Like Marmite, Artificial Intelligence (AI) technology has divided opinion, with some fearfully apprehensive of its power and perceived risk to human jobs and security, whilst others optimistically focus on its potential for increasing efficiencies, reducing time and costs, and improving accuracy. Truthfully, AI technology, whilst having advanced considerably since its conception, has existed for over sixty years, but it’s only in the last 5 years it’s taken off. It was created with the intention of assisting and elevating human life, introducing technologically based accuracy, speed, and efficiency.
Machine learning and AI technology, becomes smarter over time and gains the ability to increase its efficiency whilst avoiding time consuming and complicating human errors, meaning tasks can be completed quicker and more accurately. Furthermore, this technology can use insights and data that it has collected to respond to customers in a personal and relevant way. This smart technology additionally enables humans to interact with large, complex data sets and systems, and retrieve natural language answers rapidly, thus saving time and labour.
AI technology shows considerable potential for significant skill augmentation and decision making based upon the analysis and research of historical data, patterns and trends, thus improving the strategic decision making and critical business planning by minimising mistakes and removing any obvious bias from decision making. Furthermore, the avoidance of human error in decision making dodges mistakes that can lead to irreversibly costly damage. The aim of AI is not to dehumanise all processes, but rather to improve efficiencies within human processes, effectively making laborious and complex tasks quicker, smoother, and simpler.
The energy industry is in dire need of digital revitalisation and could be revolutionised by utilising smart technologies now available to them. In recent months, nine UK energy suppliers have gone bust, having failed to adapt and modernise. AI and automated technology can equip businesses and better prepare them for unexpected changes in the unpredictable energy markets, making the volatile markets easier to navigate whilst creating more sustainable businesses.
Harnessed correctly, AI technology can further improve business operations substantially. As Andrew Ng states, “Artificial Intelligence is the New Electricity”. The energy industry is generally not known for its innovation and cutting-edge software. It is extremely manual and suffers incredibly from a generation of legacy tech that makes processes slow and inefficient. AI effectively can improve businesses monitoring and management of energy consumption optimising energy use, carbon emissions and costs, through assisting with energy forecasting, renewable storage, plus sustainable development. EnergiMine have recognised the potential AI has to offer, building the next generation of Smart Energy Management, EnergiCore, an automated AI-led platform.
Omar Rahim, CEO at EnergiMine comments “People need to future-proof their businesses by embracing new technologies such as AI, evolving with today’s demands in order to stay ahead of the curve. From self-driving cars to replacing millions of people’s jobs, AI will dramatically change how the world operates for the better. Complacency will kill your company.”
A recent article in the Harvard Business Review suggested that companies who fail to adopt AI early will never catch up to companies that do because of a lack of technological means to compete in the ever-changing market. Companies that plan to be “fast followers”, effectively waiting for the technology to mature and for AI experts and workers to become more readily available, will fall behind.
AI is not something that companies can adopt, develop, and integrate quickly. The development, tailoring and configuring of AI software is timely as there is a substantial amount of taxonomy and knowledge that needs integrating with the system. Furthermore, companies will then have to integrate the new technology into normal business operations which will require in-depth strategic planning and time to adapt. Finally, the software will need skilled governance to check for bias and also to initially check that the software is correctly reading changes in data and patterns.
Therefore, late adopters of AI and automated software will be at a massive disadvantage and won’t have the means to rival their competitors. Plus, whilst late adopters go through these early stages of integration, early adopters of AI will already be developing and improving their own software. Those left behind will find it extremely difficult, if not impossible, to ever catch up as they will always be one step behind. Thus, if companies want to be successful with AI and are concerned about competition or new entrants, they need to consider AI adoption now.
Whether people are fearful of AI taking over the world or embrace it with open arms, one thing is clear: it is here to stay and will be a part of our daily lives.
“Artificial intelligence will digitally disrupt all industries. Don’t be left behind.” ~Dave Waters
