How Does Generative AI Benefit Chemical and Petrochemical Industries? Ft. Patrick Bangert ( Searce )
The oil, gas, and petrochemical industries stand apart as asset-heavy sectors, where the cost of equipment and infrastructure is much more than that of the personnel. This unique domain poses questions about the application of Generative AI in these fields. To shed light on this fascinating intersection, our cofounder interacts with Patrick Bangert, VP of AI at Searce, a cutting-edge data and AI consulting firm, in our latest episode of the AI Monetization podcast. He discusses the unique challenges and opportunities of implementing Artificial Intelligence in the oil and gas industry. He explains how predictive maintenance and worker safety are critical concerns in asset-heavy industries and how AI can address these issues. He breaks down the process of developing AI solutions, from data collection and cleansing to model selection and deployment. He also highlights the importance of bridging the gap between traditional engineering mindsets and the experimental nature of AI development to overcome the "pilot purgatory" problem and successfully implement AI solutions in the industry. Tune in to this episode to learn more about the importance of realistic expectations for AI project timelines, costs, and more!
For more details on this episode, visit our dedicated podcast page - https://bit.ly/4dxUSMt
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00:00 Introduction
02:05 Problems in Petrochemical and Oil/Gas Industries
11:32 Stakeholders in Oil/Gas Companies for AI Projects
14:10 ROI and Mission-Critical Nature of AI Solutions
17:30 Technical Aspects of AI Implementation
23:58 Role of Generative AI in the Industry
27:20 Tech Stack for Deployment
31:42 Patrick's Entrepreneurial Journey
35:28 The Role of C3.ai Company
36:54 AI/ML in oil and gas
