking, fleet optimization and cargo rationalization for increased productivity at reduced costs, GE Capital Fleet Services, an operating unit of General Electric Company (GE), launched a new suite of analytical tools for next generation strategic consulting services.
These tools will equip GE Capital Fleet Services’ strategic consulting services (SCS) group, a dedicated team of skilled fleet consultants, with the requisite wherewithal to identify newer avenues for potential cost savings for its clients. In this context, it is worth noting that SCS group has identified over $1.6 billion in cost-savings for its clients in the last five years and consequently the new analytical tools are sure to yield added customer benefits.
The Key Takeaways
Real-Time Benchmarking: The new real-time benchmarking tool will facilitate fully-outsourced fleet management customers to tap GE Capital’s vast data warehouse to evaluate their own performance. The data warehouse includes detailed maintenance, fuel, and accident information for over 800,000 fleet vehicles and offer perfect real-time benchmarking data for effective comparison.
Fleet Optimization: Comparison of a fleet’s actual performance with GE Capital’s benchmarking data will further enable its customers to quantify and prioritize about 40 different cost-saving and performance improvement opportunities. This will then lead to optimization of the fleet resources to maximize the returns from investments.
Cargo Rationalization: GE Capital’s analytical tools will also enable its customers to select the right vehicle for the specified cargo, depending on cargo space, safety and business need. Cargo rationalization is arguably one of the most cost-effective ways to optimize a fleet’s performance, improving fuel economy, productivity, safety, total cost of ownership and environmental performance.
Separately, GE Intelligent Platforms took a step ahead with its convergence plans for interoperability, secure communications and an optimal user experience through an investment in a single integrated architecture. This includes modular components, an Ethernet backbone and software applications to deliver on the principles of the Industrial Internet and Machine-to-Machine (M2M) communications.
OPC-UA (Object Linking and Embedding for Process Control - Unified Architecture) is the first of its kind to be deployed across General Electric’s control platforms. This offers a cohesive, secure and reliable cross platform framework for access to real time and historical data and events.
A single integrated architecture will serve various objectives, such as enterprise visibility – any information flow from the device to the enterprise is available across the system; interoperability – a common architecture and standard suite of communication protocols will offer a seamless solution to business; and interdesignability – convergence of design tools and model libraries to improve productivity and quality.
GE Intelligent Platforms will use Predix, a first-of-its-kind industrial-strength software platform, for an optimal user experience. Predix integrates technologies for machine-to-machine communication and mobility that can run on-premise or in the cloud, thereby increasing productivity, reducing waste and improving business operations.
The integrated General Electric controls architecture and the use of open system standards will offer seamless, context-driven, regional, community-based solution to customers to integrate, operate, maintain and manage their operations with world-class automation. Thus, these investments by General Electric offer a technological consolidation for customers to get connected faster and easier – buzzwords for the future tech-savvy generation.
General Electric is one of the largest and the most diversified technology and financial services corporations in the world. With products and services ranging from aircraft engines, power generation, water processing, and security technology to medical imaging, business and consumer financing, media content, and industrial products, the company serves over 100 million customers worldwide.
General Electric currently has a Zacks Rank #3 (Hold). Other companies in the industry that are worth mentioning include Tyco International Ltd. (TYC), Hutchison Whampoa Ltd (HUWHY) and Marubeni Corp. (MARUY), each having a Zacks Rank #2 (Buy).