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GenAI and our new reality

Five factors driving the evolution of industries in the age of artificial intelligence

By Colin Westmoreland //June 27, 2024//

GenAI and our new reality

Five factors driving the evolution of industries in the age of artificial intelligence

By Colin Westmoreland //June 27, 2024//

The advent of generative AI (GenAI) has ushered in a new era of technological advancement, reshaping industries and redefining the way we approach problem-solving. As a pioneer in energy data analytics, Enverus finds itself at the forefront of this revolution, harnessing the power of GenAI to drive innovation and empower our customers to make faster, data-driven decisions, and energy companies in Colorado are poised to benefit. Here are five factors driving the evolution of in our new age of AI.

1. Light Speed Ahead: Reducing Time to Value
GenAI’s most significant impact lies in its ability to drastically reduce the time it takes to extract value from data. Much like how email has largely replaced traditional mail, GenAI is poised to accelerate the processing, analysis, and interpretation of data at an unprecedented scale. This leap forward in efficiency is not merely incremental; it represents a seismic shift in the way we approach problem-solving.

2. Conversational Interactions: The Future of User Experience
As software interactions evolve, the days of complex interfaces and power users are numbered. The future belongs to conversational interaction, where users can simply ask questions out loud and receive comprehensive answers. Imagine requesting an DJ-basin benchmarking chart and receiving not only the chart itself but also a detailed narrative and source documentation, all in one seamless flow. This is the future that GenAI enables.

3. Trust, AND Verify: Harnessing Three Decades of Expertise
For 30 years, Enverus has excelled in acquiring, curating, and structuring data to provide insights for better decision-making. However, the time lag between asking a question and receiving an answer remained a persistent challenge. With the advent of GenAI, we have created an “analyst in your pocket”—a Ph.D. in research and intelligence available at your fingertips. Trained on three decades of best-in-class data, our GenAI model can sift through thousands of research articles in mere seconds, allowing users to trust the information they receive while also verifying its accuracy.

4. Our New Reality: Optimizing Operations Across Industries
The potential applications of GenAI extend far beyond the energy sector. Just in the oil and gas industry alone, the International Energy Agency estimates that GenAI can increase production efficiency by up to 10% through the optimization of drilling operations, reservoir management, and production schedules. In the renewable energy space, GenAI can identify the most promising Colorado counties for solar development, taking into account a wide range of factors. By layering models over proprietary algorithms, we can optimize well spacing, solar photovoltaic siting, cost modeling, and inventory planning, leading to faster decisions and increased confidence.

5. Capital Investment and Workforce Transformation: Embracing Innovation
Adopting GenAI requires investment, but the long-term benefits far outweigh the initial costs. Companies that embrace innovation and partner with firms at the forefront of this technological revolution will position themselves for success in the years to come. Moreover, investing in the upskilling of employees is crucial, as it equips them with the tools they need to thrive in this new reality. By investing in both technology and people, companies can unlock the full potential of GenAI and drive growth across industries.

As global spending on artificial intelligence continues to soar, with projections reaching $79.2 billion by next year, it is clear that GenAI is not a luxury but a necessity. The revolution that awaits energy and other industries is both exhilarating and transformative. It is time to buckle up and embrace the future, one algorithm at a time. At Enverus, we stand ready to lead the charge, empowering our customers with the insights and tools they need to succeed in this new era of innovation.

Colin Westmoreland joined Enverus in 2004, leading global sales efforts for six years before transitioning to General Manager of Oilfield Services. In his subsequent role as head of Market Research, Colin spearheaded the integration of two major acquisitions and directed product go-to-market (GTM) strategies for high-growth initiatives. Promoted to Chief Innovation Officer in 2022, Colin now oversees the GTM success of new ventures and drives innovation across all business units, leveraging advanced technologies and strategic insights to propel Enverus forward. Prior to Enverus, Colin earned his Bachelor of Arts from the University of Texas at Austin.

 

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