Catalytic Revolution of 21st Century

Introduction

Before autonomous drones and machine learning came into foray, James Cameron enthralled the world with his dream project The Terminator in 1984 where he introduced ‘Skynet’, a futuristic artificial super-intelligence network that wants to replace humans with machines, the seed of technological brilliance was sown! Whether Artificial Intelligence will take over the world or not. it certainly has given businesses a means of revolution and to readers/debaters like us, food for thought.

Advantages of IoT and AI

AI and IoT are redefining the way businesses used to perform. On one hand, AI with its powerful subset of machine learning, has paved the way for smarter task execution with real-time analysis and greater interaction between humans and machines; IoT, on the other, has upped the scale of communication between devices and humans via effective intelligent technology. The confluence of the Internet of Things and Artificial Intelligence makes each other’s applications more varied and powerful.

IoT accumulates large amounts of data through device connectivity via the internet and AI. Machine Learning helps in assimilating and evaluating this data. Machine learning in IoT devices helps to identify patterns and detect any faults in data collection through extremely advanced sensors. Intrinsic things such as stimulation to air, temperature, humidity, pollution, sound, vibrations, lights, etc. are derived with this technology over a period of time. Unlike traditional technology, IoT and machine learning make operational forecasts 20x faster with heightened accuracy. This is the reason why businesses that use AI technology sees a growth in their revenue numbers

The graph above shows the gargantuan impact IoT is going to make in our lives in the forthcoming years.
The graph above shows the number of devices which will be IoT powered by 2025 (estimated)

Use of Ai and IoT in Businesses

From the above data charts, we can see that many of the billion dollar companies are making the use of IoT and ML. Also heavy investments are being done in these fields as the potential growth of the world relies on these technologies.

As IoT keeps collecting data, AI takes the responsibility of converting it into meaningful and creative actions. Data exchange happens through sensors and in the process, a few of the following things happen:

Data collection is extremely vital for a business’ growth and development. A business with an IoT strategy knows how technology can transform data by offering greater access to consumer information and AI makes it easier to handle that information.

In case of an unexpected power loss, there is a massive shutdown of machines, or in case one of the machines malfunction, there is a huge loss to income. This causes downtime that can incur huge losses. Having an AI-enabled IoT platform makes it possible for predictive maintenance. It helps in anticipating machinery failures and breakdowns in advance by utilizing the analytics so that you can plan a course of action beforehand and not let your operations get affected.

With the current rise in data breaches and theft of confidential information, security and safety are the most concerning factors for a business.
Machine-to-machine communication is being facilitated by various organizations to detect incoming threats and give out automated responses to hackers.
This helps in providing a high level of security to our data.

There needs to be a fine balance between demand and supply. AI helps in improving inventory management which helps us in knowing about the demand vs supply ratio and helps in restocking supplies efficiently. This saves the retailer off hoarding old stocks and the consumer is also able to buy the new and fresh products.
IoT applications can enable you to manage your inventory by granting some automatic control options. Similarly, tracking assets in the supply chain with IoT can be an ideal solution to catch the assets that went missing in transit.

When it comes to risk management, which includes handling financial loss, personnel safety and cyber threats, Ai and IoT effortlessly deal with situations and give out prompt responses so that such situations do not arise.

Some Popular Fields where Ai/ML are used

IoT devices are widespread in the healthcare sector as the IoT applications and deployments powered by AI help in collecting data to provide preventive measures for a person/patient, early detection and providing drug administration. It draws data from internet-powered medical devices, medical records, healthcare mobile apps, etc.

Fitness trackers, smartwatches, wearable panic buttons, remote monitoring systems, GPS trackers and music systems are some of the most popular examples of wearables which take up a large part in the IoT ecosystem. You need to simply download IoT applications on your smart devices to get the most precise information.

The manufacturing industry was in dire need of adopting AI-focused IoT solutions. This helps in facial recognition, deep learning, big data analytics and especially robotics.
Through implanted sensors, meticulous communication is facilitated. Using the fusion of AI and IoT, robots can learn and adapt to newer environments with precision. This makes the manufacturing process linear and saves time and money.

The AI-powered IoT technology enables the controlling of your light, fans, television, thermostat, ACs, etc. through your phone. Not just inside but even if you’re travelling outside. Mood Lighting is also prevalent in Smart Homes these days where the lights change their brightness and intensity according to the activity taking place.

With powerful sensors, installed cameras and robust hardware and software integration, a car gathers monumental information about roads, traffic, additional routes, navigation, weather conditions, consumer behavior, etc. Self-driven cars are the perfect examples that will highlight the role of artificial intelligence in future technology.

Also with the advent of 5G in the near future, The impact of IoT will increase drastically as all the appliances and electronic items are going to have the power of interacting with each other.

Conclusion

IoT and AI have become an integral part and utmost necessity of our fast paced world. It has widespread applications in all imaginable fields and plays a vital role in enhancing the quality of life. The improvement brought about by IoT and AI in our lives by bringing in Robots, Self-driving cars, Wearable fitness trackers, Smart Homes, etc. are tremendous.
Businesses all around the world are largely employing AI/IoT to replace manual labour and this is a rejuvenating Industrial Revolution of the 21st Century!

Reference Links

https://appinventiv.com/blog/ai-and-iot-will-transform-your-business/

https://telecom.economictimes.indiatimes.com/tele-talk/how-ai-and-iot-will-continue-to-transform-business-landscapes-in-2020/3960

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