AI powers energy and utilities sector’s sustainability efforts
In the Energy and Utilities SectorAI helps IT managers run predictive analytics on usage predict energy needsBy using real-time data from smart meters and Internet of Things devices, the technology can optimize energy distribution and prevent system shortages.
AI and energy are ‘the new power couple,’ say policy analysts writing for the International Energy AgencyTechnology is poised to reduce costs and boost sustainability.
“One of the most common uses of AI in the energy sector has been to improve forecasting of supply and demand. Developing a better understanding of both when renewable energy is available and when it is needed is crucial for next-generation electricity systems,” according to the IEA Comment.
The predictive power of AI lies in machine learning, which can “help match variable supply with rising and falling demand – thereby maximising the financial value of renewable energy and enabling it to be more easily integrated into the grid,” the IEA notes.
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In Retail, AI and Machine Learning Promise Double Profits
Retailers are also increasingly taking advantage of the benefits of AI. A recent DIH Group Study predicts that retailers that leverage AI and machine learning will have 2.6 times higher profit growth in 2024 than their competitors that do not leverage these technologies.
“It is no longer a question of whether AI/ML “This is a differentiator that makes a difference,” said Greg Buzek, President of IHL Group. “The data shows that this is a clear differentiator that will continue to drive results and help leading retailers stay ahead of their competitors.” true safecustomer service and demand forecasting:the three areas where AI has proven most effective.
In the financial sector, AI is driving high-performance algorithmic trading
In financeAI models process massive volumes of data to make automated algorithmic trading decisions faster than human traders. The scale at which these trades occur has a significant impact on the industry’s infrastructure.
Banks, which have been slower to adopt AI compared to other industries, have now adopted it. Experts say generative AI is a critical part of their digital transformation goals as they move from legacy technology to native digital toolsnote a recent KPMG report. And now, thanks to AI, the digital transformation of the front office, middle office and back office is underway.
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In the automotive industry, embedded AI promises fewer accidents
AI will also have to pass the litmus test down the road, as companies like You’re here And Waymo use technology to self-driving carsWith embedded AI, safety teams can learn from volumes of driving data. Complex simulations, drawn from rapid testing and sophisticated algorithms, also enable continuous improvement of automated systems. decision making and environmental awareness, which could lead to reduced road accidents and increased safety.
“Can we save more lives by bringing automated vehicle technology to more people, in more places, sooner?” asks Avinash Balachandran, director of the Toyota Research InstituteHuman Interactive Driving Division. “We believe the answer is yes, by rethinking how people and integrated technologies interact.”
