There is no question that Artificial Intelligence, or “AI”, is going to play a huge role in the future. AI, is the ability for a computer to act like a human being to simulate processes including learning, reasoning and self correction. It can be used in many different sectors, including transport, finance, healthcare and banking, just to name a few.
What Are the Benefits of Artificial Intelligence?
Key benefits include increased precision, accuracy and speed in interpreting and predicting behaviour.
The image shown below looks at how AI can, and is, benefiting the energy sector. It is not just being used by the national utility companies but also global oil suppliers to predict consumption levels and understand consumer use. Supply and demand is a huge factor affecting global oil prices.
The electricity system can also look to benefit from developments in AI. Particular areas where AI could benefit the electricity system include predicting consumption and grid management. As maintaining a balance between supply and demand becomes increasingly difficult, grid management also becomes more complex. AI could assist in designing grid control algorithms which would help deal with this problem. Optimising grid assets and predicting their maintenance can also help systems become more efficient and economical.
We will look at what you can expect to see from this AI phenomenon in the not so distant future. Read on for more information.
It is clear that AI has lots of benefits it can bring to a variety of industries. However, there is always further development and testing required to ensure it works as it is needed.
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