Artificial Intelligence and the Internet of Things (IoT) are the two crucial technological innovations integrated into industrial practices to improve communication, increase automation, self-monitor and evaluate without human intervention.

IoT deals with acquiring data from different devices connected to the network, while AI deals with processing data from such sources. Thus, the combined possibilities of the two are immense, which businesses can employ to their benefit.

Let’s understand the Internet of Things (IoT)

IoT – call it “things, objects or stuff“. It may range from mobile phones to complex mechanical device. They all connected to the same shared network to send and receive data. IoT has infused into every industry to collect data. The accumulated data is helpful when they give us a meaningful report – that is where AI completes the job.

More industries adopt IoT to capture a vast amount of data from different sources. Such complex data needs an AI to process and analyze data. Needless to say that IoT blended with AI changing today’s business world and redefines how industries and economies carry out their functions.

The increasing demand for AI and IoT

We see the use of IoT devices across the world is increasing every day. By 2027, we will own a whopping 47 billion IoT devices. These staggering numbers are a great business opportunity, and pioneers in this field are working their way out to give their product the advantage by amplifying IoT capabilities in addition to AI. This blog highlights how a blended IoT and AI benefit the business.

• Increases Operational Efficiency

It is impossible to imagine working with tremendous data using traditional operating methods. Results are not feasible, and it is time-consuming. We need real-time data to facilitate decision making. There is only one way to analyze, correlate and finally identify solutions to complex problems. IoT and AI bring operational efficiency at the highest order to ensure ideal outcomes on the table.

• Triggering Improved Products & Services

When IoT and AI blended in the right way will give rise to innovations in product and services like the NLP (Natural Language Processing). It is a technology that is continually growing to facilitate better communication among humans and AI devices. Tesla’s self-driving cars are an excellent example of AI working hand in hand with IoT. Each drive becomes even better, and understanding how the cars and pedestrians behave on the road gets smarter by the day.

• Boosts IoT Scalability

Scalability is the ability to analyze, process and summarize extensive data before sending it to another device. AI-infused IoT devices work towards predictive, prescriptive and continuous analytics to boosts scalability. Predicts the events, prescribes the methods and procedures to be followed and analyzes and provides the best suggestion to work better. Such efficiency is made possible by an AI-powered IoT ecosystem that eases our everyday process.

•  Enhance Risks Management

One such richness of pairing AI with IoT is predicting an extensive range of risks and automating prompt responses. Such automated warnings and responses save valuable time, empowering efficient risk management.

The Fujitsu wearables offer wide range of safety solutions to its worker. AI-powered algorithms on IoT devices accurately predict human and object behaviour to implement health, safety, and well-being protocols in industrial premises.

• Trim Down Downtime

Breaks in the manufacturing process will result in huge losses. Such interruptions are often due to machine breakdown, negligence of the maintenance protocols or a sudden equipment failure. AI-enabled industrial machines help us detect such disruptions beforehand to protect the business suffer from unplanned downtime.

Deloitte, using predictive technology, protects the business from lost production time and breakdown risks. Deloitte proactive measures to safeguard machine failures result in the following ways

• 10-20% of equipment uptime is enhanced
• 5-10% of reduction of overall maintenance costs
• 20-50% of the maintenance planning time is saved.

Key Takeaways

Using the combined transformative powers of AI and IoT, industries will be more equipped to face challenges, improve production efficiency, enforce better risk management protocols and provide the competitive edge against all odds.

The disruption will become a routine to shape industrial benchmarks. And these technologies will be the game-changer that will transform and uplift the industrial fraternity.