IoT is a giant network connected of things formerly called machine to machine is no longer a nascent dream. The data is very crucial for any organization to drill down and generate actionable insights. The increasing flow of data from both humans and IoT devices will continue to grow as it is the key to business success in the digital age. Thinking to start a business or considering to add IoT applications to your current business or just for knowledge, it is important to know some of the key trends that will shape IoT and AI for business growth.
Reason #1: Progressive Output
Major companies have started to integrate their services with artificial intelligence and achieved greater success over the past years. The reason behind it is the quick ability of AI to quickly fetch the insights from the data. IoT platform software provides machine learning based analytics – a part of AI to identify patterns and figure out anomalies from the generated data by smart sensors and devices.
Reason #2: Real-time Response
The data collected by the image sensors through various devices are used to recognize who is the person in the image to define unique attributes in the image. The analytics derived from remote video cameras that identify characters on license plates or analyze the face using face recognition can be used to understand patterns over time and decide future action.
Reason #3: Increased Market Size
AI is a fundamental component which is required to make sense of the vast amount of data collected these days to increase the business value. AI integrated IoT services provide data preparation, data discovery, visualizing streamlined data, the accuracy of data, predictive and advanced analytics as well as real-time geospatial and location logistic data.
Businesses are more capitalizing on the AI-IoT convergence. The fusion of AI-driven IoT is empowering the B2B firms to improve value proposition by interacting the enterprises to create more adaptive learning systems as other technologies offer only minimal support to advanced cognitive analytics. Let us see its impact on different sectors.
The integrated technology has improved the patient experience to a great extent by enhancing caregiving. It can be used to address the problem of patient engagement by building cognitive hospital rooms to make the lives of the people happier. You can gauge bodily activities, pulse rates, body postures and other metrics using the smart body sensors to enhance the safety and health of people and medical sensors alert on varying blood sugar levels and dispense insulin as per the need which helps to improve overall healthcare management.
– Retail Chains
Retailers of different scalers are investing amply in retail tech and innovation to enhance their businesses for providing better services. Walmart is the current example of AI integrated IoT retail chain with thousands of brick and mortar outlets. The company utilizes machine learning, AI, IoT and big data for facial recognition, shopping patterns, product details, and home delivery routes to boost its performance.
– Security and Surveillance
The physical security industry is a domain that craves for more technological advances, unlike the other sectors. Even the customer demand is higher all the time for this domain and so companies are trying to prefer a combination of physical and internet security systems for both home and business users. Embedding of cognitive or Ai capabilities reinforces the security locks while the adoption of IoT ensures well-connected security systems. Integrating human facial recognition and biometric access devices remotes physical activity monitoring.
IoT has been doing rounds in logistics, warehouses, and supply chain for the asset tracking applications of an end to end inventory management. The global logistics provide suggest to integrate AI with IoT for optimized logistics and transform the process of manufacturing, transportation, and warehousing by increasing their efficiency and productivity.
To sum up
AI and IoT can inculcate intelligence and connectivity to an entirely new set of product functions and capabilities. In general, it will tackle the monumental hurdle from mining areas, endow the cognitive advantage in the coming years, offer recommendation and solutions in a human-like way and also helps to define new standards of operational effectiveness to win the competition. So, what are you waiting for?