Luminous to use Mate Verse Forecasting by AI Startup, Mate Labs.

Date:

The peak of 1st wave in September 2020 and a much larger recurring during the 2nd wave in April-May 2021 – This was the ghoulish time of Covid-19 related Public Health tragedy in India.

What were the tactical reasons for Infrastructural collapse and vital meds shortage during this period?

a) Failure to anticipate Second Wave, preparing and adapting quickly to dynamic changes.

b) Demand and Supply Shock.

c) Inadequacy of the distribution network from the point of manufacture to End Users in the wake of the unprecedented challenge.

d) Compounding issue of Black Marketing and rationing by Panicked citizens as well as states.

Such supply chain-related disruption was not solely inflicted on the health sector. Other Industries were also forced to re-think and transform their supply chain model.

Let’s first understand how COVID-19 induced topsy-turvy economic downturns affected Power Sector in India.

And then look at the ways Luminous Power Technologies (India) plans to use Artificial- intelligence-based Products offered by Mate Labs to strengthen its supply chain against a potential COVID third wave.

COVID-19: Impact Analysis on Power Sector

Luminous To Use Mate Verse Forecasting  By AI Startup, Mate Labs.
Image Source- Covid-19:Impact analysis and recommendations for power sector operation

The energy consumption trend in India during Covid seems to have been in synchronization with Lockdown and Unlock.

The energy consumption depleted steeply by the End of March 2020 as Govt. imposed Lockdown. However, since April- End, energy consumption began to recover as regulations were relaxed.

An exhaustive study on Energy consumption behaviour during Lockdown showed that residential electricity demand had increased.

In contrast, Industrial/commercial load demand reduced, effecting a significant shift in the Energy demand graph. The drop in energy demand making any crisis forecast further difficult.

The study revealed that load demand dropped in North East and Eastern regions to about 22.5% and 20%, respectively, the highest in any other parts of India.

Similarly, the Southern and Western regions showed a drop of about 16% and 14.5%. The tiniest drop was seen in North India to about 10%.

Below is another graph which shows the reduction in Energy demand all over India.

The fall in Demand pattern led to a reduction in usage of conventional generators based on thermal, gas and diesel power plants. Instead, renewable energy sources were brought into use more often.

A similar shift can be verified globally. The global Power sector and CO2 emissions have shown a substantial decline.

Looking upon these matrices, Gov. Machinery had warned that Indian DISCOMs would suffer a revenue loss of 4 billion US dollars and a liquidity crunch of 7.2 billion US dollars during Lockdown.

Automation in Power Sector is recommended to mitigate loss.

The same study titled ”Impact analysis and recommendations for Power Sector operation” suggests that disruptions “could be resolved with cautious forecasting, automated controls and other appropriate, feasible technologies.”

Managing and mitigating loss becomes doubly tricky, given that any recovery of energy consumption in different parts of India is subject to geographical position and economic capabilities.

For ex-, The recovery in energy consumption in the Eastern and North Eastern Region will not happen at the same rate as other industrialized regions in India. In India, the level of energy consumption is connected with household income levels.

Therefore a more efficient preparation and recovery would require a more competent Automated forecasting platform that can dynamically predict end-customer demands.

Luminous Power to use Mateverse, a full-scale AI and ML-based forecasting Product by Mate Labs.

Luminous Power Technologies, a prominent market player in Power backup and electricals, uses flagship demand forecasting engines offered by Mate Labs.

Mate Labs counts Mateverse as “the world’s fastest and most accurate forecasting engine”. Metaverse provides ‘fully automated, highly accurate and highly granular’ forecasting solutions using AutoML tech, enabling it to operate at scale and speed. Mate Labs’ services include Demand Forecasting, Supply Planning, Demand Driver Analysis, Crisis Forecasting, SLOB and New Product Forecasting.

Luminous Power is currently operating with seven manufacturing units catering to 70,000+ dealer networks, more than 28 sales offices in India, and over 36 countries.

With Mateverse, Luminous seeks to optimize supply – chain-related processes by making use of its AI-powered analytics:-

. improve prediction and identify growth opportunities

. Address challenges

. Manage overstocking and stock out

. Improving all channels of trade GT, MT &. E-commerce

. Maintaining better Inventory levels.

The premise that – all matrix of consumer behaviour and market pattern, including abstract and objective is measurable, lies at the core of Predictive analytics.

Unlike Data Analysis, which considers past events, Predictive analytics uses Machine Learning algorithms to best forecast accurate results.

The result then can determine more cost-effective production and get rid of inventory heavy production model.

Metaverse is also facilitating

. Real-time Raw material forecasts with upto 90% accuracy

. Minimal inventory loss

. Automated demand forecasting for New Product

. Reduce wastage

Satvik Singh
Satvik Singh
Satvik Singh is Teaching Assistant for foundation Programme at Amrut Mody School of Management , Ahmedabad University. Prior to his appointment at the University, he received a bachelor degree in English from Banaras Hindu University and subsequently a master degree(English) from Pandit Deendayal Petroleum University. His area of research during Masters studies were Indian Philosophy and Gender Studies. Satvik dreams of a day when characters from his amorphous musings would confront him in the corner street. An admitted Stock market fanatic, he feeds his addiction by watching Penny stocks chart on Sunday afternoon.

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