Data Analytics and AI Innovation: In an ancient age, on the continent of Africa, over 64,000 years ago, there was an important technological innovation. It was an advanced weapon which is still used in many parts of the World for hunting and defense. The bow and arrow is considered to be one of the most important innovations, that pushed mankind to think more and innovate more, in order to conquer more land and natural resources.
The times and the players may have changed, but the game is still the same! Governments still fight over the control of markets, land and natural resources. In some cases, they go to war! Similarly, innovation has been an important part of the human history. It is the one thing that has set us apart from other animals we share this planet with.
In this millennium, digital technology is what everyone is looking out for. Artificial Intelligence, Fintech, Digital platforms and other internet based technology, which has the capacity to revolutionize the world.
The world is rising up to explore the vast possibilities of these emerging technologies. These technologies bring new opportunities to make a profit in the markets. According to a study by Cisco and International Data Corporation, globally the net job addition with these technologies will be more than 5.9 million by the start of 2027 out of which 1.4 million will be in India.
How Data Analytics & AI Reduce the Cost:
Data analytics is evolving rapidly and with the help of Artificial Intelligence, it can certainly save plenty of money. Beca, a leading professional services firm has recently adopted AI to ensure smooth management of buildings and other infrastructure. Beca is based in Auckland. It uses a digital model and the latest cloud-based mobile technology. It has a well developed advanced data analytics system, which accurately tracks the energy use, building maintenance and any other division that may need regular servicing.
The system automatically collects and analyzes millions of data points all over the building, detects faults and also diagnoses the issues including wastage of energy using algorithms and rule checks based on engineering formulae.
The building managers operating it can see the performance and also give custom instructions by simply logging into their online dashboard through their mobile devices.
These smart buildings use ground-breaking technology which can save up to 30 percent in the power bills and at the same time deliver a return on investment within two years.
During the renovation of any property, the asset information is captured on site using iPads and then embedded back into the 3D environment.
This also includes data from the supply chain and linking essential documents such as manuals, commissioning information and warranties of specific 3D models.
This solution enabled the property owner, to digitally manage the life cycle of the building’s plant and equipment with greater efficiency, accuracy and transparency. This helped reduce the maintenance costs.
Beca first introduced its building tuning service at the Victoria University in Wellington. Due to this, the University successfully saved $84,000 and also sustained energy reduction of 30 percent in a year. Beca is also providing data analytics systems to over 90% buildings of Singapore’s Nanyang University campus.
There are many companies like Beca, who are working on building technology solutions, that make the jobs of humans easier and more cost effective. They can transform the way we plan and execute work in the industry they are applied in.
New Zealand is a hub for many new tech companies which are coming up with new innovations like the ones mentioned above. New Zealand has proven to be a great destination for any individual who hopes to work on AI or anything new and innovative.
As a nation that is steeped in promoting innovative technology and business, New Zealand is a great place for anyone who is willing to work towards promoting new technology.
Conclusion:
BSE Institute, a 100% subsidiary of BSE India, helps you learn at one of the best universities of New Zealand, the University of Otago. With our Master’s of International Business program, students get to learn in a research driven atmosphere that helps them learn to think like innovators, who disrupt large industries.
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