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The corporate world envisages IoT (Internet of Things) and AI (Artificial Intelligence) as the next big trends. IoT fetches more data and AI transforms it into meaningful insights. Talking about the combination of these futuristic technologies can redefine the way modern businesses perform. Digital transformation solutions containing these technologies can take your enterprise to a new level.
An IoT app development company can integrate AI-based features for smarter task execution and better interaction between humans and machines. Simply put, IoT and AI combination enhances the functionality of each other. Let’s discuss the impact of an AI and IoT merger in transforming business processes.
How AI and IoT Combination Impacts Business Processes
AI and IoT have brought radical changes in the current business landscape. The merger of both these technologies assists companies to make informed decisions accurately. Here, connected devices accumulate zillions of data, whereas AI can assimilate and evaluate this data.
What’s more, ML, as a subset of AI, can identify patterns and detect any faults in the data collected by IoT devices.
Simply put, AI, when coalescing with IoT, all we can get are smart machines that can make well-informed decisions with minimal or no human intervention. We are surrounded by hundreds of thousands of connected devices that keep on collecting and sharing valuable data.
An IoT app development company can enable modern businesses to get real-time data and transform them into meaningful information with the help of AI advancements.
As per a prediction, the embedded AI market in support of IoT smart objects will reach USD 4.6 billion by 2024. Let’s dig deep into the importance of AI and IoT combination in reshaping modern enterprises.
How IoT and AI Combination Improves Enterprise Management?
Be it text, audio, video, image, or any unstructured data, IoT devices gather everything quickly. It is difficult for humans to process this much data and get actionable insights. Here, AI comes into the picture and optimizes the data for making meaningful decisions.
This role of AI is one of the big reasons for a massive revenue boost and increased sales of connected devices. As per the estimate, there will be over 73 billion connected devices globally in the year 2025.
Be it a startup or a Fortune 500 company, the combination of IoT with AI is in high demand. As both these future-ready technologies have a lot of potential, various industries tend to leverage their benefits to ensure growth amid challenging times.
Apart from obtaining accurate data insights, the AI and IoT combination is useful for making the data exchange and analysis process more efficient. Companies can make surveillance stronger against cyber attacks with the help of AI and its subset, ML.
Let’s go through the top business benefits of AI and IoT combination.
How AI-IoT Combination Benefits Your Enterprise
AI can be seamlessly integrated into the existing IoT system of your enterprise and take it to a new level. Here is how this combination can benefit your company to go ahead.
Data Sharing and Analysis for Improved Customer Experience
Data collection, sharing, and analysis are of paramount importance to ensure the growth of any business. As mentioned above, an IoT system can fetch the data related to consumers.
AI can analyze and optimize this data effectively to know the consumer’s expectations and make various personas. Businesses can use this accurate data to enhance the consumer’s experience and provide personalized services.
Also Read- Artificial Intelligence: The Impact on the Top Industries in 2022
Higher Security for Protecting Corporate Data
Incidents of data breaches and cyberattacks are on the rise in the corporate world. In such a situation, it is essential to ensure the security of confidential data of your company.
An IoT platform can offer military-grade support to sensitive, official data with the help of AI. This combination prevents any intrusion by third parties.
M2M (Machine to Machine) communication is possible thanks to AI technology, and as a result, various companies can detect incoming threats in advance.
For example, unauthorized or illicit activities can be easily picked up by IoT sensors in ATMs. Law enforcement bodies can act diligently based on this information to prevent such activities.
Reducing Unexpected Downtime
A potential risk of unseen or unplanned breakdowns always remains present in the manufacturing and O&G sectors where heavy machinery is used. A sudden breakdown can bring downtime that results in huge losses for the enterprise in a short time.
With an AI-powered IoT platform, industries can leverage the advantage of predictive maintenance. It enables companies to anticipate machinery failures for advanced planning and action. As a result, your operations do not get affected.
A Deloitte study has revealed that AI and IoT combination can increase equipment availability and uptime by 10 to 20% and reduce the time taken for maintenance planning by up to 50%.
Scope for Innovation
The NLP (Natural Language Processing) technology can improve speech, text, or gesture-based communication. It can further enhance the information sharing between humans and machines. Robots, drones, and chatbots can take surveillance, data collection, and services to a new level.
With the integration of AI technology into the existing IoT system in customized digital transformation solutions, companies can see huge scope to come up with advanced products. With perceptual patterns and in-depth insights, the AI and IoT combination can promote innovation in modern enterprises.
The AI and IoT combination has a bright feature. Both these advanced concepts have wider scope in almost all industry domains. You can make the most of both these technologies by their amalgamation.
Accuracy, better decision making, and improved services with enhanced security are some of the noteworthy business benefits of AI and IoT combination. An AI app development company can assist you to get all these benefits.
As a reputed IoT app development company, we assist our global corporate clients to make the most from the combination of two emerging technologies- AI and IoT.
Time is just right to make your business smarter with a robust solution with built-in advancements of AI, ML, and other emerging technologies. Feel free to contact us to discuss your project requirements.
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