When people talk about artificial intelligence, the conversation often centres on what it might do in the future. For smaller subsea companies, the more useful question is what it can do for them now.
My own experience started with an ETZ programme that brought together businesses from across the North-east to explore different uses for AI. Working with Dr Jim Hamill of Export Central AI and ETZ, who supported the programme, I learned how to ask AI the right questions and how to challenge the answers, as well as using AI to research markets that might otherwise have taken a lot longer to explore. I particularly wanted to understand whether AI could help me find new sales and business-development opportunities for Krona.
It didn’t necessarily replace anything I already knew about the subsea industry, rather it gave me a new perspective and a nudge to approach my knowledge differently.
Looking further afield
One of the most challenging aspects of applying the North-east's subsea expertise further afield is finding the customers and markets where that expertise is needed.
Subsea businesses can naturally become reliant on established contacts and opportunities closer to home. And as we all know, recently, this has become more challenging due to project delays and investment not coming through as quickly as expected. The energy transition is a prime example as there has been a great deal of discussion about the opportunities it presents for the supply chain, but many companies are still waiting for those to come to fruition.
On the other hand, some countries are moving at a completely different pace when it comes to the development of offshore wind in particular This has led many of our industry colleagues and support organisations to look towards Europe and the Far East to identify where projects are progressing and where current supply-chain gaps exist.
So where does AI come in? I’ve found that when applied correctly, AI can definitely help with the early research to identify those overseas opportunities. What projects are coming up? Who is involved? What does the supply chain look like? Where might a company like Krona fit?
Those are questions a business-development team could answer without AI, but finding the information can take time, particularly when you are dealing with unfamiliar markets. Having a tool that helps narrow the search makes it easier to decide which opportunities are worth a closer look.
Joining up the supply chain
One of the things Jim and I have discussed is the gap between the capabilities of individual businesses and what larger international projects actually need.
The North-east has plenty of specialist companies, but they tend to operate independently. One might provide connectors, another cameras or lighting, and another engineering support or subsea inspection. Individually, they may only be able to offer a small part of the overall solution. This raises an obvious question, why aren't more of these businesses coming together to offer something bigger?
That raises an obvious question as to why are more of these businesses not coming together to offer something bigger?
AI can help identify the different capabilities a project might require and highlight where there could be gaps. From there, companies can start thinking about who else they might need to bring in and whether there is an opportunity to approach a project together.
AI has a significant role to play, but it still takes people to make those partnerships work. Businesses need to understand what each other can offer, how the different technologies fit together and whether a commercial arrangement makes sense. AI can, however, help start conversations that might not otherwise have happened.
Business development takes time
There is sometimes an expectation that business development should produce immediate results – especially if AI is a part of the mix! People are measured on how many meetings they have had or how quickly they can bring in new work.
Identifying a worthwhile opportunity in a new market does not happen overnight due to the research required and the conversations that need to occur. AI can make parts of this process quicker, but it cannot build the relationships, nor will it understand every technical requirement or decide whether a project is commercially viable.
For me, the real value has been in having another way to look beyond the usual contacts and familiar markets. The North-east already has the skills and technology, but AI can help businesses understand where else those capabilities could be applied and who they need to work with to get there.
To discuss subsea technology or potential supply-chain partnerships, get in touch with the Krona Subsea team https://krona-subsea.com/contact