Photo Credit: Falk Lademann on Flickr

How Can Artificial Intelligence Improve The World Energy Market?

With a rapidly increasing number of companies using some form of artificial intelligence (AI), such as big data automation, predictive/prescriptive analytics, machine learning, expert systems, neural networks, interactive voice response technologies, and avatar technologies, in their business models, artificial intelligence is forecast to disrupt all industries. With only a small percentage of businesses not yet using or not even planning to utilize artificial intelligence in any way, according to Infosys and Harvard Business Review, some opinions state that within a decade from now, managers not using AI will be replaced by those who do. 

As stated by Infosys, the main reasons for applying various forms of AI, as the findings of the study “Amplifying Human Potential: Towards Purposeful Artificial Intelligence” reveal, were:

  1. Automation of IT processes
  2. Automation of business processes
  3. Increase innovation
  4. Improve employee knowledge and skills
  5. Increase employee productivity
  6. Improve decision-making
  7. Increase revenues
  8. Save costs
  9. Improve go-to-market time
  10. Improve customer experience

Franklin Wolfe writes in How Artificial Intelligence Will Revolutionize the Energy Industry, a special edition on Harvard University ́s blog on August 28, 2017, artificial intelligence and the energy sector are becoming more and more interconnected, whereby choosing a career path in either of these sectors does not necessarily signify excluding the other. Phil Goldstein, on the other hand, writes in his article in BizTech on October 25, 2017 that AI can support the energy industry in many ways: in improving energy efficiency, predicting possible blackouts and failures, and even support human beings in detecting completely new sources of energy. 

According to technology research and advisory firm Gartner, 85% of all customer interactions will be managed without a human by 2020. Global Energy Business BP already explores how performance in the oil and gas industries can be improved with the help of artificial intelligence. According to technology expert Walker at BP, AI algorithms i.e. processes are about to transform how BP optimizes its operations. 

Learn more by watching Stanford Graduate School of Business ́s video “Andrew Ng: Artificial Intelligence is the New Electricity”:

Connect with me on Twitter @annemariayritys. For climate/environment-related posts only @GCCThinkActTank. Subscribe to Yritys Executive Services to receive my latest posts.

 

 

 

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