Emerging Technologies: 5 Advantages Of Combining IoT With AI
When Machine Learning Meets Machine-To-Machine Communication
Individually, artificial intelligence (AI) and the Internet of Things (IoT) are powerful, but when combined, these emerging technologies allow enterprises to achieve true digital transformation. The combination of these two solutions, which is collectively known as AIoT, can disrupt entire industries.
It makes perfect sense that IoT and AI can work together. The concept of IoT revolves around machine-to-machine communication and devices interacting with the internet. AI, or machine intelligence, helps businesses quickly gain insights from that data.
In many ways, AI and IoT are perfect partners. Numerous IoT vendors, such as Microsoft and IBM, are already implementing machine learning into solutions. Gartner expects that more than 80%of enterprise IoT will have some degree of AI. The combination of AI and IoT is expected to become a multi-billion dollar market by 2023, says ResearchAndMarkets.com.
Here are 5 specific advantages of AI and IoT that will change the way that businesses operate.
1. Build Deeper Customer Relationships
Isn’t not just the employees who will benefit from the combination of AI and IoT. If implemented correctly, the right solution can personalize the experience for customers.
The days of having to guess what the customers want are over. Enterprises are using these emerging technologies to gather big data about customers in real-time. This massive influx of data can be harnessed so that businesses can develop products and services that best fit the customer’s needs. AI and IoT both play a significant role in this process. In addition to just storing massive data, enterprises can automate the entire process of organizing data so that the customer can receive a rapid response. As customer expectations increase, they are going to expect this immediate reaction.
Automated data collection and customer interactions reduce the time that workers would normally have to set aside for customer service. This frees them up to focus on larger issues. Even in scenarios where the customer would need to speak to a human worker, machine learning capabilities can be leveraged so that the best possible service representatives are matched up with customers based on their unique geography, gender, age, or other demographic.
2. Save Money
The bottom line is that AI and IoT can increase your…bottom line. With IT departments under intense pressure to cut costs, a case could be made that these two solutions are true cost savers. For example, in supply chains, AI and IoT can quickly collect and analyze data to determine if a part or procedure has become too expensive to maintain.
Early access to the data allows a business to identify cost savings without sacrificing productivity. By identifying cost drivers, an organization can implement changes that lower expenses. These emerging technologies empower leaders to reduce unnecessary spending and to optimize business procedures.
Some companies are already using both solutions to contextualize and analyze data sets that are retrieved from IoT sensors. In the energy sector, a power utility company can leverage these technologies to determine when a brownout will occur next, and the machine learning can automatically raise thermostats in certain homes to prevent the brownout. Without this technology, the power utility company would waste a great deal of time and resources trying to restore service.
3. Increased Operational Efficiency And Productivity
Enterprises that incorporate AI into IoT applications can achieve increased operational efficiency. The machine learning capabilities are able to process data and make predictions in ways that humans are unable to do. The technology is able to calculate large sets of data in a short period of time, and offer recommendations about ways that workplace activities can be more efficient. Productivity inefficiencies will be a thing of the past if more enterprises can leverage the combination of IoT and AI.
There are numerous examples in the enterprise of this benefit.
- AI-powered IoT can help businesses conduct a quicker and smoother hiring process by pinpointing the resumes of the best candidates and contacting them.
- On supply chains, if an important piece of equipment or part fails, it may take a while for workers to detect that. AI and IoT can spot inefficiencies and recommend best practices to improve the process.
- A 2018 survey in the U.K. discovered that 92% of senior manufacturing executives believe these emerging technologies will increase productivity. This transformation in the manufacturing industry is facilitating the birth of a new concept known as smart factories, which enables businesses to create products more efficiently.
4. Enhanced Security And Safety
Individually, AI and IoT can both improve workplace security. For example, AI can automate the scanning of security footage and IoT can activate gates when an intruder is on the premises. As beneficial as these emerging technologies are by themselves, the combination of both AI and IoT can provide an extra layer of security.
By pairing machine learning with machine-to-machine communication, enterprises can predict potential security risks and automate an immediate response. There are some examples of this that are already permeating enterprises. In the banking sector, ATMs are equipped with the capabilities to detect potential fraudulent behaviors and alert law enforcement about the criminal activities.
This combination could also reduce workplace accidents. Connected sensors could be leveraged to determine potential environmental safety hazards that workers are unaware of. If those workers had wearable devices, they could receive an alert about the impending dangers. This powerful solution can predict if there are dangerous carbon monoxide levels in a building, and it can also automate things like fans or turning off machines to remedy the situation. A safe and secure enterprise can be achieved with these solutions.
5. These Emerging Technologies Can Save Lives
Finally, AI and IoT can reduce the loss of life around the world, including in the enterprise. As previously mentioned, businesses are using the technologies to make the workplace safer. A great example of this would be with some gas plants relying entirely on IoT and AI for maintenance, because an unmanned plant means fewer potential worker deaths. Outside of the workplace, the solution can also be leveraged to save the lives of clients. Theme parks could soon use the technology to determine when rides might potentially be dangerous for customers.
The best example of these emerging technologies saving lives is in the healthcare field. Medical facilities are already collecting data from devices, such as smartwatches, that are owned by patients. When deep neural networks are utilized to analyze the data, medical professionals can accurately predict serious health complications before any symptoms arise.
What Does This All Mean For Enterprises?
With the implementation of AI and IoT, businesses are transforming to a new model; there will certainly be challenges along the way, but the benefits will far outweigh them. Over time, we can anticipate seeing this combination in nearly every large business.