AI and IoT are the two buzzwords in today’s scenario that seem to be inseparable from each other. Artificial Intelligence is taking the world by storm and when paired with its companion IoT, the duo brings revolutionary changes to the way we do business.
Businesses using AI technology have seen a manifold increase in their revenue, indicating that the usage of IoT devices is more and more connected to AI. Accenture reports that AI and IoT together can boost business revenue by 40%.
The convergence of AI and IoT is transforming the business models by building an interconnected and collaborative world that helps companies serve their employees’ desired outcomes.
The benefit of AI-powered IoT devices is that it generates a lot of data to collect and transform it into valuable information that aligns with outcomes and innovation.
With this blog, business organizations will be able to figure out how the revolutionary couple is striving to make changes in the way we do our business. Look at some of the methods by which companies generate above-average revenue with the duo’s implementation.
1. Avoid costly unplanned downtime
Businesses dealing in industrial manufacturing and oil or gas refineries sometimes have to face unplanned downtime and massive loss due to equipment breakdown.
Here, predictive maintenance comes to light. It uses Machine learning Analytics that predicts the equipment failure before-time and hence schedules orderly maintenance procedures.
ML the subset of Artificial Intelligence identifies the pattern from the stream of data present in the machinery. This helps them to predict the equipment failure and mitigate the loss of unplanned downtime.
Deloitte reports that predictive maintenance reduces the time required to plan the maintenance by 20-50%, reduces overall maintenance costs by 5-10%, and increases the equipment uptime and availability by 10-20%. This is one of the major benefits and hence machine learning companies are in huge demand.
2. Increasing operational efficiency
AI combined with IoT improves operational efficiency as it helps predict operating conditions and identify the parameters that need to be adjusted for an ideal outcome.
Let’s see how AI-powered IoT works in shipping fleet operation?
The technology ML crunches constant data streams and detects those invisible to the human eye and not apparent on simple gauges. It helps in finding absurd insights.
For example, when seen from the business point of view, a shipping fleet operator may feel that clearing the ship’s hull will soar the prices and not add any benefits. On the other hand, implementing a machine learning tool reduces the downtime-causing process and improves fuel efficiency, thus offending the mathematical calculation.
3. Enabling new and improved products and services
AI coupled with IoT can help businesses create new products and services. We can see around us AI-controlled drones and robots which have made things much easier for us and in fact, they have lessened human effort. They perform extremely smart when it comes to implementation as human beings can not go everywhere to capture things.
AI has reinvented the fleet management solution (fleet of trucks, plains, or trains) to find more efficient routing and scheduling, hence reducing the unplanned downtime. Cloudera reports that it’s fleet management solution has slashed the downtime for fleet vehicles by 40% only with Navistar’s help.
4. Risk management
AI paired with IoT effortlessly helps businesses and organizations to predict the risk factor well in advance. It helps them to manage financial loss and cyber threats.
Some of the applications where this revolutionary pair is being used include detecting fraudulent behavior at bank ATMs, predicting auto driver insurance premiums by analyzing their driving pattern, identifying hazardous stress conditions for factory workers, and identifying crime scenes ahead of time by monitoring law enforcement surveillance data.
5. Helps businesses in maintaining a balance between demand and supply
AI helps in business analysis in terms of demand and supply. It helps improve inventory management and lets you know in advance the amount of stock you need. Sometimes, retailers stock them up with too many products that are left behind with no use at a later point in time.
AI with IoT proves to be accurate in comparison to manual methods of detecting. It will help the businesses to never go out of stock and at the same time, prevent them from stockpiling.
6. Inventory tracking and management
Since the time AI and IoT have coupled together, warehouse businesses can effectively track and manage their inventory with automatically controlled options.
All you need to do is install IoT software and devices in the storage units and warehouses, the AI with RFID and cloud technology tracks the inventory for such businesses.
7. Data sharing and perception
Businesses know how vital data is for their further business growth and functioning. AI with IoT has completely transformed the way of handling the data. IoT devices help in tracking the pattern in which the user interacts.
Analyzing these patterns will help the business and organization to quickly interpret the data for improvement and growth in the future.
Some real-life examples were AI and IoT when knotted together have amazed us with their amazing results. AI and IoT are helping business organizations to deliver the best user experiences to their customers.
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Wearables
Wearables are a great example of IoT applications that take up a large part of the IoT ecosystem. The users just have to download the IoT application in their IoT wearables such as smartwatches, fitness trackers, remote monitoring systems, wearable panic buttons, and music systems and they are good to go.
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Self-driven vehicles
Self-driven or autonomous cars and vehicles are no more a dream now. The most powerful sensors, robust hardware, installed cameras, and software integration help the vehicle gather the monumental information roads, additional routes, navigation, traffic, consumer behavior, and additional routes.
This self-driven car is a perfect example of AI and IoT that outlays the role of AI in the future. However, safety still exists in many users’ minds when it comes to driverless cars as this is one of the major concerning factors in safety.
Many will face apprehensions over their initial journeys in driverless cars, but that’s what the whole game is about. It has mind-blowing learning abilities and high-powered AI mechanisms that will prioritize the passenger’s life at all costs.
Final Words
Business organizations are making use of AI to make sense of IoT data to achieve greater digital transformation. Both AI and IoT have reinvented each other to disrupt within the industry. IoT devices, when paired with AI technology, give systems an actual interface to the real world.
Companies tend to get deeper and better insights into every minute piece of customers’ data. With this revolutionary pair and AI-based security, businesses now feel more secure and cope confidently with the increasing level of threats.
If your business plans to implement AI and IoT in your business, get in touch with the best IoT development companies who will make your business even more profitable, complete mammoth tasks quickly, and help you save both time and money.
