AI in IoT - Benefits and Applications

With the deployment of IoT, the business world is changing rapidly. IoT is assisting in the significant capture of a massive amount of data from many sources. Wrapping one's head around the avalanche of data arriving from innumerable IoT devices, on the other hand, makes data collection, processing, and analysis difficult.

 

( Read more: What is IoT )

 

Investment in new technologies will be required to realise the future and full potential of IoT devices. The combination of AI (Artificial Intelligence) with the Internet of Things (IoT) has the potential to reshape the way industries, businesses, and economies operate. IoT powered by AI generates intelligent technologies that mimic intelligent behaviour and assist in decision-making with little or no human intervention.

 

Combining these two streams serves both ordinary people and experts. While IoT is concerned with devices connecting with each other over the internet, AI is focused with devices learning from their data and experience. This blog explains why IoT and AI must operate together.

 

Watch this Conference on: The use of AI in IoT/IIoT applications - Danny Goh

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Adding Value to IoT Through AI/ML

 

As we all know, an intelligent system is useful when combined with another breakthrough known as Machine Learning, or ML. The phrases AI and ML are sometimes used interchangeably to refer to the concept of creating intelligent software applications. This intelligence enables them to study information and make decisions in the same way that a human brain does.

 

( Must Read: Artificial Intelligence (AI) For Marketing Analytics )

 

Given that the purpose of IoT devices is to collect and use data, putting data collected from physical devices through machine learning and artificial intelligence allows us to improve on those procedures.

 

Expert systems are used in the Internet of Intelligent Things (IoIT) to provide even more value to the IoT domain by significantly better understanding data acquired from linked tools. Here's how you can do it:

 

1. Sensing units and actuators covered with software and equipment connect the gadgets in an IoT network to give people with reasonable inputs. Machine learning and artificial intelligence are at the heart of the Internet of Things because they enable these devices to comprehend the data they collect.

 

2. When a group of connected devices collects and integrates raw data, software programmes with machine intelligence capabilities analyse the data. After a thorough examination, the final result contains useful information.

 

( Suggested Blog: Is Artificial Intelligence (AI) Really Intelligent? )

 

 

Benefits of AI Enabled IoT

 

Artificial intelligence in the Internet of Things provides a wide range of advantages for businesses and consumers, including proactive intervention, tailored experiences, and intelligent automation. The following are some of the most common commercial benefits of merging these two disruptive technologies:

 

1. Enhanced Operational Efficiency

 

AI in IoT crunches continuous streams of data and discovers patterns that are undetectable by traditional gauges. Furthermore, machine learning combined with AI can forecast operation circumstances and identify parameters that need to be changed in order to get optimal results.

 

As a result, intelligent IoT can reveal which procedures are redundant and time-consuming, as well as which tasks may be fine-tuned to increase efficiency.

 

Google, for example, uses artificial intelligence to cut the cost of cooling its data centres.
 

( Must Read: Applications of IoT in Daily Life )

 

2. Improving Precision Cost

 

If you've ever tried to review data from multiple sheets on your computer, you know how difficult it can be. Human minds are restricted in their ability to perform various tasks at a given rate, and when our thoughts are weary, we are more prone to make mistakes.

 

The IoT has the ability to break down large amounts of data that are sent and received via tools. The most successful aspect of this is that because the entire method is machine and software-driven, it can be completed without any human intervention, which eliminates errors and improves accuracy rates.

 

( Also Read: Cost-benefit Analysis: Process, Benefits and Limitations )

 

ATM Machine withdrawals, online payments, and E-commerce transactions, for example, are all vulnerable to fraud. Possible frauds can be taken into consideration in advance using the combined strength of human understanding, IoT artificial intelligence, and RPA artificial intelligence approaches, preventing any loss of money.

 

3. Maintenance and Predictive Evaluation

 

Anticipating analytics is a type of analysis that examines existing data and, depending on the findings, predicts potential future events. It is not an exaggeration to argue that IoT and AI are the foundation of predictive maintenance. Businesses are currently using IoT devices to notify any accidents or concerns, such as equipment failure, in a computerised manner without human intervention.

 

However, by including an intelligent system, this method will enable equipment to undertake anticipatory evaluation. Indicating that the company will be able to predict potential accidents and failures and will also be able to maintain them.

 

As a result, the likelihood of losses is greatly decreased, as circumstances are recognised even before they fail. This will undoubtedly result in significant cost savings for huge corporations, as well as assisting them in avoiding business problems.

 

Shipping businesses, for example, might use anticipating evaluation to verify and also analyse their data on a regular basis to avoid any type of unexpected ship downtime and also to maintain their ships through routine maintenance.

 

4. Improved Client Services and Satisfaction

 

Customer satisfaction is at the heart of every business. Companies like Amazon.com have earned the reputation of being one of the most customer-centric businesses by prioritising their customers' needs above everything else. However, due to a variety of factors such as language barriers, time constraints, and so on, the human-based customer experience falls short at times.

 

Businesses are recognising the value of AI by allowing chatbots to interact with customers. Large volumes of customer data can be used to provide them with a far more personalised experience based on their preferences and to answer their questions correctly.

 

 ( Must Read: AI Applications in financial services )

 

5. Increased Scalability

 

Mobile phones and high-end computers are among the IoT gadgets, as are low-cost sensors. The most prevalent IoT ecosystem, on the other hand, involves low-cost sensors that generate massive amounts of data. Before sending data from one device to another, an AI-powered IoT ecosystem analyses and summaries it. As a result, it compresses vast amounts of data to a manageable size and allows a large number of IoT devices to be connected. This is referred to as scalability.

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AI can be incorporated in different IoT devices and Products

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Exercising IoT using AI in the Real World

 

Let's take a closer look at companies that have used AI-powered IoT to improve user experience and create new revenue models.

 

1. Manufacturing Robots

 

Manufacturing is one of the industries that has already embraced new technologies such as IoT, AI, facial recognition, deep learning, robotics, and others. With the help of implanted sensors that facilitate data exchange, factory robots are becoming smarter. Furthermore, the robots can learn from fresh data because they are equipped with artificial intelligence systems. This method not only saves time and money, but it also improves the manufacturing process in the long run.

 

( Related: Self Healing Robots - New Generation of Robotics )

 

2. Autonomous Vehicles

 

The best example of IoT and AI working together is Tesla's self-driving automobiles. Self-driving automobiles use artificial intelligence to predict pedestrian and card behaviour in a variety of situations. They can, for example, identify road conditions, ideal speed, and weather, and they are becoming wiser with each journey.

 

(Must Read: Confidential Computing in AI Autonomous Vehicles )

 

3. Retail Analytics

 

Many data points from cameras and sensors are used in retail analytics to track customers' movements and forecast when they will arrive at the checkout line. As a result, the system can recommend dynamic staffing levels to shorten checkout times and boost cashier productivity.

 

4. Smart Thermostat

 

Nest's smart thermostat is an excellent example of AI-enabled IoT. Based on the users' work schedules and temperature preferences, the smartphone integration may check and regulate the temperature from anywhere.

 

Watch this: How will AI and the IoT change the world?

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Bottom Line

 

Overall, IoT combined with AI technology has the potential to lead to enhanced solutions and experiences. You should integrate AI with incoming data from IoT devices to get more value from your network and improve your business. 

 

The amalgamation of two advanced technologies will lead to smart devices that will help enterprises make strategic decisions with zero error. So there will be much to see and implement; let’s hope for the best and make the world smarter.