AI is the Key to Unlock Full Potential of IoT Solutions

By Abhishek Amin Aug 26, 2020, 12:57:02 PM , In IoT
AI is the Key to Unlock Full Potential of IoT Solutions

Innovations led by the Internet of Things (IoT) over the last 5 years have been extraordinary. Today, we all must have had the amazing opportunity to witness and experience the power of IoT applications in almost every domain. IoT has been the buzzword in the world of technologies over the last few years. However, there has always been a constant question, What next?

The Artificial Intelligence (AI) & Machine Learning (ML) technologies are the answers as if they were always hovering over the IoT to make it even smarter and impactful for businesses of various industries. 

What is Artificial Intelligence?

Sticking to the context of this blog, Artificial Intelligence (AI) portrays an ability to squeeze and extract data that is collected by the IoT sensors continuously.

Machine Learning, on the other hand, is also an AI technology that helps to automatically identify data patterns and detect anomalies from the data generated by IoT devices.

Using various algorithms and data, ML can deliver operational predictions 20 times faster than the conventional intelligence tools.

Computer Vision and Speech Recognition are AI technologies too which extract insights from the collected data to help human review for precise and strong decision making.

Blending AI & IoT for Businesses. Why?

Blending AI & IoT for Businesses. Why?

Many businesses have incorporated AI & Machine Learning into their IoT applications. Why do you think they’d do that? The key is to find insights in the data. What insights? You will read in this blog. With the concurrent investments seen by the businesses, it could be said that AI is making a splash in IoT parallely to a lot of new products being procured.

Businesses and enterprises who are looking for a strategic IoT design, implementation of IoT applications with evaluation, or want to upgrade an existing IoT deployment to get more value out of it –  all of these must consider to explore the role of AI & ML and integration with IoT.

Gartner predicts that by 2022, more than 80 percent of enterprise IoT projects will include an AI component, up from only 10 percent today.

Fostering Business Transformation

Smart machines powered through IoT, if boosted with AI, can simplify tasks in a matter of minutes instead of weeks or even months. IoT sensors collecting the data in real-time and feedback provided via AI technology leads to the following significant analysis.

1. Predictive Analytics: A mode of preemptive intervention to avoid the failure that predicts when a specific part of machinery is expected to break down.

2. Prescriptive Analytics: It can provide instant notifications which could play a key role in averting the bottlenecks or disasters.

3. Autonomous: Continuous and real-time data extraction through IoT sensors helps systems to act autonomously, without human intervention.

Business & Operational Advantages of AI & IoT

Advantages of AI & IoT

a. Lower Operational Costs, Higher Returns: Combo effect of AI & IoT integration will prove to be beneficial for many industries in terms of greater revenues and returns. Monitoring of devices by smart sensors, sensor fitted domestic appliances, smart electricity meters, etc. will result in reduced operational costs for both households as well as business enterprises.

b. Increased Operational Efficiency: ML can not only predict machine failures but also gives insights on operational conditions to identify parameters which need to be changed in runtime for the ideal outcome. It is done by constant monitoring of data and patterns to deliver predictions, which are impossible for humans to predict.

c. Elimination of Downtime: In a manufacturing or an oil & gas industry, costs that a company has to bear are huge in the case of unplanned downtime due to a machine failure. Predictive maintenance leveraging ML technology is the solution that identifies patterns and determines when a part needs to be replaced or repaired to avoid the downtime.

d. Enhancing Risk Management: IoT apps with AI are already in the market that help businesses to identify and manage the risks efficiently. Some real-world applications leveraging these technologies include – detecting ATM frauds, predicting driver insurance premiums from driving behavior data, identification of hazards for workers, advanced identification of crime scenes based on the surveillance data, etc.

e. Improved Customer Experience: Smart sensors can collect the user data, understand them, learn the user preferences, and adjust their values accordingly. For example, a repeated customer in a retail store can see a preferred list of items (based on previous purchasing history) while standing in front of a Magic Mirror, an AI & IoT powered Virtual try-on mirror. Similarly, IoT apps with AI can offer a wide spectrum of opportunities for businesses to improve overall user experience to boost loyalty.

f. Scope for Futuristic IoT Solutions: The Natural Language Processing (NLP) technology is also a part of AI, which aims to improve communication (via speech, text or gestures) between humans and devices. AI-powered drones and robots give a whole new meaning to monitor and inspect which never existed before. It helps to fetch data that a human may never be able to do physically. This proves how strong the IoT and AI future is.

Final Takeaways

  • IoT collaborates machines by establishing a platform for them to communicate. Whereas, AI is all about making the machines intelligent as programmed.
  • AI will supplement human decision making, providing augmented intelligence. Eventually, when the machines will learn about various situations, make decisions that humans can trust, they shall become autonomous.
  • The industries which could benefit expansively from AI & IoT integration are manufacturing, airlines, oil rigs, smart homes, smart cities, etc.
  • The fundings, investments, and acquisitions in startups or enterprises which integrate AI and IoT have boomed in the since 2018.

Time to Gain Competitive Advantage Earlier

The merging of AI & IoT will not only replace humans to perform tedious, monotonous, and complex tasks with machines, but also provide businesses a competitive advantage if adopted earlier.

It might be time for you to be proactive now and leverage this upcoming wave of AI & IoT to turn it into a huge opportunity to transform your business. Are you interested to know more about how AI & IoT could help your business? Get in touch with the AI experts of India’s top AI app development company for a strategic approach with excellent customer service.

We are a reputed software development company and a trusted IoT services and solutions provider. Leveraging expertise of our AI engineers, we are now offering integrated AI capabilities such as machine learning-based analytics. IndiaNIC not a product company, but a service company having all the technical abilities in-house that will give you amazing experience, right from the ideation to the implementation or market launch.

Learn more: Why your business needs a chatbot?

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