How are A.I. and IoT related?
Fundamentally, IoT is about detectors implanted into machines, which offer a flow of data through internet connectivity. All IoT applications function on five basic steps, namely create, communicate, aggregate, analyze, and act. The merit of‘Act’ is determined by analysis. Therefore, the exact value of IoT is calculated at its analysis step. And this is where AI technology plays an important role. IoT is becoming more intelligent with the incorporation of AI applications.
One of the main interests companies have in this context is the capability of AI to evaluate various types of data generated by smart sensors automatically and recognize irregularity, thus making operational forecasts 20 times faster and with higher accuracy. Other AI Functions such as speech recognition and digital vision can help organizations analyze data that otherwise would require human insight. AI automation helps companies cut down labor costs and increase gross profits.
How AI and IoT are benefiting organizations?
In many sectors, unplanned downtime caused by equipment failure can result in organizations losing a massive amount of money. AI applications allow organizations to eliminate unpredicted downtime that in turn, increase operational productivity and enable them to generate new products and services as well as strengthen risk management.
Upgrading IoT with AI generate new products and services. AI-controlled robots and drones – can travel to places where humans can’t – opening doors to new opportunities for observation and examination, that simply were not a possibility before. Natural Language Processing (NLP) is becoming much more efficient at enabling people to communicate with machines, instead of needing a human translator.
Multiple applications combining IoT and AI are enabling companies to better predict and understand risks and generate quick responses. AI and IoT bring about more efficiency in managing employee safety, cyber threats and financial loss for companies. Some applications in use involve identifying corrupt behavior at ATM’s, identifying dangerous stress-causing conditions for factory workers, calculating insurance premiums derived from driving patterns and observing security surveillance data to recognize crime scenes beforehand. Other examples of IoT and AI collaboration in action include Tesla’s self-driving cars, which operate on predicting the nature of pedestrians and cars in different situations. Nest’s thermostat is also an excellent example of AI and IoT in action. The smartphone application can inspect and manage temperatures depending upon the preferences of its users.
The future is AI
AI is championing ‘all successful’ IoT endeavors, and without AI, data from organizations would have ‘limited value.’ If an organization plans on implementing IoT based solutions, its endeavors should include AI to make their developments a success.