Businesses across the globe are leveraging the use of the Internet of Things (IoT) in various industries to create new and optimised business opportunities.
To take the complete advantage of the IoT, says Harnil Oza, CEO of Hyperlink InfoSystem, it has been coupled with artificial intelligence (AI) technologies that help businesses arrive at sensible decisions without any human intervention.
The substantial growth of IoT has been observed many times now. However, the impact of AI on the personal and professional level is understated. Of course, the result is gigantic and will often flourish by combining it with the incredible concept of IoT.
Understanding the role of AI in the IoT revolution
AI is assumed to perform plenty of smart tasks like language translation, voice recognition, decision making, etc. without human intervention. On the other hand, IoT includes a chain of interconnected gadgets that transfer information over a network.
IoT gadgets have entered our lives and seek to bring an advanced level of comfort. These gadgets rely on web connectivity and produce incredible amounts of information relevant to user behaviours, preferences, personal details, etc. Thus, they cannot get overlooked. But, a lot of businesses are totally clueless about saving and processing such vast amounts of data. This is obstructing the growth and potential of IoT.
In this case, AI can hugely help to accumulate the bulk of data that is processed by the IoT gadgets. It can evaluate the data and make sense of it. Thus, AI is forecasted to be the chief driver to initiate the unusual growth of the IoT revolution.
This massive shift and ongoing disruption engendered by AI and IoT is absolutely redefining the technological landscape. It is anticipated to be significant in the emerging times. There is a burgeoning need for these technologies, with a rising number of organisations and industries always adopting and applying it in various situations.
Empowering evolving benefits for businesses
The developing frameworks of AI were only capable of managing a slim categories of tasks. They were not scalable and often required human intrusion. But, constant studies and advancements in technology have led to the transformation of AI in the IoT concept, which has given rise to smart machines.
Utilising the power and capability of AI, smart machines will ease the tasks by executing them in minutes, which could otherwise take weeks or months to finish. These machines will totally evolve the way most businesses do business, bringing a high comfort and ease.
The combination of the two evolving techs is anticipated to dramatically change the competitive landscape by needing all businesses to improve their product portfolios to emerging realities. This will bring new concepts across all the sectors.
Four fundamental changes that will get activated by the competitive situation are:
• Greater revenues: The joint effect of AI and IoT will be advantageous for many sectors in terms of huge revenues and returns. IoT gadget manufacturers, IoT data providers, alongside businesses providing application services based on smart sensors, are anticipated to be at the winning edge.
• Increased safety standards: With up-to-date monitoring, a strict check and failure prevention is possible. This will increase the overall safety and security standards, thus boost productivity. This will also help reduce the loss of lives and damage to assets.
• Reduced expenses: Evaluating the devices by smart detectors, smart electricity meters, and sensors fitted domestic appliances, etc. will come to less operational expenditure for households and businesses both.
• Better customer experience: Smart sensors come with plenty of opportunities for enhancing the customer experience. These detectors can know the user preferences and adjust their values accordingly. For instance, thermostats in smart homes can adapt to the suitable temperature settings of various users staying in that same home.
Impact on different industries
1. Manufacturing
All sorts of manufacturing sectors like automobiles, aircraft, household appliances, f&b, mining, and others sync smart sensors into their machinery to perform future analyses and increase productivity. They are seeking to develop an autonomous industrial unit, which will be the next rage. These sensors will help industries detect the areas with threats, and thus, lessening machinery falls.
2. Smart Homes
IoT has led to the rise of the smart home concepts where all the gadgets are linked to one another via a shared network. By integrating this with AI, all these devices can interpret their owner’s instructions and make smart decisions accordingly.
An intelligence home tech aims to make our lives better and comfy by presenting a chance to regulate the devices remotely, irrespective of the location. For instance, you can pre-plan the time when your coffee shall be brewed; your tv shows shall be turned on, etc.
3. Body sensors
Smart detectors are highly instrumental in sensing different activities to balance proper health. A plethora of pharmaceutical companies are funding in medical sensors that can help the patients in tracking their tasks to better their health. For instance, these sensors can help evaluate blood sugar levels and release insulin at times of an emergency.
These sensors are getting used by construction companies to see the load capacity and their workers’ posture to avoid any sort of injuries and increase efficiency.
4. Airlines
Sensors are placed in aircraft that flawlessly monitors the importance of many risks and errors. These sensors forecast future errors and their degree of severity to lessen aircraft downtime and increase passenger safety. Airline companies can even use these sensors to spot the maintenance issues that can cause flight delays and cancellations.
5. Oil Rigs
Oil industries have to invest lots of funds in procuring oil drilling machinery. These machineries can cause a massive loss to the businesses. Oil companies can leverage smart sensors by attaching it to the oil machinery to make preventative maintenance analysis, and cut operational costs.
Wrapping Up
The joint effect of AI and IoT will undoubtedly reshape our personal and professional lives in ways that can’t be imagined by most businesses today. It will not only replace tiresome and boring human jobs but will vastly revamp the competitive scenario by giving a benefit to early AI adopters in terms of unique business opportunities.
