IoT-based initiatives are being incorporated by companies in the energy sector at a rapid fire pace. Many of these initiatives are incorporating artificial intelligence (AI) into the project. Therefore, it is important that companies use Artificial Intelligence in analyzing and using data collected in a very prudent and cautious manner. By not doing so they are potentially placed at risk by biased predictions or decisions that may arise through problems with data, algorithms or both. While AI is not yet regulated, Congress has been conducting hearings and as such, considering legislation in this regard. The following article does a good job of pointing out some potential IoT areas of concern for the energy industry, however the potential AI issues traverse many businesses and industries.
Whether thinking about managing oil and gas, water or other infrastructure facilities, or considering industrial efficiency, robotics and automation, you may be pondering how the Internet of Things (IoT) can be used to leverage resources. Forward-thinking strategies include not just staying on top of regulatory changes that affect the IoT ecosystem, but also influencing them.
The Internet of Things involves the collection of data by sensors and other devices that is then sent to a processor for analysis and decision making. IoT is not a completely new concept in the energy sector, as systems for wireless automatic meter reading, obtaining tank measurements, tracking industrial assets, and Smart Grid monitoring have been in use for decades to manage and control systems. But today’s IoT is now much more advanced and complex.