In today’s digital ecosystem, it’s difficult to find an IoT (Internet of Things) enabled device that does not make use of Artificial Intelligence. IoT and AI are both unique technologies that possess great potential in their independent domains, but when combined - they hold a humongous, highly-efficient, and captivating potential.
The term ‘Internet of Things‘ can be defined as a network of physical objects that together connects independent devices to facilitate the exchange of data and communication. AI, on the other hand, provides machines with the ability to process information just as a human.
It plugs the critical gap by taking appropriate actions based data and essentially as the brain and the nervous system of the entire digitally connected system. It is this huge amount of data collected from several IoT devices that hold the potential to provide valuable insights when intersected with Artificial Intelligence.
Tapping Industrial growth through AI
In current times, AI powered IoT devices offer exponential benefits in functionality, greater reliability, optimized product utilisation, and capabilities that aid in going beyond the traditional-product boundaries.
With the help of In-depth insights from AI powered IoT devices, businesses can now enjoy operational efficiency and decreased operational costs. For instance, through IoT and AI, a huge amount of information can be broken down with efficient ease.
It also helps enterprises in detecting possible fraudulent activities or failures beforehand; making it a win-win situation for both the organisation and the consumer.
‘The essence of every business is customer satisfaction’ is a universal gospel. To enhance their business in conjunction with constant customer satisfaction, companies are using chatbots to felicitate customer-interaction and gain customer data to provide personalised experiences that best fit the customer’s needs and demands. Altogether AI and IoT are key aspects that help the businesses to save costs without compromising on productivity.
AI-powered Industrial Revolution
The convergence of AI and IoT has redefined business operational efficiency and productivity; AI algorithms enhance the potential of big-data analytics and IoT platforms provide value to various industry segments.
Today major industries are capitalizing on the advanced AI-tech enabled products in the market. Industries such as Retail, Healthcare, Security services, Hospitality and the digital space have adopted the state-of-the-art technology optimally.
They have invested and created phenomenal AI powered IoT machines to capture their market audience and deliver them with incredible services. Autonomous robots, self-driving vehicles, expert systems, medical robots, intelligent assistants, virtual private assistants, embedded software systems, and smart wearable devices are some of the most prominent smart-machines that are accessible worldwide.
For Instance, Taiwan has always been at the forefront of creating world-leading AI on-demand solutions in the healthcare, retail, security, and travel sectors. It promotes innovation, and collaboration of AI technology among different industries and develops AI-enabled IoT devices to offer far greater reliability, efficiency and functionality to the consumers.
They have also developed a unique technology specially designed to enable quick and simultaneous monitoring of biomarkers in a micro-sample. Brands like Foxconn Technology Group along with Qnap, Advantech, Moxa and Aifa have contributed immensely towards AI automation Technology.
With its rapid analysis capabilities, the analyser is suitable for clinics, care centres, nursing homes, ambulance, community health centres, schools, corporate health centres, in the remotest areas. In order to protect the environment and agriculture, Taiwan has developed its own technology to detect and locate hotspot in water and soil pollution which helps in Plant testing, aquatic monitoring and agricultural monitoring.
Beyond the Transformation of Artificial Intelligence
Every Business aims to achieve two primary goals from AI, namely productivity and growth. Their best effort to reach the goal is to employ emerging technologies. AI is dependent on data and Data can be used for both Real-time and Post-event processing.
Because of its exclusive properties, Artificial Intelligence and IoT have the power to alter organisation structures and offer exponential expanding opportunities. With the help of existing technology available in the market, organisations are enjoying reduced budget cost and higher revenues.
Through the on-going process of change and up-gradation of AI powered IoT machines, organisations now have the ability to provide safer work environments. Particularly, some companies are investing in Remote keyless system for security and access purpose. This can be further used for providing insight for future office layouts, and detecting potential threats.
These enhanced technologies have the ability to focus on collecting huge amount of data and can be used for large scale functions for future industrial operations. To illustrate, Facial recognition has made some impressive leaps in the retail and hospitality industry.
With all the data collected, it can be used for emotional analysis through the customer’s reaction to various products. Likewise, in healthcare, it can be used to understand patient’s temperature preferences, energy use, body reactions and many more. The combination of AI and IoT will bring game-changing innovation in every industrial sector that is eagerly waiting to achieve sheer productivity and growth.
In the abstract, we need to understand the efficiency of the data collected and create better methods and ethical utilization of information through AI and Internet of Things.
By Alex Pen, Director, Taipei World Trade Center Liaison Office, Mumbai