Today I'm co-moderating the Singularity University's Exponential Finance Conference in New York, looking at the intersection between technology and finance and industry.
One of the most interesting speakers today is Marco Annunziata, chief economist of General Electric.
Big data is changing even the way old industrial companies operate. Digital technology has become more pervasive on the industrial side of the economy, and Annunziata has been in the forefront.
Call it the "Industrial internet" if you will. Take industrial machines from jet engines to medical equipment and turn them into intelligent interconnected devices. Suddenly, you are no longer just selling assets, you are selling services.
You can improve the performance of the machines. You can better predict when the machine will break. Their functionality can be extend, exchanged and improved. There are cost reductions, and more up time for the machines. Ownership of the assets become less important: they are part of a suite of services.