With a tidal wave of investment opportunities approaching the business world and carrying a raft of new products and services and along with it, enterprise deployments are becoming the very definition of change in the modern world.
This change in Artificial Intelligence technologies today is making a welcome splash by reshaping the Internet of Things domain.
While IoT and Big Data have managed to capture the attention of the smart device and application markets, Industrial Internet of Things (IoT) is catching up at its own pace. The IoT will add some groundbreaking numbers like $14 trillion to the global economy by the end of 2029.
IOT is injecting new life and new meaning into revenue generating industries that are in dire need of digital transformation, namely oil and gas and manufacturing, Due to the impact of Artificial Intelligence, Machine Learning and its counterparts have managed to secure the spot of ‘highest priority for organizations’ who want to:
- Derive the maximum from their operational data
- Increase output
- Cut down energy consumption and costs
Why companies explore the impact of Artificial Intelligence-based solutions?
The nature of the assets and key performance indicators of an organization shape the commonality for different industries. There are ample reasons why companies shift o Artificial Intelligence and Robotics, some of which include answering certain questions like:
- How much energy an asset consumes?
- How to extend asset life value?
- How the operational activity affects the assets?
- How to boost efficiency?
- How to reduce downtime?
Points to note: Such questions are primarily targeted on manufacturing and asset performance management.
As a result of the impact of Artificial Intelligence, a new breed of enthusiastic workers has surfaced who are digital friendly, and more in need of having data at their fingertips. Such new age workers do not waste time on following legacy ways but rather prefer using data anywhere and anytime.
The application of Artificial Intelligence technology today paves the way for industrial units to undertake cloud-based and SaaS solutions to provide the emerging workforce with enough ammunition to cut down capital expenditures significantly.
The impact of Artificial Intelligence differs for IoT and IoT
L Let’s be clear about the Internet of Things and Industrial Internet of Things. By and large, the immense impact of Artificial Intelligence, IoT is associated with terms like refrigerators, fitness trackers, smart thermostats, etc. that are primarily used by consumers.
Meanwhile, from an IoT standpoint, the spotlight is more on connecting machines, devices, and industry assets such as transportation, manufacturing and healthcare. The Artificial Intelligence and Robotics induced in IoT assembles computers, databases, systems, and data all under one roof to make the operational processes easy.
It is easy to conclude that IoT and IoT are two different sides of the same coin, AI. However, each has its own and different implications.
The impact of Artificial Intelligence can decipher IoT’s true potential
It goes without saying that the application of Artificial Intelligence has a growing relevance in IoT applications and deployments. If we go by statistics, the number of acquisitions and investments in startups that boasts of Artificial Intelligence and IoT has come of age over the last two years.
Foremost vendors of IoT platform software are now bringing integrated applications of Artificial Intelligence like machine learning-based analytics. The value of Artificial Intelligence developments in this context is dexterity to draw out insights from large volumes of data.
The key impact of Artificial Intelligence and Machine Learning is their integrated ability to track down patterns automatically and point out anomalies in the data. In addition, the amalgamation of Artificial Intelligence and IoT forges devices that can provide information like pressure, temperature, air quality, etc.
Compared to the conventional business intelligence tools that have served our purposes in the last few years by keeping a keen eye on numeric thresholds, modern-day Artificial Intelligence and Robotics is anticipated to make operational predictions much better with advanced accuracy.
Artificial Intelligence and IoT applications like speech recognition and computer vision can draw out insights from data that will serve as the main element in drafting human review.
Let’s get a clear look as to how the impact of Artificial Intelligence is transforming IoT applications:
- Helps to avoid unplanned downtime
Industrial manufacturing and oil and gas downtime arising from equipment breakdown is a clear indication of looming high expenditures.
Enter predictive maintenance that uses analytics to predict equipment failure before time and schedule systematic maintenance procedures on a timely basis. Thus, the potential damage for unplanned downtime can be clearly avoided as well as the negative impact on the company’s financials.
- Enhances operational efficiency
Tried and tested, AI backed IoT can put operational efficiency on the growth pedestal by determining operating conditions and predicting patterns beforehand. This will lead to desired outcomes since the application of Artificial Intelligence crunches volumes of data to identify patterns not visible to the naked eye.
- Improves risk management
A number of business applications that call for the pairing of AI and IoT are aiding organizations in determining and understanding the risks involved in the industry. Along with this, such pairing is destined to automate rapid responses to manage worker safety, cyber-attacks and financial crunches.
What the impact of Artificial Intelligence on IoT holds for the future
Experts are of the notion that AI will continue to grow by leaps and bounds and it is expected to hold the biggest seat in an organization’s ecosystem. By 2030, as per market analysts, predictive manufacturing that includes advanced predictions of demand and other crucial metrics will be adopted by most organizations.
Unlike the general conception, AI will not be a job killer, instead it will guide us to work better and smarter. Artificial Intelligence development will also disrupt and evolve existing business processes and models.
What else do we need?
If you deal with technology and want to join hands with AI to gain competitive advantage, get in touch with the skilled team at Quosphere.