Internet of Things (IoT) and Artificial Intelligence (AI) : Redefining Business

Artificial Intelligence

If you look around yourself, you will find at least one object which is connected to Internet. It might be a smartphone, television, air conditioner, or even door bells. Collection of these things can be called as IoT or Internet of Things. Its ability to collect, share and receive data, via Internet, is transforming everyday objects into smart devices.

However, analyzing massive incoming data from countless IoT devices can make the process much complex. Converging Artificial Intelligence with IoT will simplify and redefine the way various industries and businesses function. IoT’s ability to collect data and AI’s potential to swiftly analyze this data can revolutionize various aspects of life. 

What is IoT?

Imagine you are at your workplace and realize that you might not have turned off your T.V while leaving your house in a hurry. Now what will you do? Will you wait till your working hours get over, or go home all the way from the office to switch it off? Instead of sitting back at office or going back home, you can know the status of your TV and even switch it off with your smartphone. Isn’t that amazing? All this is possible with the help of IoT. Now let us understand the definition of IoT.

IoT, or Internet of Things, is a network of inter-related objects, things or machines, embedded with sensors, software, and other technologies that are connected to Internet.

These sensors or software enable the objects to gather and transfer data about its environment or the way it is used, without human interference. In addition, it can also receive data from other connected devices through Internet.

Google Home Voice Controller, August Doorbell Cam, Nest Smoke Alarm and Philips Hue Bulbs are some of the popular examples of IoT devices.

How the Combo of AI and IoT benefit business?

Enhance Operational Efficiency

Traditionally, processing large sets of data was a time-consuming and tedious action. And this large time consumption somehow affected the efficiency of a firm. Integration of AI into IoT applications has made things easier for enterprises.

Artificial Intelligence, with machine learning capabilities, can process and analyse large sets of data collected through IoT devices within no time. Based on this analysis, AI enabled IoT detects inefficiencies and recommends processes that need modifications to ensure better outcomes. Thereby, helping to boost operational efficiency, and increase productivity.

High Safety and Risk Management

One of the most important aspects in any enterprise is the security. Compromising security will lead to various repercussions that include financial loss, cyber-attacks and even threat to human life. Therefore, organizations invest a lot of time and money to ensure the safety of the workplace.

When Artificial Intelligence meets Internet of Things, it adds an extra layer to security. Incorporation of AI with IoT can sense and predict the potential environment safety hazards and other potential security risks and threats, and even trigger actions to prevent such dangerous situations. Intelligent IoT ensures a safe working environment for organizations.

Trim Expenditure

Covid-19 Pandemic nearly froze almost every industry around the globe, and businesses were struggling to find ways to survive in the falling market. The situation hasn’t changed much in 2021.

‘How to lower the expenditure without losing productivity?’ This is the question that most of the enterprises seek answer for.

The answer is Intelligent IoT. Sometimes, as a business owner you won’t be able to realize areas where the flow of cost can be controlled or eliminated. Internet of Things when combined with Artificial Intelligence, gathers and analyses data swiftly, and determine processes and procedures that are not much efficient and also expensive to maintain.

This way, you can reduce or eliminate your investment on such cost driven process and also avoid unnecessary expenditure.

Improve Customer Experience

With rising competitions in the market, enterprises with competitive advantage will acquire a massive lead in the race to become number one. In-depth knowledge of your customer is the key that opens the door towards success.

Intelligent IoT plays a significant role in gathering customer data in real-time and quickly analyse them to determine the customer needs. It also empowers enterprises to gain meaningful insights into customer preference pattern.

AI-driven machine learning technology allows enterprises to learn from big customer data and deliver services and products that best fit their needs, improving customer experience.

Conclusion

Internet of Things is turning everyday objects into data factories. Along with Big data, when IoT is blended with Artificial Intelligence, a novel technology is born every minute with endless possibilities. From enhancing operational efficiency to reducing expenditure, Intelligent Internet of Things is providing more reasons for enterprises to incorporate the technology into their business system. 

Seamless growth in Artificial Intelligence, integrated with Internet of Things, will create a new world which will increasingly communicate back to us.

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