Importance of AI and IoT blended in businesses

Impotance of AI and IoT blended in business

These days the business world is changing with the adoption of IoT (Internet of Things). IoT is helping in prominently capturing a tremendous amount of data from various sources. But, wrapping around the huge number of information originating from innumerable IoT devices, makes it complex to collect, process, and analyze the data. Realizing the future and maximum capacity of IoT devices will require an investment in new technologies. The combination of AI (Artificial Intelligence) and IoT can redefine the way enterprises, businesses, and also economies function. Artificial intelligence empowered IoT makes intelligent machines that simulate smart behavior and supports in decision making with almost no human interference.

Joining these two streams benefit the common person and experts alike. While IoT deals with devices interacting using the web, AI makes the devices to learn from their data and experience. Here we’ll see why we need IoT and AI to work together.

Increasing Popularity of IoT and AI-

Some businesses have already embraced AI and IoT as a part of their processes and products. A recent Tech Trend survey expresses that IoT and AI are the popular technologies currently in use today. It also found that AI and IoT are the top technologies that organizations are putting resources into most to increase effectiveness and provide a competitive advantage. According to the survey, C-suite executives begin to reinvent their business by digitizing interactions and communications. A survey of C-suite executives found that 19% of respondents are closely focused on the benefits of augmented IoT with AI. The startups and large companies also lean toward AI technology for unleashing the full potential of IoT. The leading vendors of IoT platforms like Oracle, Microsoft, Amazon, and Salesforces have started consolidating AI capabilities into their IoT applications.

Where does AI unlock IoT?

IoT is about sensors embedded into machines, which offer streams of data through internet connectivity. All IoT related services definitely follow five basic steps called to create, communicate, aggregate, analyze, and act. Undeniably, the value of the “Act” relies upon the penultimate analysis. Thus, the precise value of IoT is determined at its analysis step. This is the place the AI technology portrays a crucial role. While IoT provides data, artificial intelligence acquires the power to unlock responses, offering both creativity and context to drive smart actions. As the data delivered from the sensor can be analyzed with AI, businesses can settle on informed decisions.

The artificial intelligence IoT prevails with regards to accomplishing the following agile solutions:

  • Manage, analyze and obtain meaningful insights from data
  • Ensure fast and accurate analysis
  • Balance requirements for a localized and centralized intelligence
  • Balance personalization with confidentiality and data privacy
  • Maintain security against cyber attack

Benefits of AI-Enabled IoT-

AI-Enabled IoT

IoT artificial intelligence leads to a wide scope of advantages for companies and consumers like a proactive intervention, personalized experience, and intelligent automation. Here are some most famous advantages of combining these two disruptive technologies to the businesses:

1. Boosting Operational Efficiency-

Artificial intelligence in IoT crunches the constant streams of information and identifies the patterns not deceptive on simple gauges. Also, machine learning combined with AI and hence can predict the operation conditions and detect the parameters to be modified to ensure ideal outcomes. Hence, intelligent IoT offers an insight into which processes are redundant and tedious and which tasks can be adjusted to upgrade efficiency. Google, for instance, brings the power of artificial intelligence into IoT to reduce its data center cooling costs.

You can also know – Why you should use Artificial intelligence into your business?

2. Better risks management-

Blending AI with IoT helps organizations to comprehend as well as predict a wide range of risks and automate for the prompt response. Thereby, it allows them to better handle financial loss, employee wellbeing, and cyber threats. Fujitsu, for instance, guarantees laborer wellbeing by drawing in AI for dissecting information sourced from associated wearable gadgets. Fujitsu, for instance, ensures worker safety by engaging AI for analyzing data sourced from connected wearable devices.

3. Triggering New and Enhanced Products & Services-

NLP (Natural Language Processing) is showing signs of improvement at allowing individuals to communicate with devices. Undeniably, IoT and AI together can directly create new products or improve existing products and services by allowing the business to quickly process and analyze the data. Rolls Royce, for instance, plans to use AI technologies in the implementation of IoT-enabled airplane engine maintenance amenities. In reality, this approach will support to spot patterns and discover operational insights.

4. Increase IoT Scalability

IoT devices range from mobile devices and high-end computers to low-end sensors. But, the most widely recognized IoT ecosystem incorporates low-end sensors, which offers a flood of data. Artificial intelligence-powered IoT ecosystem analyzes and summarizes the data from one device before transferring it to different devices. As such, it reduces huge volumes of data to a convenient level and allows connecting an enormous number of IoT devices. This is called scalability.

5. Eliminates Costly Unplanned Downtime-

In certain areas like offshore oil and gas and industrial manufacturing, equipment breakdown can result in costly unplanned downtime. The predictive maintenance with AI-enabled IoT permits you to predict the equipment failure in advance and schedule orderly maintenance techniques. Thus, you can avoid the side effects of downtime.

Deloitte, for example, finds the following results with AI and IoT:

  • 20% – 50% reductions in their time invested in maintenance planning
  • 10% – 20% increase in equipment availability and uptime
  • 5% – 10% reduction in maintenance costs

Examples of AI and IoT in Action

Let us have a more clear look at businesses that have accomplished better user experience and designed new business models with AI-powered IoT.

1. Robots in Manufacturing-

Modern manufacturing units have developed from dovetailed workers and mechanically operated machinery to an excellent mix of tech innovations with little support rendered by human operators. Today, the premises of a manufacturing business include inventive technologies like automated robotic arms that are generally controlled remotely. And all thanks to in-built IoT sensors and AI. While the application of artificial intelligence and IoT in manufacturing enables exact monitoring of operations, it also helps in diligent assessment and resolution of possible miscues.

The innovative combination of the two technologies facilitates the compilation of data and implementation of algorithms to foresee operational anomalies and enable timely resolution. Step by step, through machine learning, the AIIOT (Artificial Intelligence of the Internet of Things) starts recognizing external and internal factors that lead to a particular glitch. This data is analyzed over some undefined time frame and is deployed for required repair and adjustments also. The predictive maintenance started through AIIOT reduces possibilities of downtime and systemic failures, accordingly boosting the operational productivity of the manufacturing units while altogether streamlining operations.

2. Healthcare & Pharmaceuticals-

Just like every industry, healthcare and pharmaceuticals also generate an enormous amount of data as medical reports, prescriptions, patient history, medicinal formulations, and pharma manufacturing details. This data should be recorded and also analyzed to manage treatment according to a patient’s history and manufacture medicinal formulations. There are numerous different tasks related to data accumulation in the healthcare and pharmaceutical industry, which is why the application of artificial intelligence and IoT seems pragmatic.

The advent of this technology has supported in regulating the best treatment to patients and has helped experts to understand medical cases in a superior manner. To predict fitness and health problems the combination of these technologies is also deployed. AIIOT powered devices like Fitbit offer significant data regarding the activity and fitness levels of individuals; hence producing reports with regards to the possibilities of diseases and protection measures, helping users stay hale and hearty for a long time.

3. Education-

Education is the foundation of a healthy society that is capable of training experts and people who can succeed in different domains, contributing to socio-economic development. This is the reason why innovation in teaching methods is important, considering the rapid transformation that we, as a society, are undergoing. Today, educational institutes aren’t simply transforming the way of imparting knowledge to pupils, but at the same time are progressing to the educational system of digital classrooms. 

In this aspect, technologies like artificial intelligence and IoT are considered to be massively helpful. Schools across metropolitans like Beijing are integrating technologies like AIIOT in their teaching methods to make classroom sessions more engaging and productive.

4. Self-driving cars-

Tesla’s self-driving vehicles are the best example of IoT and AI cooperating. With the power of AI, self-driving cars predict the behavior of pedestrians and cards in different conditions. For instance, they can determine road conditions, ideal speed, climate and getting smarter with each trip.

5. Retail Analytics-

Retail analytics includes various data points from cameras and sensors to observe customers’ movement and to anticipate when they will reach the checkout line. In this manner, the system can suggest dynamic staffing levels to reduce the checkout time and increases the productivity of the cashiers.

6. Smart Thermostat Solution-

Nest’s smart thermostat solution is a good example of AI-powered IoT. The smartphone integration can check and deal with the temperature from anywhere based on the work schedule and temperature preferences of its users. In general, IoT coupled with AI technology can lead the path to the advanced level of solutions and experience. To get better value from your network, you should integrate AI with incoming data from the IoT devices.

Wrap up-

The blend of AI and IoT brought a significant transformation to this developing world and is also going further. You can use the AIIOT to your business automation and growth. Consult with solace experts to develop before you start development. We have dedicated experts to help you through consultation and development. Get a free quote for AI and Iot enabled software development. We will be happy to help you.

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