Young ventures recommend a customised use of AI and ML to align utility providers and their operations
The immediate impact of the pandemic in the utility service industry manifested in the forms of capital project delays, scrapping of planned activities, reduced IT spends and more rigidity in rate case approvals. In addition, regulatory bodies and governments imposed guidelines such as no penal action for non-payment of dues and lowered slab rates to support end consumers.
When COVID-19 forced their back-office teams to work from home and field workers to socially distance, utility companies quickly embraced new tech-driven solutions. Like many other industries, they made more progress towards digitalisation than they had in the past decade.
As the industry recovers from the pandemic, it must continue to leverage digital tools to facilitate internal collaboration, improve accessibility to business assets, identify operational issues, optimise customer experience and generate more revenue.
Merging the physical world with the digital world will play a critical role in making the utility industry more productive and resilient. It can also help automate inspections, save costs and build a safer working environment for employees.
When digital technology specialists work closely with utilities to understand and address their real-world issues, it becomes simpler for the industry to transform itself into a competitive, innovative and future-proof sector of the national economy.
From the passive approach of “just keeping the lights on” to building better lifestyles for their customers, utilities can make their business models more value-driven with innovative technologies.
The startups that participated in the SAP Industry Innovation Week brought unique ideas to help utilities become future-ready with digital transformation.
LivNSense is a pioneering Industrial IoT & AI Platform-led venture that helps manufacturing companies connect their processes, operators and machines. Generating actionable insights with such integration helps improve machine uptime, worker productivity and operational efficiency.
Algo8ai offers tailored AI and machine learning solutions to improve operations in large and process-oriented industries. Besides enabling AI-based digital transformation, the company also provides AI training to its employees for maximised ROI from digital investments.