Why Are IoT and AI Perfect Partners to Boost Business Productivity?

Most businesses these days majorly rely on the Internet of Things (IoT) and Artificial Intelligence (AI) to drive business growth and envisage the next big trends. Today, it is easier for companies to collect more and more data thanks to IoT. When coalescing IoT with AI, it can create smart machines that mimic intelligent behavior to make well-informed decisions with slight or no human intervention. IoT plays a significant role in making the world digital and connected. There are billions of devices around the world right now that are connected to the internet and continuously gleaning and sharing data. IoT enables businesses to amass reliable and secure real-time data and transform them into meaningful insight. This assists in lessening the consumption of resources to enhance companies’ efficiency and productivity. It is anticipated that Asia and North America will lead the innovation in AI and IoT. In addition to this, embedded AI in support of IoT smart objects will be worth US$4.6 billion globally by 2024. The rise of IoT devices creates a massive amount of data in a short period of time. This could be in any form like text, audio, video, image, or even in an unstructured form. It would be difficult for humans to process the data and thereafter provide its analysis. As data accrues continuously in the IoT systems, leveraging AI is one of the effective ways to use it for optimization. The integration of AI and IoT is progressively influencing how businesses are operating and sing their profits. They allow enterprises to move towards the cloud as an organization requires a large amount of computing power while running with AI. Both technologies are able to assist companies to better engage and satisfy their customers. In fact, it is said that over 85 percent of consumer relationships with a brand will be driven by AI in the next coming years. In this context, the world is already seeing the use of chatbots that are perfectly delivering personalized customer experience by responding to customers’ queries with reliable answers. Many industry experts consider that AI and IoT are no longer in use separately. AI closes the loop in an IoT environment where IoT devices accumulate or create data, while Artificial Intelligence assists in automating essential choices and actions based on that data. Currently, most organizations using IoT are only at the first visibility phase where they can perceive ongoing events through IoT assets. The technologies can help organizations to make accurate predictions, which can assist them to run more efficiently.

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