Machine learning is creating pivotal change in the energy industry. Towards Data Science wrote about the changes that machine learning is bringing to this field. They pointed out that Bill Gates wrote a letter in 2017 to graduate students across the country, which stated that machine learning is going to be the biggest disruptor in this industry.
You need to consider the benefits of using an electrical system that relies on machine learning technology. AI can make it much more cost-effective and efficient.
Savvy Businesses Use Energy Systems that Rely on Machine Learning
There are a lot of moving parts to manage when you’re running a business: people, productivity, property and performance are just a few on the top of the list. When you’re focused on day-to-day operations and growth, it’s easy to forget that your facilities need periodic updates to stay in top working order.
However, outdated energy infrastructures can hurt your business. E&T Magazine talked about the benefits of using AI in energy. They wrote that it was the untapped resource of this vertical.
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You don’t need to understand the mechanics of machine learning yourself. You just need to appreciate how an electric system with machine learning functionality will outperform your existing infrastructure.
Consider your enterprise electrical system, for example. When was the last time it was updated? Are your contactors and overload relays wearing out? Has your electrical wiring degraded over time? What other risks and inefficiencies are you facing if you procrastinate on upgrading it? Machine learning technology can help improve your maintenance timetables and make it easier to make sure they last indefinitely.
Here are five benefits businesses experience from proactively upgrading their electrical system:
Increase Safety for Your Building & Employees
You never want to get that call in the middle of the night saying your business has gone up in flames. It’s to avoid having to evacuate employees in an emergency fire during the day, too.
One major reason fires start in commercial buildings is due to electrical and heating malfunctions, like those caused by worn and faulty wires. Getting your system checked out by professionals and upgrading your equipment can help decrease the risk you’ll experience an electrical fire.
Machine learning technology is good at anticipating safety risks and addressing them.
Minimize Expensive Downtime
It may surprise you to find out that there were 679 widespread, weather-related power outages between 2003 and 2012. These outages cost the U.S. economy between $18 billion and $33 billion according to estimates from the U.S. Department of Energy.
There’s no doubt business owners in affected areas felt the pinch of this downtime, especially those companies depending solely on main grid power to function. And it’s important to remember victims can suffer from power surges at any time, not just during weather events worthy of national news.
If it’s been a minute, or a few decades, since you’ve updated your electrical system, it’s worth learning about the recent advancements in cloud-connected microgrids. This tech can help keep your business up and running when main grid power goes down. Machine learning helps address these issues.
At the very least, replacing worn parts in your existing electrical system will reduce the chances that your system will fail due to old age or incompatible parts.
Cut Down Your Monthly Utility Bills
The more efficient your electrical system, the better your return on investment.
As the Environmental Defense Fund points out, commercial buildings today can benefit from more intelligent energy control, like automating lights and heating/cooling to run on operating schedules. Although you’ll invest a certain amount up front to update your system, you can reap the benefits of better efficiency for years to come — plus, you’ll be doing Mother Earth a favor.
Machine learning is important for making sure your system operates efficiently to minimize unnecessary costs.
Find Easier, More Affordable Insurance Coverage
The age of your buildings and their electrical systems will affect your property insurance premiums. It may even get to the point where insurers require an upgrade before they’ll cover you. As Insurance Journal writes, buildings over a certain age threshold may be required to update critical systems, like electric, or provide proof that these systems were updated semi-recently.
When you do end up refreshing your company’s electrical system, check in with your insurer. You might be able to reduce the cost of your policy when you present proof of relevant upgrades.
Improve Sustainability & Meet “Green” Goals
Sustainability is at the forefront of the conversation these days, and for good reason. Remember when fluorescent bulbs started to replace incandescent bulbs as the new, energy-efficiency lighting source on the block? Modern components of electrical systems can replace legacy ones, helping companies reduce waste and meet their green performance goals.
Many enterprises put off updating their electrical system, which means they’re missing out on opportunities to increase safety, boost efficiency, reduce downtime, and get the best insurance rates.
Machine Learning Has Drastically Improved Enterprise Electric Systems
Enterprise electric systems are becoming much more reliant on machine learning. This is a good thing for businesses, because machine learning is making them safer, more reliable and more cost-effective.