~ 63% of Energy CEOs surveyed expect to realize
value from generative AI and automation ~
ORLANDO,
Fla., Feb. 26, 2024 /PRNewswire/ -- Today, at
Distributech 2024, IBM (NYSE: IBM) unveiled additional findings
from its global study findings that show that 74% of Energy &
Utility companies surveyed have implemented or are exploring using
AI in their operations.
Within the sector, among surveyed IT Professionals, 33% are
focusing AI projects on HR/Talent Acquisition and 27% are focused
on AI Monitoring & Governance. The findings are from IBM's
Global AI Adoption Index 2023 global study* administered by Morning
Consult and commissioned by IBM, based on interviews with 2,342 IT
Professionals at enterprises located across 20 countries.
This new data echoes insights from the IBM Institute for
Business Value's 2023 study, 'CEO decision-making in the age of
AI,' which also interviewed 420 Energy & Resources CEOs
thinking around AI. The fresh analysis of the Industry C-suite data
shows that:
- 63% Energy & Resources CEOs surveyed are more likely than
their global peers to expect to realize value in the next three
years from generative AI and automation
- 61% of CEOs surveyed express concerns about the sources of data
used in generative AI
When considering the impact of transformational technologies,
Energy Industry CEOs surveyed appear to place Generative AI first
in terms of expected value. To help the industry chart a path
forward to realize the value of generative AI, at Distributech
2024, the leading annual transmission and distribution event, IBM
at booth#2743 today showcased watsonx - its enterprise ready AI and
data platform.
Importantly, to help, Energy & Resources companies to
navigate data-related challenges, including unclear data
calculation and, critically, a lack of insights, IBM is
highlighting its watsonx.governance toolkit for AI
governance which allows a Utility company to direct, manage
and monitor its AI . It employs software automation to
strengthen a company's ability to mitigate
risks, manage regulatory requirements and address ethical
concerns for both generative AI and machine learning models.
While not all models are created equal,
every model should have governance to drive
responsible and
ethical decision-making throughout the business.
Casey Werth, Global Energy
Industry General Manager IBM said, "Energy & Utility CEOs have
moved beyond experimentation with AI to focusing on where they can
drive the most business value with AI. As they manage ongoing
transformation efforts they can also capitalize on the great
opportunities of generative AI and foundation models. In
doing so they need to remember to focus on their own data, how it
is gathered, accessed and used within their workflows along with
the governance that should be baked into their tools and
processes."
A good example of how Utility companies can tap large language
models is to augment their internal compliance process. For a
Utility company this can allow them to automate and align internal
compliance processes to their specific business needs. For example,
a utility can:
- Provide a single repository of obligation management to
classify complex requirements.
- Enable their organization to govern their environmental, social
and governance (ESG) programs and sustainability.
- Track provenance and document model performance against key
performance indicators determined by the business.
- Provide visibility to key stakeholders through dynamic,
user-based dashboards, charts and dimensional reporting.
At #DISTRIBUTECH24, IBM has several executive speaking sessions
designed to help show how the industry can digitally transform at
pace. Topics include; Quantum in the Energy Sector, Digitally
Managing Emergency Response & Mobilization, Digital Twin for
advanced and predictive Load Management, Preparing the Grid for
tomorrow, Applying weather & climate risk analytics to create
more sustainable and resilient grids. IBM's Energy CTO Bryan Sacks, will also lead an industry
roundtable focused on AI for Grid Management discussing how
companies in the energy and utilities industry are thinking about
AI, use cases, policy and governance.
The full IBM Institute for Business Value 2023 CEO Study
can be accessed here, data on the specific Energy & Resources
cuts of the data are available on request.
* Methodology: IBM's Global AI Adoption Index 2023 global study
administered by Morning Consult and commissioned by IBM was
conducted from Nov. 8 – 23, 2023
among a sample of 2,342 IT Professionals at enterprises
(organizations with > 1,000 employees) in Australia, Canada, China, France, Germany, India, Italy,
Japan, Singapore, South
Korea, Spain, UAE, UK, US
and LATAM (Brazil, Mexico, Peru,
Argentina, Chile, Colombia)
About IBM
IBM is a leading provider of global hybrid cloud and AI, and
consulting expertise. We help clients in more than 175 countries
capitalize on insights from their data, streamline business
processes, reduce costs and gain the competitive edge in their
industries. More than 4,000 government and corporate entities in
critical infrastructure areas such as financial services,
telecommunications and healthcare rely on IBM's hybrid cloud
platform and Red Hat OpenShift to affect their digital
transformations quickly, efficiently and securely. IBM's
breakthrough innovations in AI, quantum computing,
industry-specific cloud solutions and consulting deliver open and
flexible options to our clients. All of this is backed by IBM's
long-standing commitment to trust, transparency, responsibility,
inclusivity and service.
Media contact:
Ken Saunders
IBM External Relations
+44 7887 830 036
saundken@uk.ibm.com
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SOURCE IBM