Artificial intelligence enables utilities to iimprove workflow. The technology has already helped them automate tasks, streamline customer service, and enlongate equipment lifecyles. A new wave of systems with higher capabilities is emerging. Therefore, AI’s role in energy companies will continue to expand.
AI is software designed to mimic tasks that typically require a level of human reasoning. They may sort though large volumes of information, correlate data points, identify a potential transformer problem, and automatically generate and send an alert to a technician.
Dramatic Increases in AI Power
Recent advances, symbolized by ChatGPT, are taking such capabilities to a new level. Â Emerging AI solutions solve problems based on hundreds of billions of words and data models monitoring hundreds of billions of parameters.
Consequently, a new generation of applications is emerging that complete complex tasks. For instance, they create a coherent, grammatically correct blog, like this one, in seconds after a user enters a few words, like “Blog, AI impact on utilities”. ChatGPT is even smart enough to pass the bar exam.
Because of the advances, energy companies are purchasing more of these systems and starting to incorporate their abilities in their organization. Spending is expected to reach $154 billion in 2023, an increase of 26.9% over 2022 and surpass $300 billion in 2026, (CAGR) of 27.0%.
AI is a rapidly evolving field. A new generation of AI solutions are working their way out from research laboratories and reshaping how utility business processes are performed.