General Electric Announces New Division

“A New General Electric (GE) Venture , Avitas Sytems,”

A New General Electric (GE) Venture , Avitas Sytems, will transform inspection services with advanced robotics, data analytics and artificial intelligence according to this mornings Press Release from GE.

One day after the Departure of its CEO Jeff Immelt and the announcement of its new leadership of John Flannery, it new CEO General Electric has made the announcement of it latest venture.

GE’s intent is to revolutionize the process of costly and time consuming inspections which it claims will reduce risks, take less time and reduce costs. It plans to to do this with its new company by utilizing  redictive data analytics, robotics, and artificial intelligence to deliver advanced inspection services to the oil and gas, transportation, and energy industries.

 

Routine inspections can be slow and costly, and often include humans performing high-risk tasks. Data is manually collected and processed, and can take weeks to analyze. By reducing high-risk tasks through robotics, Avitas Systems can make inspection processes safer and more efficient through data automation, decreasing costs by up to 25%. By performing inspections based on anticipated risk, instead of regular time intervals, Avitas Systems can also help to increase asset longevity.

“The inspection services industry requires cutting-edge technologies to help avoid unplanned asset downtime and to deliver new, valuable insights,” said Alex Tepper, Founder and Head of Corporate and Business Development at Avitas Systems. “We will use state-of-the-art robotics, automated defect recognition, and cloud-based technology to give customers the customized service and data they need to advance from reactive to predictive repair.”

Avitas Systems partners with GE Global Research and market leaders in drone and robotics technology to develop ground-based and aerial autonomous and semi-autonomous robots with a wide variety of sensors used to inspect assets. The Avitas Systems solution, built on GE’s Predix platform for the Industrial Internet, analyzes inspection data, integrates regulatory and external data sources, such as weather, identifies defects automatically and recommends optimal inspection and maintenance schedules. The system can fuse data from diverse sources and independently analyze the relationships between them for deeper insights and incorporates user feedback to make defect detection smarter and more accurate.

Customers will be able to access inspection data in real time through an inspection platform that includes customized dashboards and reports. The platform also includes 24/7 live alerts that enable customers to monitor their data from any location.

“Unplanned asset downtime is a top issue for the oil and gas industry, and can cost operators millions of dollars,” said Kishore Sundararajan, Chief Technology Officer of GE Oil & Gas. “Avitas Systems will help enhance the efficiency of inspections, and can help our customers and others avoid significant costs by reducing downtime and increasing safety.”

The new company utilizes aerial inspection technology and systems expertise from GE’s Global Research Center and Oil & Gas business, as well as business incubation leadership from GE Ventures. Avitas Systems leverages expertise from the GE Store, a global exchange of knowledge, technology, and tools that drive innovation and efficient outcomes to service multiple GE businesses and customers.
Avitas Systems is based in Boston, Massachusetts, home of GE’s global headquarters, and draws from deep regional talent pools of robotics, enterprise software, artificial intelligence, and database technology. The company can be found online at http://www.avitas-systems.com/ and @Avitas_Systems on Twitter and LinkedIn.
About Avitas Systems, a GE Venture
Avitas Systems is a GE Venture advancing the inspection services industry across oil and gas,

 

Many Investors have been hoping for years now for General Electric to return with some direction after seemingly wandering the proverbial desert for years now. Could this be the beginning of a new direction under its new leadership? One can only hope!

 

Please share your thoughts and comments below.

 

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Jeff Immelt Out at General Electric!

Even its financial divisions were sold off with no return for shareholders

GE Board of Directors replaces Jeff Immelt as CEO!

The General Electric (GE) board of Directors has appointed John Flannery the new CEO, replacing a controversial Jeff Immelt.

Jeff Immelt has overseen the operation of General Electric since Jack Welch left 16 years ago. General electric, a DOW component has done poorly those past 16 years and has never recouped its Dividend or its share price since the financial collapse in 2008.

General Electric was once trading at over $40 per share and now almost ten years later is trading well below $30 per share. This lack of performance along with many controversial moves made by Immelt over the years such as the dumping of many iconic GE divisions, while returning nothing to its shareholders has angered many. Even its financial divisions were sold off with no return for shareholders which angered many shareholders causing the to sell out of the company stock.

JOHN FLANNERY NAMED CHAIRMAN AND CEO OF GE

Jeff Immelt to Remain Chairman of the Board through December 31, 2017
Jeff Bornstein Named Vice Chair of GE; Continues as CFO
Portfolio Transformation Paves Way for New Leadership
GE’s 2017 Framework Remains Unchanged
BOSTON – June 12, 2017 – GE (NYSE: GE) announced today that John Flannery, current President and CEO of GE Healthcare, has been named CEO of the company by the GE Board of Directors effective August 1, 2017 and Chairman and CEO effective January 1, 2018.  Jeff Immelt, Chairman and CEO, will remain Chairman of the Board through his retirement from the company on December 31, 2017.   In addition, Jeff Bornstein, current CFO, has also been promoted to Vice Chair of GE.  Today’s leadership announcements are the result of a succession plan that has been run by the GE Board of Directors since 2011.
Jack Brennan, lead independent director for GE’s Board of Directors, said, “During this time of dynamic global markets and relentless focus on technology and operational excellence, there is no better person to lead GE than John Flannery.  He brings unique experience and a strong skill set to the job.  John has spent almost half of his career living outside of the United States and has led complex financial and industrial businesses all over the world, including running GE Healthcare, GE in India and the business development team for GE through the successful acquisition of Alstom.  John has had a direct influence on the company’s direction, its financial health and its position as the world’s premier digital industrial company.”
 For More information and the complete text of the press release: GE Press Release for New CEO appointment