Smarter IoT with AI – Three Real World Examples
Experts believe that there’ll be about 80 billion connected devices in use by 2025, enabling the Internet of Things (IoT) to transform many industries. Internet of Things (IoT) is about connecting machines and making use of the data generated from those machines. Heaps of real-time data from an infinite number of connected data points bring the opportunity to gain optimum insights. Artificial Intelligence (AI), on the other hand is a way to demonstrate machine intelligence i.e. simulating intelligent behavior in machines of all kinds to perform human-like tasks. This shows there’s clearly an overlap, an intersection between both cutting-edge technologies.
How we can make the most of massive data streams being produced by Internet of Things (IoT) devices is where AI comes into play. Combining the two technologies can bring endless opportunities and benefits. These technologies have the potential to change the landscape of industry with automated, intelligent, and efficient practices.
Leveraging the combination of AI and IoT
There are existing solutions that can analyze and interpret Internet of Things (IoT) data, but artificial intelligence and machine learning can rapidly draw advanced insights from data. AI can spot unusual trends with greater accuracy and removes the need for human data assessment by using computer vision and speech recognition.
It’s still in early stages but we can now notice immense advantages of intelligent things already rising. Enterprises can look forward to getting their operations right in unprecedented ways. Here are three real-world examples:
Quick response time
Internet of Things (IoT) allows enterprises to monitor their operations at a very fine level of detail, getting to the nitty-gritty of insights into the day to day activities of companies. AI allows enterprises to rapidly take actions or react to situations as data is processed faster, and with more insights.
For example, Fujitsu has piloted the use of intelligent things to get alerts on drops in workers’ productivity as a result of industrial accidents and health hazards. Banks are evaluating AI-enabled real-time analysis of ATM use, including automated CCTV footage analysis enabling faster responses to fraudulent transactions.
IoT as of now empowers industrial concerns to quickly respond to equipment failures. No prerequisite of a human overseer to inform of a setback, broken hardware is reported and repaired straight away, and a response can be propelled rapidly. However, AI-empowered IoT tech can keep these failures from occurring in the first instance.
An Australian utility company is using predictive analytics drawing on IoT data streams to predict which conditions result in equipment failure. As a result, it can take preventative action in time, avoiding costly repairs.
Improved efficiency and enhanced productivity
IoT devices provide the expansive data streams that allow enterprises to evaluate the performance of individual components to a micro scale. But intelligent computing can tap knowledge from these data streams faster than traditional analysis can.
For example, Rolls Royce is using AI-powered computing platforms to analyze the data generated by its aircraft engines. As a result, Rolls Royce can make design changes and operational recommendations that reduce airline fuel consumption.
Clearly, IoT devices can provide the deep real-time data pools that deliver extraordinary advantages for enterprises in a range of sectors. Harnessing this data to achieve real benefits is, however, a challenge.
The impact of AI on our daily lives is extraordinary. Yet the combined effect of IoT and artificial intelligence can be game-changing for many industries. You need a partner to tap the true potential of IoT, a partner that understands how to exploit the potential of connected devices. We can help you integrate your IoT data streams with cutting-edge technologies such as AI and machine learning.
Contact us to see how we can harness the treasure trove of data collected by your IoT networks to drive operational efficiency and in turn, your business bottom line.
Utility companies are connecting with technology companies to facilitate innovation, improve economic growth, optimize the flow of information, increase energy efficiency and ensure supply...
Combining different types of data with a new kind of intelligence and hardware can turn into world-changing technologies.
Internet of Things (IoT) has rapidly gained popularity and shows no signs of downturn. The trends of the Internet of Things connectivity were widely received and adopted in 2016-2017. In 2018 it is expected that more ideas and actual complex issues will be addressed. Most of the industries have already jumped on the bandwagon of IoT adoption. Intelligence, connectivity, logic, expression, energy and security – that’s Internet of Things (IoT’s) collective image for the future as we see it.
Our narrative around an existing IoT report by Venture Scanner which involves an overview of the Internet of Things (IoT) startup landscape, graphical trends and insights, and recent funding and exit events.