IoT and AI: Introduction to the Internet of Intelligent Things (IoIT)
Explore the benefits of combining IoT and AI technologies.
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Artificial intelligence and the Internet of Things are both unique technologies on their own, but what makes them even more interesting is where they intersect. As the applications of IoT and AI are independently fascinating, their combined use cases hold even more captivating potential, according to researchers and industry experts.
What comes to your mind when you think of the term IoT? Probably a bunch of devices that can understand each other through connectivity. IoT allows us to connect independent devices together and make the most of them by allowing them to exchange data and interact. Imagine the power of data collected through all these devices. To help realize this vision, artificial intelligence comes into the picture.
AI has created a wide range applications in a variety of domains, including healthcare, finance, and our day-to-day lives with personal assistants like Alexa and Siri. Combining AI with IoT brings the promise of a new future, as both technologies communicate and revolve around a common denomenator — data. Data obtained from connected devices can be leveraged further with the help of AI, and smarter insights can be obtained from it.
Let us take a dive deeper and understand how IoT can leverage artificial intelligence for better data collection and connectivity.
Providing Value to IoT With AI/ML
Artificial intelligence, as we all know, comes in handy with another technology under its umbrella — Machine Learning or ML. Often used interchangeably, the terms AI and ML work on the principle of developing software programs that possess intelligence. This intelligence allows them to analyze data and make decisions similar to how a human brain does the same.
Since the essence of IoT devices is to gather data and make use of it, placing data obtained from physical devices through machine learning and artificial intelligence allows us to expand upon those processes. The Internet of Intelligent Things (IoIT) uses artificial intelligence to bring more value to the IoT domain by better interpreting data obtained from connected devices. Here's how:
The devices connected in an IoT network are linked via sensors and actuators wrapped with software and hardware to provide humans with logical inputs. The foundation of IoT is machine learning and artificial intelligence because it allows these devices to make sense of the data collected through them.
When a set of connected devices collect raw data and combine it, the software programs enabled with machine intelligence capabilities take this data and analyze them. After thorough analysis, the output obtained contains valuable information.
Benefits of Using IoT and AI Together
The Internet of Intelligent Things makes IoT applications realize their full potential. Artificial intelligence and machine learning bring more detailed data insights to the table at a faster pace. Enterprises are looking forward to making use of IoIT to reap the following benefits:
Improving Accuracy Rate
If you have ever tried to analyze data from multiple sheets on your computer, you must have realized that it is a tedious job. Human brains are limited to perform certain tasks at a certain rate, and when the minds are exhausted, we are even more prone to making errors.
The Internet of Intelligent Things has the power to break down large quantities of data coming and going through devices. The best part about this is that since the whole process is machine and software-driven, it can be performed without any human intervention, which makes it error-free and improves accuracy rates.
For example, ATM withdrawals, online payments, and e-commerce transactions are prone to high risks of fraudulent activities. With the combined power of human understanding and IoT machine learning and RPA techniques of artificial intelligence, potential frauds can be taken into account in advance, thus preventing any loss of money.
Predictive Analysis and Maintenance
Predictive analytics refers to a branch of analysis that looks at existing data, and based on the outcomes, it predicts possible future events. It would not be an exaggeration to say that that IoT and AI are the foundation of predictive maintenance. Currently, IoT devices are being used by enterprises to report any mishaps or concerns, like equipment failure, etc., in an automated manner without human intervention.
However, by adding artificial intelligence, this method will allow machines to perform predictive analysis. Meaning that enterprises will be able to detect possible mishaps and failures in advance and work on their maintenance. Due to this, the chances of losses are decreased highly as conditions are being detected even before failure. This will add up huge benefits in saving costs of big corporations and helping them to avoid setbacks in their business.
For example, shipping companies can use predictive analysis to check and analyse their data timely to avoid any sudden downtime of a ship and keep maintaining their ships through regular servicing from time to time.
Improved Customer Satisfaction
The core of every business is customer satisfaction. Currently, companies like Amazon have earned the badge of being the most customer-centric company by keeping the priorities of their customers before everything else. However, human-based customer experience fails at certain times due to several factors such as language barriers, time constraints, etc.
Companies are recognizing the power of AI by enabling chatbots for interacting with customers. Huge amounts of customer data can be used to provide them with a more personalized experience as per their choices and solving their queries accordingly.
Increased Operational Efficiency
Predictions made through artificial intelligence are highly useful in terms of increasing the operational efficiency of the business. Combined in-depth insights obtained through artificial intelligence can be used to improve the overall business processes from the scratch, which can result in increased operational efficiency and decreased costs.
With precise predictions, you can get insights about time- and cost-consuming tasks in your business and automate them to increase efficiency levels. Moreover, for companies working on a big scale with airplanes and ships, the insights obtained through artificial intelligence can help them to modify their processes, improve equipment settings, and update inventory on time to save on unnecessary expenses.
The era of the IoT and AI will bring a change to existing processes for good. As automation and in-depth analysis work hand in hand, industries and businesses will reap the benefits of growth, while making huge profits. The need of the hour is to create better methods for utilizing IoT and artificial intelligence for a better future.
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