Artificial intelligence for EPC - friend or foe?
Mintmesh Corporation
Creator of Rudy, a Digital Platform for the Technical Bid Evaluation Process and Knowledge Management powered by AI
The rise of artificial intelligence (AI) for EPC is not only a topical point of discussion, but a contentious one too. In recent weeks, some “Godfathers of AI” have turned their attention away from the positive potential of the technology and instead towards the potential of Armageddon.
Warnings have been plastered across national newspapers, debating whether humanity is driving itself towards extinction. Others, however, have continued to dismiss any notion that these advancements are dystopian or apocalyptic.
The deeply polarizing nature of this debate prompted us at Mintmesh to explore this question in depth, and we planned to gather our leaders and EPC experts to drill down into the question: is AI a friend or foe?
Ultimately, there is one answer to the hypothesis: AI will either be a friend or a foe, depending on how we harness it.
Is AI for EPC a Friend or a Foe? A Panel Discussion.
As professionals in the EPC sector, understanding the implications, advantages, and challenges of AI can be pivotal for future growth and innovation. This insightful panel discussion aims to shed light on the role of AI in the EPC industry, its potential benefits, and the concerns it might raise.
Join us as the co-founders of Mintmesh, Sunil Chathaveetil , Ajay Rayroth and Anish Verma share their firsthand journey and experience in building an AI solution tailored for the EPC sector. Learn from industry veterans about the transformative power of AI, and engage in a meaningful dialogue about its potential as either a friend or a foe to the EPC world.
Date: 15th November'23
Time: 10 am EST (8:30 pm IST)
Redefining EPC Efficiency: Journey from Legacy Document Management to Dynamic Knowledge Base
Traditionally, EPC projects heavily relied on legacy document management systems. These legacy systems involved the storage of project-related information in physical documents or digital files that were often scattered and unstructured. EPC professionals and project stakeholders faced several challenges in this setup.
In our e-book, “Redefining EPC Efficiency: The Journey from Legacy Document Management to Dynamic Knowledge Base,” we embark on a transformative journey within the Engineering, Procurement, and Construction (EPC) industry. This insightful e-book explores the evolution of EPC efficiency from traditional, paper-laden document management to the creation of a dynamic, data-rich knowledge base.
Large Language Models: Shaping the Future of B2B Software
NLP (Natural Language Processing) is not something new; however, there has been tremendous progress during the past five years as a result of deepening in use of deep neural networks. They are a new type of network, and they have been trained with large amounts of text. The training makes it possible for them to understand, summarize and write text on their own.?
Developing new language models costs a lot of money with many big players such as OpenAI , 谷歌 and 英伟达 , among others, controlling it. However, recently we have observed an outburst of several start-ups that utilize large preexisting language models to create numerous applications such as copywriting platforms or tools for programmers.
With these, applications can now enter new areas never known before. Start-ups such as Jasper and Copy.ai use, for example, LLMs to create a marketing text based only on some input topics. Autogenerated copy, on the other hand, signifies an entirely new product sphere as compared to the old approach, when writers would have nothing but fundamental tools at their disposal if they wanted to write from scratch.?
Meet Mintmesh's AI Experts for EPC
No longer a figment of 80’s science fiction, artificial intelligence has become as real as the sky or the sea. Penetrating our lives in more ways than we can tangibly imagine, artificial intelligence is turning our world inside out to reimagine and reinvent all the ways in which we work.
Leading this paradigm shift are a rainbow of brilliant minds. From Product managers to AI Technical Architects, the collective consciousness is putting their brains together to structure tangible ways in which artificial intelligence can be used to alter our systems for the better. Whether we’re looking at self-driving cars or augmented decision-making cloud solution for TBE, it takes a community of dynamic geniuses to both imagine and create such possibilities.
The role of patents in an AI driven EPC world
A recent EPO study shows that the number of international patent families in core AI technologies applied to smart connected objects has been increasing at an average annual rate of 54.6% since 2016.
领英推荐
Razik Menidjel , Chief Operating Officer Operations with European Patent Office said:
Patent applications involving AI are becoming more commonplace in a number of technical areas. In recent years, the European Patent Office has closely followed the developments in 4IR and emerging technologies, including AI, and has adapted its examination practices accordingly. I am particularly pleased with the revised Guidelines for Examination, which provide a rigorous methodology leading to legal certainty and predictability, not only for AI applications but for computer-implemented inventions in general. This is part of our commitment to quality, which is a cornerstone of the EPO's Strategic Plan 2023.
The Benefits of Explainable AI In Construction
Globally, individuals and businesses spend over $10 trillion per year on construction-related activities—and that's projected to keep growing by 4.2% until 2023. Part of this enormous amount of spending is on, and enabled by, rapidly-moving technological advancements that touch all areas of the ecosystem. In the 2020 report, The Next Normal in Construction: How Disruption is Shaping the World's Largest Ecosystem, 麦肯锡 identified a growing focus on solutions that incorporate artificial intelligence (AI).
AI in construction has the potential to help players realize value throughout project lifecylces, including: Design, bidding, and financing; procurement and construction; operations and asset management; and, business model transformation. AI in construction helps the industry as a whole overcome some of our toughest challenges, including safety concerns, labor shortages, and cost and schedule overruns.
As market barriers to entry steadily lower, and advancements in AI, machine learning (ML), and analytics accelerate, you can expect AI (and allocation of resources funneled towards AI) to play a more significant role in construction in the coming years.?
L&T bags significant contract to build oil supply bases in Saudi Arabia.
Larsen & Toubro has secured a significant contract to design and build one of the world's largest oil & gas supply bases. The buildings & factories business of Larsen & Toubro (L&T) Construction has secured a “significant” deal from Oilfields Supply Company Saudi owned by the Dubai-based Oilfields Supply Center to design & build oil & gas supply bases in Dammam, Saudi Arabia.
The project involves the construction of industrial facilities of different sizes, an administration building, ancillary buildings, associated infrastructure and storage yards along with civil, structural, MEP and architectural works. The project is scheduled to be completed in 30 months.
According to L&T's classification, the value of the said orders lies between Rs 1,000 crore to Rs 2,500 crore.
KBR wins EPC contract for Pluto LNG project
U.S. engineering company KBR, Inc. has been awarded an engineering, procurement and construction (EPC) management contract by Woodside Energy , as operator for and on behalf of the Pluto Joint Venture.
Under the contract, KBR will undertake modifications to train 1 of Woodside’s Pluto LNG facility, located near Karratha, Western Australia.
According to KBR, the modifications will enable the processing of up to three million tons per annum (mtpa) of Scarborough gas through train 1.
Jay Ibrahim , President, Sustainable Technology Solution, commented:
KBR is pleased to support Woodside in the modification of the Pluto train 1 LNG facility to enable processing of Scarborough gas, and in turn provide opportunity to extend the life of the plant. KBR is committed to helping its clients navigate the energy transition, which includes gas as a key part of the energy mix. We are also excited to focus on engaging local and Indigenous businesses to support the project and proud to be creating jobs and opportunities within Western Australia.
Galfar wins $75mln EPC contract for Oman oilfield project
Oman's leading construction company Galfar Engineering & Contracting SAOG has announced that it has secured a key contract from OQ Exploration and Production for Bisat Permanent Power Supply Project at Block 60 concession area.
The Bisat oil field, which is operated by the parent company OQ is one of its most important oilfield projects in the upstream sector.
As per the contract worth RO29 million ($75 million), Galfar will provide engineering, procurement and construction (EPC) services for the Bisat project
The entire work will be completed in 29 months, stated Galfar in its statement.