General Electric

Revenue

$122.09 billion (2017)

Employees

313,000 (2017)

Founded

1892



Overview:
General Electric (GE) is an American multinational conglomerate incorporated in New York and headquartered in Boston, Massachusetts. As of 2018, the company operates through the following segments: aviation, healthcare, power, renewable energy, digital, additive manufacturing, venture capital and finance, lighting, transportation, and oil and gas. In 2017, GE ranked among the Fortune 500 as the 13th-largest firm in the U.S. by gross revenue. In 2011, GE ranked among the Fortune 20 as the 14th-most profitable company. As of 2012, the company was listed as the fourth-largest in the world among the Forbes Global 2000, further metrics being taken into account. Two employees of GE have been awarded the Nobel Prize: Irving Langmuir in 1932 and Ivar Giaever in 1973.


Industries:
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Consumer Goods
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Industrials



Similar firms (based on pattern co-occurrence):
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2 shared patterns
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2 shared patterns
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2 shared patterns
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2 shared patterns
Business Model Patterns:

Crowdsourcing

How they do it: GE set up a crowdsourcing platform on which they published explicit problems there were looking to solve, e.g. in the area of data science. The platform allows independent teams to submit solutions and also collaborate and work jointly with internal and external stakeholders on developing new solutions. This allows the company to acces new impulses and resources.

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License

How they do it: GE licenses IP and technology across its operating areas, enabling 3rd parties to commercialize their developments more rapidly and create new companies based on them. GE also provides adjacent resources such as training and scientists to accelerate the process of bringing new technologies to market.

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Performance-based Contracting

How they do it: In its service business for pressure control equipment, GE introduced a condition-based monitoring and maitenance service agreement. This allows GE to shift from calendar and event-based maitenance to condition-based monitoring and maitenance. By sharing some of the operating risk with its customer it can provide a risk-adjusted value proposition to the customer and also has more control over state and maitenance of its equipment.

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Rent Instead Of Buy

How they do it: GE rents out certain of its products to customers. This allows its customers to balance peak production requirements, or need to troubleshoot unexpected situations. This gives customers flexibility and cost advantages.

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Reverse Innovation

How they do it: GE develops many products especially for the needs of emerging markets. One example is an ultrasound device which had to be portable to be suited for use in rural india. GE then developed an ultra low cost, portable, battery-operated ultrasound device for rural India and China. This invention has now also found wide approval in developed economies where the increased portability allows the machine to be used e.g. in accident first response.

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