The adoption of IoT (Internet of Things) and IoT services are transforming today’s business world. IoT is also helping in prominently capturing an enormous amount of data from various sources. However, collecting, processing, and analysing data from many IoT devices makes it difficult for some. As a result, investing in IoT and AI will significantly impact today’s business world as it will help them realise how business productivity, employee efficiency and customer satisfaction will increase.
AI and IoT convergence have the potential to reshape industries, businesses, and world economies. AI-enabled IoT creates intelligent machines that simulate intelligent behaviour and assist decision-making with little or no human intervention. As a result, combining these two streams benefits the general public and professionals. While IoT is concerned with devices interacting via the internet, AI enables devices to learn from their data and experience. This blog will address why IoT and AI must coexist or converge and work together to improve productivity and business growth.
With Big Data playing such an essential part in modern business, it’s no surprise that many organisations are staking their future on the convergence of the Internet of Things (IoT) and Artificial Intelligence (AI) to get a deeper understanding of it all. According to a 2018 survey, IT and business professionals are putting these technologies at the vanguard of their growth strategies, and breakthroughs in inference speeds and analytics programmes make the combination even more appealing for businesses seeking actionable, data-driven insights.
While many people see a lot of potential in combining AI and IoT, some may be unsure why. To better understand how these two technologies can best work together, we must first learn what AI and IoT are, so let’s dive deep and find out more.
What Exactly Is AI?
Artificial intelligence is a broad and complex topic. At its most basic, AI is when a computer system can learn, act, and adapt based on observed data in a way that simulates human intelligence. This input can range from visual stimuli to verbal commands to lines of code. Still, it enables the AI to execute tasks, improve responses, and automate processes without a human operator.
There are three main types of AI, which are classified based on the difficulty of the tasks they can complete. Artificial Narrow Intelligence, or ANI, is the most limited, focusing on tasks such as gameplay mechanics or text responses (such as chatbots). The next difficulty level is Artificial General Intelligence (AGI), which is said to have the same intelligence as a human. This is followed by Artificial Super Intelligence (ASI), which will completely outperform human cognitive capacity. These latter two forms are largely theoretical, but the continuous improvement has been a theme regarding Artificial Intelligence.
What is IoT?
You’re probably reading this blog on your mobile phone, laptop, tablet, or desktop, so whatever device you use will require an internet connection. In the current scenario, we can’t even imagine surviving without an internet connection. As a result, we can see that it has become an essential part of our daily lives. As a result, the phrase “Internet of Things” has become universal.
In simpler terms, it refers to the billions of physical devices connected to the internet worldwide, gathering and sharing data. As IoT advances, it has become a hot topic among technology titans. Thus, IoT refers to a set of interrelated, web-connected objects that can gather and transmit data over a wireless network without human intervention. The publicity is not baseless, as there are enough confirmations to help realise the significance of the “Internet of Things” in the coming years.
Where Does AI Help to Unlock IoT?
IoT is fundamentally about embedded sensors in machines that transmit data streams over the internet. IoT-related services must complete five fundamental phases: generate, communicate, aggregate, analyse, and act. The preliminary analysis unquestionably affects the “Act” value. The precise value of IoT is therefore determined during this analysis stage. In this way, the analysis step recognises the unique value of IoT. Artificial intelligence has a role in this.
While IoT offers data, AI gains the ability to unlock responses, providing both creativity and context to drive smart actions. Businesses can make informed decisions since the sensor data can be examined using AI. The IoT artificial intelligence achieves the following agile solutions:
- Manage, analyse, and extract relevant insights from data.
- Balance localised and centralised intelligence requirements
- Balance personalisation with confidentiality and data privacy
- Maintain cyber-attack security.
The Advantages of AI-Enabled IoT
Artificial intelligence and IoT services provide countless benefits to businesses and consumers, including proactive intervention, personalisation, and intelligent automation. Here are some of the most popular business benefits of merging these two disruptive technologies:
1. Increasing Operational Efficiency
AI in IoT analyses continuous data streams and discovers patterns that are not misleading on simple meters. Similarly, machine learning combined with AI can forecast operation circumstances and discover parameters that need to be changed to assure optimal results. As a result, intelligent IoT provides insight into which procedures are redundant and time-consuming and which tasks may be fine-tuned to improve efficiency.
Google, for example, applies artificial intelligence to IoT to reduce data centre cooling expenses.
2. Improved Risk Management
Combining AI and IoT enables firms to analyse and predict a wide range of dangers and automate action. As a result, they can better manage financial loss, personnel safety, and cyber vulnerabilities.
Fujitsu, for example, improves worker safety by evaluating data from connected wearable devices using AI.
3. Initiating New and Improved Products and Services
NLP (Natural Language Processing) improves people’s ability to communicate with gadgets. Without a doubt, IoT and AI can immediately develop new products or improve existing products and services by allowing businesses to process and analyse data rapidly.
Rolls-Royce, for example, intends to use AI technologies to develop IoT-enabled aeroplane engine maintenance services. Indeed, this method will improve the detection of trends and the discovery of operational insights.
4. Enhance IoT Scalability
IoT devices include mobile devices, high-end computers, and low-cost sensors. The most common IoT ecosystem, on the other hand, includes low-cost sensors that create huge amounts of data. An AI-powered IoT ecosystem analyses and summarises data from one device before delivering it to other devices. As a result, large amounts of data are condensed and many IoT devices can be connected. This is called as scalability.
5. Reduces Costly Unplanned Downtime
Equipment failure can result in costly unplanned downtime in various industries, such as offshore oil and gas and industrial production. Predictive maintenance with AI-powered IoT allows you to foresee equipment failure and organise orderly maintenance processes in advance. As a result, you can prevent the negative effects of downtime.
Deloitte, for example, discovers the following outcomes from AI and IoT:
- savings of 20% to 50% in time spent on maintenance planning
- Increase in equipment availability and uptime of 10% to 20%
- Maintenance costs will be reduced by 5% to 10%.
A Winning Combo for Your Business Growth
AI is a logical fit for IoT applications since it is a notion that is nearly totally driven by incoming data. The potential to automate responses to chores like maintenance or logistics would save countless work hours and boost the bottom line of any organisation. Furthermore, IoT-enabled AI can improve people’s quality of life by removing menial jobs from their to-do lists, giving developers and visionaries more time to innovate. IoT combined with AI technology can pave the road to more advanced solutions and experiences. Integrating AI with incoming data from IoT devices would be best for your business to get better value from your network and boost your business growth.