Incorporating artificial intelligence (AI) into different industries isn’t exactly a quick and easy process. While careful consideration has to be made around the pitfalls and challenges that come with this emerging technology, industries like the energy sector are still both conservative and reluctant to embrace all that it has to offer.
And as ready as society might be to make use of AI through e-commerce, social media and healthcare – not every industry is prepared to give it their complete trust, just yet.
So what are some of the advantages that AI can bring to the energy sector, in particular?
Let’s take a look.
5. Predictive Analytics
Through machine learning and deep learning, AI is able to forecast and predict particular outcomes at a far more effective and efficient rate than humans. By making use of predictive analytics, the energy sector will have the opportunity to cut costs, save power, prepare for changes and enhance the overall customer experience.
While it’s difficult to predict system failures due to overloading, or weather patterns that affect energy output – the use of neural networks that utilise historical data and patterns will ultimately reduce risks and increase opportunities for the industry at large.
This also extends to buying, selling and trading energy in the stock markets, as machine learning is able to identify and predict whether or not there will be significant changes in the production or loss of energy. AI will inevitably provide a huge competitive advantage to those that implement it.
4. Disaster Prevention
AI has the ability to identify and predict maintenance issues that are in need of attention. Faulty transmission lines, system overloads, and failing transformers can cause serious damage to the environment (and to people) if not monitored or maintained effectively.
With AI, the industry is able to predict any faults, damages or potential hazards that might be caused by poorly maintained infrastructures, corrosion, and damaged or worn facilities. By making use of deep-learning that implements data captured by drones and lidar, many of the risks and dangers associated with the industry can be prevented and worked on.
3. Energy Storage Optimisation
The amount of power being produced is quickly growing as humans continue to populate the Earth. And that power needs to be stored and managed correctly to maintain and endure the inevitable growth that will come with the increase in population.
Through AI and machine learning, the methods and processes of storing that energy are plentiful and will make a massive impact on dealing with the chaotic and temperamental nature of storing renewable energy. Our current energy storage systems don’t have the infrastructure to understand, process and utilise this energy in high amounts – and that’s where AI and machine learning can make a difference.
The algorithms that are processed through this new technology will improve the efficiency of power distribution, as well as optimise the utilisation of the power that it generates and stores. With intelligent power storage systems in place, AI can provide real-time insight into the health and strength of those devices that store energy – resulting in both an increased life-span and output.
2. Resource Allocation And Management
Through predictive analytics, AI is able to allow energy distributors to save and distribute resources far better, prepare them for upcoming demand, and improve customer experience by lowering costs.
This will come to affect the environment in a positive way, as waste materials can be analysed and processed in order to be reduced and recycled more effectively. Conserving resources and saving energy will also go a long way in making a noticeable impact on the environment and ultimately reduce costs in the industry.
1. Digitisation of Data
Just like most industries, there are massive amounts of data that need processing to be utilised effectively. The storage, collection and management of data can become far more effective through the use of AI.
While the energy sector is still heavily reliant on manual work, this technology can improve the process of gathering valuable insights that end up saving both time and money.
With the vast amounts of historical data that exists, the entire industry can benefit greatly from converting all of that information into useful and practical insight. AI and machine learning create algorithms that discover patterns and processes, which can improve decision-making and assist in extracting important findings that will enhance the overall value and efficiency of energy production and distribution.
It will result in better profits, better customer relations and enhance asset performance.
AI is becoming increasingly powerful with time. It’s safe to assume that every industry will end up being far more productive, reliable and impactful in the long-run.
And while many are still too reluctant or skeptical of the changes that it could bring, it’s only a matter of time before it becomes a very normal part of life. The advantages are far too promising to ignore and it would be counter-productive to shy away from the positive impact that it hopes to bring.