AI ACROSS INDUSTRIES #3
Utilities – Legal & Accounting
In order to achieve your business objective and to remain competitive, you need to take AI into production and at scale. Real business value is achieved only once an organization has its models in production, delivering insights and automation to every corner of the organization. We have reached the third posts in our blog series where we address eight industries and their specific use cases, giving you insights into how implementing AI can increase business value.
Last week we addressed the industries Transport & Logistics and Pharma & Biotech including their use cases. This week we dive into the industries Utilities and Legal & Accounting.
The industry of utilities can benefit greatly from AI by automating repetitive tasks. Previously, the industry was highly dominated by manual work. Automation can help businesses within utilities to cut costs, optimize efficiency and enhance customer service.
The industry of utilities is highly dependent on short-term load forecasts. Machine learning can help businesses to predict real-time supply and demand, in order to reach the optimized load dispatch. Likewise, real-time adjustments provided by AI can help a business to attain optimized generation efficiency across all assets. AI can also be used for asset inspections and predictive maintenance, automatically identifying defects and predicting failures. In this way, AI can help businesses fix problems before they evolve, or even occur, as well as replacing time intensive and perhaps risky manual inspections.
Modern natural language processing and data analytics are of high value in this industry. Running large scale analytics and machine learning on customer data can also help businesses in utilities to set prices that maximize margins and reduce customer churn.
The areas where utilities can benefit from AI are ever expanding.
Areas of AI application in Utilities
- Applications can help deepen customer insights, allowing businesses to create individual offers and services, rewarding and retaining most profitable customers.
- Virtual agents can respond to customer queries and provide instant service around the clock.
- EV/Battery aggregation, and fleet optimization, demand forecasting.
- Production and storage forecasting.
- Service & maintenance.
- Success predictions and scheduling.
Legal & Accounting
The value of AI for the legal sector lies in the automation of previously tedious manual processes, allowing to devote more time to valuable and strategic work while cutting costs, increasing accuracy and enhancing service. The legal profession was in the past mainly dominated by manual work.
Given higher cost pressure in some areas such as tax law, accounting related work, as well as in some cases, during M&A, law leads to the need of leaner processes to ensure profitability. The development of technology makes it now possible to support the lawyer in the number of manual processes. Until a couple of years ago, most of the work in the legal sector was manual, the computation of models on textual data was impossible or very costly. Modern natural language processing and text analytics turn out to be a game changer in this area. Now it is affordable to run large-scale analytics and machine learning on textual data like numbers and data tables.
Many applications are using natural language processing and supervised learning. Some possible areas are listed below.
Areas of AI application in Legal & Accounting
- Applications can be in the defense of cases and to support a lawyer in finding the right cases to refer to.
- Other application scenarios can be when the lawyer wants to get a quick check on whether there is a law or existing judgment that would stand between his case and winning it.
- In M&A the application of text analytics to sort documents is already in place at some larger banks and data room providers.
The areas where various industries can benefit from AI are ever expanding. One way to get started with AI is to look into specific use cases, enlightening you on how AI can benefit your organization and enhance business value.
Stay tuned for next week where we dive into AI in the industries of Public and Manufacturing.
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