Tuesday, July 13, 2021

g-f(2)371 The Big Picture of Business Artificial Intelligence (7/13/2021), Forbes, Artificial Intelligence Is Improving Energy Companies — Not Replacing Workers


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Opportunity, AI and the holistic vision of a company
  • Artificial intelligence is not about robots doing the jobs of humans. It is about taking a holistic view of the company and gathering data to improve productivity, limit expenses, and reduce environmental costs — a process that is now possible because of bandwidth capacity and cloud technologies.
Lesson learned, AI adds value and increases productivity
  • AI can develop algorithms and thus eliminate repetitive tasks, allowing managers to add value: organizations that are increasing productivity while minimizing costs will be globally competitive and capable of hiring more workers. 
  • AI can remove the mundane component of the work and allow managers to focus on the value-added part.
  • AI can monitor an entire system and account for all variables. As for power plants, the technology can help managers balance supply and demand issues, maintain their plants, and improve safety measures. 
        Lesson learned, AI means endless possibilities for improvement 
        • AI can, for example, help power plants or oil companies decide where to bury the CO2 — a way to offset future emissions until renewable energy might replace those fuels. 
        • Beyond Limits and NVIDIA are using AI to identify the best locations for their wells — a process that they say will improve the net present value of those assets by 10%.

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            According to McKinsey & Company, AI and digitization can increase asset productivity by up to 20% while also reducing maintenance costs by 10%. And IDC, a market intelligence business, says that spending on such technologies will more than double from $50 billion today to $110 billion in 2024.

            Opportunity, AI and the holistic vision of a company
            • Artificial intelligence is not about robots doing the jobs of humans. It is about taking a holistic view of the company and gathering data to improve productivity, limit expenses, and reduce environmental costs — a process that is now possible because of bandwidth capacity and cloud technologies.
            Lesson learned, AI adds value and increases productivity
            • AI can develop algorithms and thus eliminate repetitive tasks, allowing managers to add value: organizations that are increasing productivity while minimizing costs will be globally competitive and capable of hiring more workers. 
            • AI can remove the mundane component of the work and allow managers to focus on the value-added part.
            • AI can monitor an entire system and account for all variables. As for power plants, the technology can help managers balance supply and demand issues, maintain their plants, and improve safety measures. 
                  Lesson learned, AI means endless possibilities for improvement 
                  • AI can, for example, help power plants or oil companies decide where to bury the CO2 — a way to offset future emissions until renewable energy might replace those fuels. 
                  • Beyond Limits and NVIDIA are using AI to identify the best locations for their wells — a process that they say will improve the net present value of those assets by 10%.


                  Category 2: The Big Picture of the Digital Age

                  [genioux fact deduced or extracted from Forbes]

                  This is a “genioux fact fast solution.”

                  Tag Opportunities those travelling at high speed on GKPath

                  Type of essential knowledge of this “genioux fact”: Essential Analyzed Knowledge (EAK).

                  Type of validity of the "genioux fact". 

                  • Inherited from sources + Supported by the knowledge of one or more experts + Supported by research.


                  Authors of the genioux fact

                  Fernando Machuca


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                  ABOUT THE AUTHORS


                  Ken Silverstein

                  Twitter: @Ken_Silverstein. Email: ken@silversteineditorial.com

                  Since the late 1990s, I’ve covered energy, beginning with the rise and fall of Enron — first as a magazine writer before becoming a columnist and editor. For nearly 10 years, I’ve been a columnist for Forbes, focusing on fossil fuels, renewables and nuclear energy while expanding my coverage to include emerging technologies and environmental causes. My stories, which cover the globe, have appeared in, and have been cited by, dozens of publications and broadcasts. My features and my columns have also won several national awards.


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