You can automate business operations.
You can predict customer’s sentiments.
You can deliver a personalized experience to end-users.
You can enhance business productivity.
You can eliminate future risk.
Welcome to the technology world where modern solutions and technologies such as Artificial Intelligence, the Internet of Things, and Machine Learning transform the business landscape, reduce repetitive tasks and minimize human error along the way.
Yet, AI and IoT are new concepts in the business world; some are not convinced and realizing the benefits of these technologies. On the other hand, consumers today seek online solutions and top-notch customer service from brands. To meet their rising customers, companies are now harnessing the power of AI and IoT.
McKinsey’s survey shows that almost 47 percent of companies have leveraged at least one AI application into their business operations. At the same time, over 51 percent of companies plan to increase their AI investments in the years to come.
In short, enterprises now have realized IoT and AI’s power in their business transactions to gain a competitive edge. It increases productivity, business efficiency and therefore reduces overhead cost and ensures long-term growth.
What Stands for AI and IoT?
A marketing report from Frost and Sullivan describes how AI apps are used across all businesses. Some digital nomads usually mix up these two terms, but it is not. AI and IoT are two different technologies that change the business landscape and quickly make their way into operations.
IoT stands for the Internet of Things. Some believe that it is totally a theoretical concept, and perhaps they’re vague in defining the ramifications it could create on their businesses. But this is not true. IoT is a vehicle, software, and gadgets connected with sensors, programming, and hardware to track information. In simple terms, IoT means information shared through the remote system or network.
Artificial Intelligence can be defined as when machines act like humans, gain knowledge, and collect information through advanced algorithms. Overall, AI through you can identify trends, recognize patterns, and forecast future trends. AI makes the decision-making process faster, accurate, and safe.
A study conducted by Stanford claims that AI and IoT will revolutionize business operations and leave a major impact on business strategies.
Today, AI and IoT are gradually passing into businesses as supporting tools. Yes, it will not replace human intellectuality and intelligence, but it definitely allows them to make informed decisions and further growth. From reducing overhead costs to forecast future trends to improve customer service, AI and IoT have many enterprise applications.
Why AI and IoT are Perfect Partners for Business Growth
The execution of modern technologies such as Artificial Intelligence and IoT has been changing the entire business world. A recent survey stated that almost 500 IT professionals claiming AI and IoT as most emerging technologies do remodeling business operations and compelling companies to invest more to gain a competitive advantage.
And the reasons are simple. The amalgamation of IoT and AI can create smart strategies that can read human preferences and help management make informed decisions with zero error. Not convinced? Let’s check it out with a real-life example.
One of the world’s renowned car manufacturers, BMW, has started using AI and IoT in their manufacturing process. It uses censored robots in their premises which help workers while producing innovative cars. They are also leveraging AI for driverless cars for the future.
In fact, AI and IoT are affecting the entire transportation industry. Interactive maps and smart route optimization is making it easy for drivers to reach the destination early. It saves fuel cost and reduces journey time. This is why you might have heard why entrepreneurs embrace AI solutions in their taxi app clone development because it plans routes based on peak hours and road construction.
IoT keeps collecting data from trusted sources and AI converting it into meaningful actions. Information exchange happens through remote systems; as a result, you will notice the following things:
- Data collected from sources are more precise and evaluated
- The entire business process becomes quick and productive
- Management can able to make smart decisions rapidly
- Maintains security against malware and attacks
AI and IoT Business Advantages
Whenever new technologies came into existence, businesses across the globe were always excited to leverage them so that they can better fulfill consumer’s demands and increase their profitability simultaneously. Especially, the year 2020 has been an important year for technology. Heading towards 2021, the adoption of technology tools in business is inevitable.
IoT is everywhere, whether you talk, work, or engage with someone online. According to the latest report, there will be 35 billion IoT devices in the future, and this amount will reach 75 billion by 2025. It means this is high time for enterprises to unleash the power of innovative technologies to reap multiple benefits. Let’s see what kind of benefits AI and IoT offers to businesses:
- Boost operational efficiency
- Better risk analysis
- Eliminates future threats
- Improved customer service
- Streamlined process
According to Deloitte research on AI and IoT:
- There will be a 20-30% cost reduction
- 10-20% increase in equipment life value
- And 5-10% decrease in the overall maintenance cost
Practical Examples: Delivering the Best Results
Healthcare is the most impacted sector by AI and IoT technologies. Hospitals have to deal with a large volume of data. Patients’ data, data from healthcare apps, and data generated from medical devices. Here AI and IoT technology allow doctors and professionals to access information quickly. However, information gathered from various sources will be accurate and benefits both patients and doctors.
Fujitsu, a Japanese information technology service, using intelligent devices to get notified when there is an issue regarding worker’s productivity. As a result, it prevents accidental death and health issues.
Multinational banks are leveraging AI-powered real-time analysis for ATM transactions; it also included a CCTV camera to prevent fraudulent activities.
The amalgamation of two advanced technologies will lead to smart devices that will help enterprises make strategic decisions with zero error. So there will be much to see and implement; let’s hope for the best and make the world smarter.