AI and IoT: Two powerful entities, changing the way you do business
AI and IoT: Earlier from the introduction of autonomous robots and drones, James Cameron globally enthralled with his introduction on “Skynet”, which is based on a futuristic artificial super intelligence form of machine network which can replace the place of humans with robots. By the means of this movie, the concept of Artificial Intelligence has paved its way for more research and interest for the scientist as well as the public.
There are various utilities of this thing, IoT is not only used to just make smart homes but also it is used to make smart devices, apps, wearables, smart vehicles, and smart cities.
AI and IoT have paved the way for smarter communication, business, and interactions between humans and machines. The emergence of the Internet of Things and AI makes each other’s applications more developed and more durable.
The merger: How AI and IoT joined forces
IoT accumulates a large amount of data in various devices and machines via connectivity by the consumption of the internet, whereas, AI generally gives emphasis on powerful mechanism and machine learning and the assimilating of data, calculation, and evaluation of data. Machine learning which is based in AI is also used in IoT devices which helps to detect the pattern and detect various malfunctions and faults in the data collection through extremely high and advanced sensors.
This is also the reason that the demand for IoT in the IT sector market is strictly increasing along with AI. Since scientists have been researching over it to date, there is no limit to its application, so companies are wishing to use them to full potential and make their business models depending on this technology and unbridle their full potential to the world. Earlier, various types of cyber hacks happened frequently, but this process has made severe surveillance against cyberattacks, and the cybersecurity software is more closely checked and has become more efficient and stronger.
Advantages of AI and IoT in business
Together AI and IoT are an unstoppable source of technology and there are a lot of advantages that they provide to upgrade the business model of various companies. Those areas follow:-
Data Collection, sharing, formulating, and processing using perceptions :
Data collection has been continuously contributing to its role in the growth and development of a business model. On the other hand, AI makes the user access and handle the information of the data. The devices which use IoT technology have a unique mechanism to track, record, and observe the interaction of any user to the information of the data which is collected for better consumer experience.
Deletion of downtime :
Big manufacturing industries like oil and ga manufacturing organizations use heavy types of machinery which can suffer certain breakdowns and malfunctions during regular use of them which can lead to a huge amount of loss in their business study has stated that a 20-50% reduction in time for maintenance work, 5-10% cutback in maintenance billing, and a 10-20% increase in equipment availability and updated machinery.
Developing and Strengthening security measures :
With the increase in cybercrimes, the security and safety of the data have become one of the major concerns of the company for a smooth business. IoT powered by AI provides various companies with an acquired machine to machine communication to detect the threat of any type of cyber crimes and have the facility to give out automated responses to hackers.
Automated operational efficiency :
IoT models that are based on AI models give a smooth streamline flow of the business model. Investing in money for a company for an IoT based platform has become a necessary thing in today’s time in the competition of technologies and giving insights into redundant activities and the ones which are consuming a lot of time.
Helps in processing business analysis :
In today’s world, it is necessary for a business model to have a balance between demand and supply. AI platform has thus improved the platform of inventory management and has reduced the pressure of the stock so it helps the business model by making precautionary reminders for the restocking of items when it has depleted a lot. This proves the importance of IoT based AI models which play an important role in the stocking and restocking of the items of data handling in various kinds of projects.
Better at risk management :
Earlier we have discussed how AI and IoT have helped in protecting that information of the data in the file against cybersecurity. When it comes to risk management, it leads to personal loss, financial loss, and cyber threats and gives prompt answers so that the situation does not arise.
Scope for new and improves products and services :
The Natural Language Processing (NLP) technology has paved a way for the transmission of data information between humans and devices and has aimed to improve communication via speech. An example of AI-powered IoT used cases is the Rolls Royce automated cars and other smart devices.
Examples where AI and IoT are showing brilliance
Let us mention a few examples from real-life instances to prove how the role of artificial intelligence and IoT is helping to create new business models and provide better user experiences and better utility.
Wearables
Wearables in the healthcare industry are using AI to improve the quality of life in various ways. Let’s take an example of AI-powered diabetic’s eye disease detection from researchers in the Google Brain initiative. Fitness trackers, smartwatches, wearable panic buttons, remote monitoring systems, GPS trackers, and music systems are some of the most popular examples of wearables that take up a large part of the IoT ecosystem.
Robotics
The IoT is a network of things that are connected to the internet, including IoT devices and IoT-enabled physical assets ranging from consumer devices to sensor-equipped connected technology and eco-friendly environment. Through implanted sensors meticulous communication is facilitated. Using the fusion of AI and IoT, robots can learn and adapt to newer environments with precision.
Smart Homes
Smart Homes makes use of AI, and Internet of Things (IoT) devices such as connected sensors, lights, and meters to collect and analyze data. This data is used in making the effective use of home infrastructure, utilities, and more to ease up everyday life effectively and efficiently.
Self-driven vehicles
AI for Self-Driving Car Safety. Before AI completely takes over the driver's seat, it's being used as a co-pilot to gain the confidence of the users, regulators, and manufacturers. By analyzing data feeds across its sensors, AI can be handy in situations where flesh and blood drivers are prone to making human errors.
Amazon Go :
A Multi-national billionaire company Amazon has deployed an IoT based platform on artificial intelligence (AI) and cameras in a new format bricks-and-mortar store that does away with checkouts with user-machine communication. Dubbed Amazon Go, the store allows customers to use a phone to make purchases with Amazon's Go app and helps in more convenient communication between users and the app.
Healthcare
Tracking (collecting), monitoring (analyzing), control, optimization (training), and automation (modeling, predicting) — these are the key steps that provide for the smart and efficient application of AI algorithms in IoT devices.
Smart Cities
Smart City makes use of Artificial Intelligence, cloud-based services, and Internet of Things (IoT) devices such as connected sensors, lights, and meters to collect and analyze data and makes more developed accurate predictions. The smart cities after implementing the use of this data to improve infrastructure, public utilities, services, and more.
AI and IoT: Some frequently asked questions
Q) How is AI related to IoT?
Artificial intelligence, the Internet of Things, machine learning - the platform of the machine to machine interaction, that can help cities predict accidents and crimes, give doctors a real-time insight into information from pacemakers or biochips, advanced predictive measuring capabilities, and futuristic models like AI-based devices and self-driven cars.
Q) Does IoT use AI?
Yes, The IoT is all about creating a new connected world that connects everything on our bodies, in our homes, cities to the Internet. The idea is to connect machines and make use of the data generated from the machines. AI is all about making machines smarter and intelligent by simulating human behavior and intelligence.
Q) How does AI help IoT?
An AI-powered IoT platform describes the idea of integrating AI capabilities into IoT devices to form an intelligent and connected system and accurate transmission of the information stored in the data in terms of data collection. With the integration of AI in IoT, a network of connected devices turns into an intelligent machine where it not only knows how to learn and react (in real-time) but also knows how to improvise.
Q) Which is the best — AI or IoT?
AI and IoT are complementing each other as the brains/mind/intelligence and senses/perception/perceptual cognition.AI is to transform the world’s data, as the IoT collected data, into the best decisions and problem solutions, information, and knowledge, intelligence, and wisdom, insights, and actions.
Q) Why is artificial intelligence important to business?
Artificial Intelligence is the modern future for all business and finance-related, data manipulation services. One of the fastest increasing uses of AI-based IoT is to listen to all customer-machine communications, both directly with a corporation and that corporation in the market at great –reaching and easily accessible from call center discussions to chat assemblies and even social media activity which further makes easier and reduces the time consumption and saves our time for further works.
