Cognitive technologies such as smart computing and Artificial Intelligence or AI are increasingly being used to solve business issues. Indeed, many CEOs believe that AI will substantially transform their companies within a short period. The IoT is getting more smart and brilliant. Organizations and Enterprises are fusing Artificial Intelligence especially Machine Learning (ML) into their IoT applications.
Broadly speaking, Artificial Intelligence can support three important business needs that include automating business processes (for instance – back-office administrative and financial functions), gaining insight through data analysis, and engaging with customers and employees.
To get the most out of AI, firms must understand which technologies perform what types of tasks, create a prioritized portfolio of projects based on business needs, and develop plans to scale up across the company.
How Artificial Intelligence and IoT is a logical combination in perspective
Companies should also understand the benefits of combining smart computing or IoT and Artificial Intelligence or AI when one looks at the essence and basic levels. Several forms of AI have been used for decades essentially for making sense of data, locating data and putting data at work with a focus on the rise of unstructured data.
For instance, contact center applications which aggregate various types of data from various types of sources in various types of formats and bring them to the call center executive who can then really serve a customer with the kind of service at his/her fingertips.
Acting as the body to AI’s brain, IoT today is providing both input (data) and output (action) for the smart computing and analytics function of a centralized AI system for businesses across the globe.
In fact, Organizations are employing AI from mining social data to driving engagement in customer relationship management (CRM) for optimizing logistics and efficiency when it comes to tracking and managing assets.
The union of AI and IoT is an amazing tool and a platform to improve interactions of human-machine and in upgrading data management and analytics. The essence of IoT is about getting data from connected devices and leveraging that data for a valuable reason that includes enabling people and connected devices to take any action based upon the analyzed and visualized data and making sense of data, which is really a matter of AI.
For organizations, IoT provides the data from which the Artificial Intelligence or AI needs to make smart decisions. In return, IoT and end devices such as robots, drones and industrial machines can then act upon some of these insights and decisions.
Benefits of fusion of Artificial Intelligence (AI) and Internet of Things (IoT)
The evolutions in the IoT market especially in Industrial IoT there is a growing focus on AI-powered IoT solutions and platforms. The ‘convergence of big data, IoT and AI, is not just a reality but is also driving new and next generation applications in areas such as visualization technology and brain computing interfaces.
The following benefits can be derived by organizations across sectors when using Artificial Intelligence infusion with IoT such as-
- Improved operational efficiency
Forecasts made through AI are profoundly helpful by increasing the operational productivity of the business.
- Predictive Analysis
Industries using predictive analysis can reduce risks, optimize operations and increase revenue. The use of predictive analysis is a key milestone for an organization’s analytics journey and it is a point of confluence where classical statistical analysis meets the new world of Artificial Intelligence (AI).
- Greater security
On the cutting edge of cybersecurity is Artificial Intelligence (AI), which is being used for the development of complex algorithms to protect networks and systems, including IoT systems. AI is being used by businesses in assisting them in knowing about the root causes for defensive failures, making it easier to improve both infrastructure and deployment.
Finally, it can be concluded that the way forward is the convergence or fusion of smart computing and AI that can play a significant role in not only generating more revenue but also in increasing the business efficiency of the organizations.