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AI Innovation Trends To Watch in 2021

(Topic created on: 07-09-2021 06:48 PM)
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With technology continuing to evolve, there are many business innovations taking place that are completely revolutionizing our industry. There are many factors you must consider in your business if you want to ride this wave.

In view of the huge technical debts affecting heavy industry, the main players have made significant investments in the introduction of the most advanced AI technologies. Successful start-ups in mining, metallurgy, oil and gas have demonstrated the true potential of AI. As an example, Big River Steel in the United States has used AI to increase its profits in the metallurgical industry. To reduce costs, the company relied on demand forecasting, optimized management of supply and material and technical resources, as well as optimized production.

The Renard diamond quarry in Quebec has developed an intelligent waste sorting and recycling system that improves quality and quantity during the diamond mining process. The overall cost savings from introducing AI at an early stage, savings confirmed by industry sectors, have demonstrated its potential. Despite these promising use cases, most policymakers still refuse to make investments. We are not witnessing the democratization of AI and its rapid introduction into heavy industry.

Industrial companies work closely with tech giants for the introduction of AI solutions

Due to their lack of qualification, industrial companies seek to collaborate with leaders in the innovation sector. Nearly 40 of the largest oil and gas companies have used the Microsoft Azure cloud computing service to promote AI-related projects. Large companies energy companies are seeking help from tech companies to meet their AI needs. Exxon Mobil asked IBM to develop a more realistic model of artificial intelligence.

BP uses Amazon AWS for its business management system, to increase system reaction speed by 40%. Schneider Electric uses machine learning means to remotely manage oil and gas industry pumps using Microsoft. Total oïl has entered into a contract with Google Cloud to create an earth structure data analysis system that improves exploration and mining processes. Royal Dutch Shell uses artificial intelligence for its unmanned vehicles and robotics. Shell used Microsoft to develop AI and machine learning in exploration, mining, processing and marketing to improve operational performance.

The main objective is cost savings

According to many experts on AI, the main objective of artificial intelligence being the saving of costs, it is above all appreciated under this precondition. According to McKinsey forecasts , over the next decade, the economy in the oil and gas sector will be worth $ 50 billion. Machine learning and AI applications create the preconditions for this prediction.

For the oil and gas sector, the low prices of 2019 are a driving force. Therefore, reducing production costs will provide any business with a competitive advantage. Preventing blowouts and reducing drilling costs will allow them to get a cheaper barrel of oil . Technical maintenance and early detection of pump failures will help avoid equipment downtime that sometimes lasts several weeks. The costs of repairing fortuitous failures are usually in the millions of dollars.

In the mining sector, the digitization of mines remains a hot topic. Updating the digital infrastructure will allow the introduction of new optimization strategies. According to Accenture forecasts, 82% of mining decision makers worldwide plan to increase investments in digital technologies over the next three years. Smart drones and autonomous machines are an integral part of the mine digitization process. The harsh outdoor conditions in mines open up ideal possibilities for saving costs through the use of automatic machines. These machines can access many places that humans simply cannot physically access. They are able to work 24 hours a day and, since they are not human, they do not require urgent measures in the event of a breakdown or accident.

Automated supply chain processes will also be enhanced through artificial intelligence, as these are mostly tiring and repetitive tasks. It is possible to automate a general verification of suppliers or a preliminary qualification. This saves time and labor for the employees of the company. In addition to this, it is possible to recruit virtual procurement consultants who can provide audit reports and verify recommendations. All of this can happen in real time and feed into all past period data across the entire company.

Hyper-automation covers absolutely all processes in the company

Two of the biggest trends for 2020 in strategic technology featured in the Gartner report are in the industrial sector. Some of these future prospects seem distant, others are close to us. Today, competition is fierce in the industrial sector and every advantage obtained is carefully analyzed. Ignoring trends can be a big problem for the business. Since learning and spreading the introduction of artificial intelligence takes a long time, any delay in taking action in 2020 should be taken into account with great care.

While automation has already become practically a classic, hyper-automation is taking the business to the next level of applied artificial intelligence. Hyper-automation extends to the detailed automation of processes and the development of human potential. In this precise case, the work of man or the surveillance on the part of men becomes morally obsolete. This set of automation tools delves into business details and functions that were never thought to be automated before. In addition, it promotes better interaction between tools. These tools can, in interaction, detect problems, analyze their state, develop new solutions, automate their communication, perform precise measurements,

Transformation of personnel into a work force with superhuman capacities

Increasing human capacities will enable staff to listen, see and smell better. The efficiency of his work is increasing because he has access to an increased volume of information. The physical increase in capacities directly transforms the physical capacities of the employee. Thanks to these improvements, the worker can transfer, lift or integrate. The men of this new generation, younger, will have less prejudices about the increase of their bodies, because in private they will not be affected. Today, consumers are closely linked to their smartphones and the wide possibilities offered by their environment, such as, for example, intelligent voice assistants, which are already widely used. This entourage, even more active and more extensive, in the years to come will be accepted by all.

AI technologies with great prospects are upon us and ready to be introduced. They allow the industrial sector to save resources and increase productivity. Yet the industry is not prepared to make investments and pay large amounts of money to long-established technology companies. In addition, the market is seeing the emergence of new entrepreneurs in the field of industrial technologies. The artificial intelligence market remains open and many of its segments have yet to be developed. New players can find their niches in this vast space.