Artificial Intelligence in Gas and OilRead post
According to a McKinsey report: “The average big oil company could realize $1 billion in cost savings or production increases by deploying technologies”. How can Machine Learning solutions help you in discovering new markets? How can Artificial Intelligence solutions help you leave your competitors behind? What kind of opportunities does AI create in the Gas & Oil sector?
Let’s start with few improvements that AI Solutions like ours can bring to your business:
- Better planning and forecasting
- Improved productivity
- Reduction of employee risk
- Predictive maintenance
- Better remote logistics processes
- Improved efficiency and reducing downtime
- Better business decision making
- Real-time drilling optimization
- Cost and time optimization of processes
- Better modeling oil-refining strategies
- Better reservoir facility management
- Better detection of new reserves
- Better crude oil processing
- Better gas fractioning
- Better oil exploration
- Higher capacity of drilling and well completion
- Improvement of exploration and production life cycle
- Better oil and gas surveying and inspections
- Reduction of costly risks in drilling
- Better customer services
- Catalytic cracking
That’s why a lot of companies from the gas & oil sector are investing in such solutions. AI solutions are being applied by companies like Exxon Mobil Corporation, Royal Dutch Shell, China Petroleum and Chemical Corp. (Sinopec), Total, Gazprom and others.
Time and Money Optimization
Through automation of business processes, your company can save millions of dollars. Starting from using AI solutions to take connecting calls, answering client requests by voice and text, taking orders, managing invoices, identifying problems, traffic classification, learning your client needs in real time, making better product and service recommendations for your clients, finding new markets, building better strategies and gaining a better understanding of upcoming trends, analyzing offer conversion rates, resource utilization, anomaly detection and prevention, reducing worker risk, and production improvement. For example, by analyzing how data are used and interpreted, AI Solutions can find non-trivial correlations that lead to offering improvements of the company. AI Solutions can also help with optimization of completion and hydraulic fracturing of shale plays or with mapping the natural fracture networks. By adding AI power, you can use predictive analytics for better fuel yields, reducing costly risks in drilling, improving efficiency and reducing downtime, real-time drilling optimization etc.
Finding New Markets
Machine Learning Solutions make your data more useful and help you to be more efficient in utilizing it. Better understanding the needs of your customers allows you to find new business opportunities. Solutions like ours can help you to connect the dots and understand how you can deliver more value, get more out of your data and better respond to market demands. Our solution is in a constant state of learning and will impact your clients’ satisfaction because it helps you respond to their needs and create more wanted products and services for them in dynamic market conditions. This leads directly to increased sales in your business.
Product and Service Recommendations
AI solutions can help you better target segments of customers you want to reach. By constantly learning more about user behavior, the system can even learn what your clients like to give as gifts and what they want for themselves. It can also change your ads in real time in reaction to your customer actions and make your sales campaigns even more efficient. We wrote an entire article about how our AI solutions can help in in increasing sales. You can find other business opportunities here.
Customer Service Assistants
According to Harvard Business Review: “By 2020 customers will manage 85% of their relationship with an enterprise without interacting with a human.” Our Virtual Assistant can help your business to grow by automating processes in your customer service department. Such solutions, though complex, are easy to use and can effectively satisfy customer expectations. It never gets tired and no human factors - like unpredictable human nature, moods etc., will interfere. It will help your business to grow by answering customers by text or voice. It will lead to improvement of client satisfaction because it constantly learns about their needs in real time. Happy customers will come back for other products or services.
AI solutions like ours can make a huge difference in your business. We’ve written an entire article about how AI/ML solutions affect marketing practices. We mentioned the example of Netflix, which, according to a report from McKinsey, “has achieved impressive results from the algorithm it uses to personalize recommendations to its 100 million subscribers worldwide. Netflix found that customers, on average, give up 90 seconds after searching for a movie. By improving search results, Netflix projects that they have avoided canceled subscriptions that would reduce its revenue by $1B annually.” We highlighted:
- Cost and time optimization
- Reaching maximum marketing efficiency
- Market forecast/Predictive analytics
- Content analysis
You can learn more about ML/AI Solutions opportunities in Marketing here.
Predictive Maintenance AI solutions are far more effective in finding microscopic defects in products like circuit boards at resolutions well beyond the limits of human vision. Detecting inefficiencies, finding possible issues before they emerge and anticipating delays and breakdowns are valuable to manufacturing processes. AI solutions also bring down labor costs, increase production speed, improve transition times and more.
An example is a system created by DeepMind for Google: “Using a self-managing system, dozens of thousands of servers in the server rooms now have direct, up to date access to the settings of cooling and energy supplies provided by the system. The solution reduced the amount of energy used for cooling by 40%, as well as electrical losses and other non-cooling inefficiencies by 15%.”
AI solutions like ours can help you improve security by detecting and preventing fraud and unwanted situations. It also helps protect the data of your clients and your confidential company insights too. Without human intervention and by using pattern recognition, AI solutions can report and predict attacks. Better safety leads to building better trust with your customers. AI Solutions can also improve the safety of your employees by replacing the dangerous activities, predicts and prevents some dangerous situations on unwanted behaviours like for example, failure to comply with the safety rules of your employees. AI can help you with predicting and prevention of damage caused by defects or machine damage.
You may have heard about how Google Now, Siri, Alexa or other personal assistants created by tech giants like Google, Apple, Amazon, Microsoft, Facebook can help you in everyday life. But going deeper and creating more advanced assistants to support your employees and optimize their time can be especially useful in sales departments and in product development. Our Assistant helps you to boost employee productivity, which means that you reach your goals and strategic plans faster. This solution helps your employees to create the results you want faster and these kinds of solutions are very easy to use. Finding correlations between the best experts in your company also helps you in the hiring process by supplying knowledge about the patterns and which candidates are suitable for a position.
You don’t need to be an AI expert to benefit from this field - that’s what we are for. Let’s talk about your needs and plans so we can create complex, complete and easy-to-use solutions that you will love to use.
Monday, 18 February 2019