Fabric innovators convened at MIT recently to bring new significance to the term “smart dresser.” Uniforms made with materials that deliver cool or warm airflow. Augmented-reality headgear that can help field medics quickly identify and diagnose injuries. Lightweight body armor that protects the heart and neck. The three-day hackathon at the MIT Media Lab challenged engineers, designers, researchers, and product developers to create functional fabrics that address the inherent needs of emergency responders in volatile environments such as war zones and natural disaster sites.
The hackathon, hosted by the MIT Innovation Initiative, MD5 (the National Security Technology Accelerator), the U.S. Department of Defense (DoD), and the AFFOA (Advanced Functional Fabrics of America) gave participants the opportunity to work with leading-edge fabric technologies as well as with tech experts and seasoned entrepreneurs who could help them refine their new-product pitches.Continue reading
Global expansion is a core goal of many major corporations, but some are beginning to rewrite the multinational rules of the road. With 300 locations around the world, General Electric (GE) is one such pathfinder, recently rethinking which functions should be regionalized and which should remain local.
Global Operations Executive Leader, Oleg Bodiul, SF ’13 took on the vast transformation role as part of a GE leadership team tasked with creating a global shared-services organization that would centralize many of the company’s key functions, including accounting, finance, and commercial operations.
Among the top 100 firms in the world, GE is a digital-industrial player providing software-defined machines and solutions for markets ranging from aviation, power generation, and oil and gas to renewables, healthcare, and financial services. “Historically, functions like accounting and order management were performed in hundreds of locations around the globe. The objective was to centralize, where possible, into a few locations to leverage scale and deliver better outcomes for our customers, employees, and shareholders.”
“No smart business strategist would start a business in the small diesel engine marketplace,” says Tana Utley, SF ’07. But that’s exactly the project she was charged with turning around at Caterpillar, Inc. recently. Utley is vice president with responsibility for the large power systems division at Caterpillar, one of the world’s leading engine manufacturers.
What’s so bad about small diesel engines? The list is long. Small diesel engines are being made all over the world and the competition is stiff as companies in emerging markets try to gain a toehold by keeping their prices at rock bottom. “It’s almost impossible for us to sell our equipment at prices that low,” Utley says. “On top of that, there’s an overcapacity of small diesel engines in the global marketplace, bringing the market price even lower.” Getting out of the business was not an option, however. Caterpillar needs those small engines; they power a variety of the company’s machines, generator sets, and some external applications.Continue reading