The increasing advancements in machine learning, artificial intelligence and internet of things has brought us earlier in the fourth industrial revolution than expected. IoT and artificial intelligence are both unique and emerging technologies on their own but they are more interesting when used together.
The combined use of AI and IoT together holds more potential according to researchers and industry experts. Before we tell you how are they beneficial for major industrial sectors, let’s talk in brief about them.
Internet of Things (IoT) enables us to connect a number of independent devices together and make optimum use of them by allowing them to exchange data and interact. Imagine the power of data collected with the help of IoT devices! To make this dream practically possible, artificial intelligence comes in the scene.
Artificial intelligence has created a wide variety of applications in multiple domains like healthcare, finance and our day to day lives with personal assistants such as Siri and Alexa. Combining AI and IoT promises a brighter future as both the technologies work around a common denominator - data.
The Fourth Industrial Revolution - Industry 4.0!
The term Industry 4.0 for fourth industrial revolution was coined to describe “industrial digitization”. The era shows the transition of industries from simple automations to complex robotics and networks called “cyber physical systems”. Here, humans need robots and robots need humans.
The German Federal Ministry of Education and Research released a brochure which explains what Industry 4.0 means: “Machines that communicate with each other, inform each other about defects in the production process and identify and re-order scarce material inventories”.
This industrial phase will allow the enterprises to manufacture products on demand basis and optimization trends being applied to data trends in the plant. The technology will be at our aid to help cover up the lack in certain areas and higher level of flexibility in the system will allow us to increase or decrease the use of robots in the entire process.
Now that we have explained you the basics of IoT and AI and you know what the future holds for these technologies, let’s tell you a few of their practical benefits!
Better Customer Relationships
If the combination of AI and IoT is implemented correctly then it will be beneficial for your employees as well as will be able to provide your customers with a personalized experience.
Enterprises have stopped guessing about the needs of customers. Instead they are making use of emerging technologies to gather data about their customers in real time. The collected data can be used to optimize business practices and provide customer oriented services. Here, AI and IoT both play a significant role.
In addition to using the data, businesses can automate the entire process so that the customers receive a rapid response. As the customer expectations increase, rapid responses will become a necessity.
Automated data collection and customer interactions will reduce the time spent on customer service and employees can focus more on the larger issues. In case, a customer wants to speak to an employee, the machine learning capabilities will assign the best possible representative to their case keeping in mind multiple factors.
Increased Productivity and Efficiency
Enterprises which make use of AI in IoT applications can achieve an increased level of operational efficiency. Machine learning can process data and make predictions in a manner that humans can’t. The technology can calculate large sets of data in a short time and give you recommendations on making the workplace more efficient.
Some examples of it are listed below:
AI powered IoT can help you make the hiring process quicker and smoother by choosing resumes of the best candidates and contacting them.
AI and IoT can quickly spot the inefficiencies in supply chain.
A recent survey stated that most of the senior manufacturing executives believe that these emerging technologies are here for good. Such transformation will give birth to a new concept called smart factories where there will be negligible scope for operational inefficiency.
A Real Money Saver
The IT departments are always under pressure to decrease the costs. When these both technologies are implemented together, they can be a real cost saver. For instance, we have already seen that these technologies can find out the inefficiencies in your supply chain. They can also point out the procedures that have become too expensive to maintain and help you work on them.
Early access to customer data will allow a business to identify areas where they can reduce the costs without compromising on efficiency. Some companies have already implemented these technologies to derive maximum benefits out of them and improve their business practices.
Individually, AI and IoT both can improve the workplace security. For instance, AI can automate the process of scanning the security footage and IoT can activate the gates if an intruder is on the premises. Although they are beneficial individually, when these technologies are combined an extra layer of security can be created.
When machine learning is combined with machine to machine communication, potential security risks can be detected and immediate response in such a situation can be formulated. Some enterprises are already implementing it. Few ATMs are already equipped with the capabilities to identify fraudulent behaviour and notify the officials.
The combination of these technologies can also reduce the number of accidents. Sensors can be used to detect potential environmental hazards and warn the workers beforehand. In the case of factory system, such a powerful solution can predict the dangerous levels of carbon monoxide in the premises and automate the remedial action for the same.
We have told you all about the possible benefits of implementing IoT and AI together. It can be rightly said that the combination of AI and IoT will give birth to:
Enhanced architectural constructions
Improved machine communication
Increased operational efficiency
Improved quality of products and services
Better quality of risk management
That’s All for AI and IoT Today!
After all the discussion we can definitely say that IoT and AI are undoubtedly here to make things better for us! Some of the industries in which these technologies are already being implemented are facility optimization, healthcare, manufacturing and textile industry etc.
However, just like any other technology, AI and IoT have their shortcomings too. Due to IoT everything is connected to the internet. So a cybersecurity attack could put the entire country at a loss. Experts are also of the opinion that predictive analytics maybe helpful in identifying security threats.
Although complex mobile applications developed using IoT and AI can solve multiple problems, the level of security needs to be increased to match their level and prevent any major losses to the business or public in general. Let’s explain you the importance of implementing security in the right place with an example. Applications that control energy or traffic should have high security protocols rather than an application which monitors the work of robots working in factories.
In simpler terms, industry 4.0 is enabling Amazon to deliver orders in day, you receiving correct items as per your order and factory workers being able to take a break once in a while for themselves, ultimately improving their efficiency and job satisfaction.