The applications of AI in the utility industry are most sought-after because it can add a lot of value to utility operations.
FREMONT, CA: As the demand for utilities grows, the need for advanced technology-backed solutions that can augment core operations will also rise. Digital technologies can add value to the already commoditized utility sources. One of the technologies that are inviting a lot of attention in this regard is artificial intelligence. In the utility industry, the popularity of AI solutions can be measured from the increasing investments flowing into technology providers working to develop solutions.
Within the innovative technologies that are finding large-scale deployment across utility companies, AI has seen the highest amount of favor owing to the potentials it offers. AI can take advantage of the growing sources of data to facilitate intelligent insights into aspects of core utility operations. These insights equip utility companies by enabling predictive reports and real-time information regarding the performance. With such information at hand, utilities are able to streamline business decisions and align with real-time developments in the global market.
The investments in AI-powered solutions by utility companies are a reflection of the industry's eagerness to adapt to the dynamic markets. Utilities have always displayed a lot of inertia when it comes to deploying new technologies. However, the current competitiveness is ensuring that companies invest and innovate rapidly. AI is the force multiplier that can help companies stay relevant and sustainable by enhancing efficiency and increasing revenues, respectively.
The aspect of prices has also resulted in the flow of funds for AI solutions. AI allows utility companies to bring down operational costs. The reduction cascades down to the end-user, resulting in services being delivered at lower prices. This scales up the consumption of utilities. Overall, utility companies are of the belief that investment in AI technology is relatively risk-proof and potentially beneficial.