General Electric says internal ideas will produce $5bn in savings

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Josh Mook - GE

Josh Mook – Innovation Leader at General Electric at Brightidea’s Synthesize user conference.

Ideas generated by General Electric’s workforce will produce more than $5 billion in production cost savings said Joshua Mook, engineering leader at GE speaking at a conference in San Francisco for users of Brightidea’s innovation management platform.

Mook said that the use of advanced 3D printers is creating disruption in manufacturing. And by combining the ideas and knowledge of GE’s vast ranks of technologists, new products can quickly be produced: such as aircraft engines with hundreds of fewer parts, higher fuel anyone and lower weight.

“If I have 300 fewer parts that means I don’t need to spend months signing 300 contracts with suppliers. I can print the parts that I need. And my inventory costs have almost gone away – all that cash siting in warehouses is now free to be invested,” said Mook.