BAKU, Azerbaijan, Apr.8
By Leman Zeynalova - Trend:
Investments in artificial intelligence can help increase productivity in the petroleum and natural gas industries, McKinsey & Company told Trend.
“While digital transformation continues, some of the companies with heavy assets may not be giving required priority to better use of artificial intelligence. Our research shows that artificial intelligence can help organize these companies’ complicated operations and high-performance software tools can allow these companies to develop their algorithms. In other words, companies with heavy assets can increase their business volumes and profits per hour by using artificial intelligence. They can reduce their energy consumption. Our research shows that artificial intelligence, especially by using existing information and software, can deliver improvements without intensive equipment upgrades. Besides, AI generates machine learning that is easily transferred to similar assets and sites, which adds to its appeal as an investment,” said the company.
For companies with volatile margins and capital-market pressures, artificial intelligence brings significant opportunities to better manage risks and volatility, according to McKinsey & Company.
“We can say that the future will look brighter for manufacturers with heavy assets that are able to read, interpret, and use their machine-generated data to address the changing needs of customers and suppliers. It is time, for these companies which are routinely capturing and storing vast amounts of machine data to start creating algorithms. With guidance from external experts and interim resources as a bridge, they have a chance to quickly start enjoying the power of artificial intelligence.”
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