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on September 05, 2018 Software

AI AND CHATBOTS IN ENERGY

Artificial intelligence offer a novel lifeline for an industry that needs rebranding.

The energy industry today is the most prolific user of AI with nearly 100% of companies adopting the technology in some form. Despite this integration of AI technology, chatbots have only just begun to break the mold and enter into the raid of AI powered technology in the energy industry. Chatbots today are being integrated into managing customer relations, in order to offer a seamless and down to earth interaction between customers and their energy company representatives.

Although the energy industry is the largest user of AI technology today, it is not the greatest spender on R&D or the integration of new communication technologies. By 2020 spending on new AI technology is predicted to drop from $39 million to $27 million. This withdrawal of funds from AI adoption is largely due to two reasons: the potential fall of the Oil & Gas industries in favor of cleaner energy alternatives, and the lack of novel AI technologies which would greatly increase productivity and revenue. However, these issues also open up new areas for research.

AI integration into the energy industry on the user level would allow companies to have a direct relationship with the energy conscious citizens allowing companies to tailor their services to fit these individual needs. Ultimately, creating a new platform of trust and brand loyalty upon which a new generation of customers may be attained. On a production level, the successful integration of chatbots is already beginning to increase efficiency. Many of the largest Oil & Gas equipment companies in Europe, have integrated chatbots to answer basic vendor inquiries and have managed to save on thousands of billable man hours annually, time which may be spent on more productive tasks thereby increasing efficiency and decreasing costs.

Through chatbot integration the energy industry may potentially rebrand itself to attract new customers while simultaneously decreasing costs and increasing revenue.

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If you would like to learn more about the use of AI and chatbots in industries,  please read our guide on AI and chatbots.