Powering the Future: How Artificial Intelligence Benefits Organisations in the Lubricants Industry
By Katie King, Author, and CEO of AI in Business
The fourth industrial revolution is here. Just as the inventions of the steam engine, mass production, and the internet completely reshaped the world around us, new technology such as artificial intelligence (AI) is poised to shake up our personal and professional lives once more. Every industry and sector can benefit from the introduction of the use of these new tools, and many in the Lubricants industry are already taking bold steps towards technological integration. Here are just a few of the benefits that artificial intelligence can bring to the industry.
Identifying New Opportunities
One of the most key positive attributes of AI is its ability to process and analyse massive amounts of data in a short amount of time. Often, the software can notice patterns or trends that a human may have otherwise missed. Many big players in the industry have adopted AI and machine learning technology into their research and development practices.
Shell has begun recruiting some of the world’s top data scientists and AI pros to identify and develop key opportunities in the company’s value chain through its AI Residency Programme . Meanwhile, their competitor ExxonMobil is partnering with some of the United States’ top universities to conduct research into using technology to solve issues in the energy sector.
AI is helping to unlock the deeper potential of energy suppliers by identifying areas where they can improve their practices, provide better services, and maximise their earning potential.
Increasing Efficiency and Accuracy
Beyond identifying growth areas, technology can help lubricants companies avoid time-consuming and costly errors in their processes. AI is improving accuracy and efficiency of offshore drilling and exploration for companies like Shell, ExxonMobil, Total, and Gazprom. Machine learning and robotics are contributing to massive improvements in precision drilling, well construction, and refining. Not only can this help prevent unnecessary losses in time and money for the company, but it can help to prevent highly-damaging incidents such as oil spills in the future.
Better Customer Service
AI is often criticised for being impersonal, and removing the human warmth from customer service interactions. The truth is, AI has advanced so much in recent years that you likely wouldn’t be able to tell that you were communicating with a bot instead of a person in these situations. As featured in my recently published book which looks at the business adoption of AI, organisations across all industries are opting to adopt this tool, and the Lubricants industry is no different. In 2015, Shell launched its own AI-powered customer assistant service that uses avatars ‘Ethan’ and ‘Emma’ to help customers search for oil products in the company’s massive database.
Because of the data processing speed of AI software, the customer gets a quicker and more accurate response to their inquiry. Happier customers yield higher sales and increased loyalty, and for this reason many companies are eager to adopt chatbots into their customer service methods.
These are only a few of the developments that have been made in recent years, and just a few of the benefits which companies in the industry are already reaping. With the massive potential of this technology and the efforts already being made, it is to be expected that the industry will only continue to grow and gain in the future.
Interested in learning more? Register to the workshop Harnessing AI for competitive advantage, taking place on Wednesday 23 October from 9.00 to 12.30 (price 530€ excl. VAT) at the Majestic Barrière in Cannes.
More information here Workshop – Harnessing AI for competitive advantage.
To register, visit our registrations’ webpage.