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GE Collaborates with Prysm to Enhance Digital Platform

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General Electric Company (GE - Free Report) recently chose Prysm Visual Workplace – a visual collaboration cloud – to help its employees, customers and partners share highly visual content, and stay connected across any given location.  

General Electric shares an ongoing relationship with Prysm.  Its software is used across various key business areas in General Electric's new headquarters in Boston. Additionally, General Electric’s new office in New York City will also have Prysm technology installed. This collaboration will, in turn, help strengthen the two company’s business ties.

In order to establish itself as the world's premier digital industrial company, General Electric looks forward to enhancing its ability to connect seamlessly across all media. The Prysm Visual Workplace will enable the company to keep a tab on its employees, whether they are in the office or outside, working from their mobile device.

A few days back, SAP SE (SAP - Free Report) partnered with GE Digital to foster the development of Industrial Internet of Things (IoT) by integrating SAP’s proprietary SAP HANA Cloud Platform and GE's Predix operating system. This partnership reflects the companies’ attempt to expand joint “go-to-market” capabilities and escalate innovation for cloud platforms. SAP and GE Digital are trying to enable the concept of "Things to Outcomes" for the oil and gas industry. This will empower owners, operators and makers of their equipment to share data and context, thus creating end-to-end processes.

In order to augment its revenues, General Electric has also initiated steps to supplement its digital presence in Europe and foster growth of the industrial ecosystem for the continent’s overall development. The strategic move is largely fuelled by the market predictions that digitization of products and services is likely to yield an excess of 110 million Euros in annual revenues in Europe over the next five years.

General Electric has also opened a new digital office in Paris – Digital Foundry, which is likely to be the hotbed for the industrial ecosystem. The Digital Foundry forms a global network of centers through which GE Digital intends to incubate local startups, form client collaborations to develop new applications and extend the burgeoning community of industrial developers in Europe. Additionally, GE Digital acquired Meridium, Inc., a global leader in asset performance management (APM) software and services for asset-intensive industries. The acquisition will facilitate GE Digital to augment its comprehensive APM offering by leveraging Meridium’s expertise in cognitive analytics, reliability centered maintenance, operational risk management and asset health, as well as intelligent asset strategies. All these offer a huge growth potential to the company.

We continue to be bullish on the strategic expansion in the digital ecosystem of this Zacks Rank #4 (Sell) stock. A couple better-ranked stocks in this industry include AO Smith Corp. (AOS - Free Report) and Danaher Corp. (DHR - Free Report) , both carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

AO Smith has a long-term earnings growth expectation of 10.7% and is currently trading at a forward P/E of 25.6x.

Danaher has long-term earnings growth expectation of 11.9% and is currently trading at a forward P/E of 22.0x.

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