How AI and IoT will transform Business Growth in 2019
By Saheli Roy Chowdhuri
The steady advancement in the field of artificial intelligence (AI) and Internet-of-things (IoT) has brought about a complete change in the way various business verticals employee these world-class technologies. Enterprises, ranging from healthcare, energy, and insurance to logistics, banking, and even government, have started using a plethora of artificial intelligence techniques in order to unlock new opportunities for both, customers and service providers.
In fact, as per a Business Insider research, the investment in AI and IoT based solutions is expected to rise from $29 million in 2015 to $70 billion by 2020! Therefore, it comes as no surprise that the industrial sector has begun to lay enormous stress on IoT and artificial intelligence development and deployment.
As 2019 dawns, organizations are bound to witness a paradigm shift where AI and IoT would play a major role in driving industrial growth. Here is how the integration of these smart technologies can prove to be highly effective in terms of influencing business processes and operations-
How AI and IoT will impact business growth?
For internet-of-things and artificial intelligence - a modern approach has carefully been nurtured by different enterprises. It has allowed them to connect various factory assets while monitoring their overall performance remotely. Moreover, it has also permitted organizations to optimize their shop floor designs, streamline their functions and measure their outcomes.
This has further triggered business growth, as:
- Interactive artificial intelligence can derive insights from the data collected by IoT devices, thereby, helping identify patterns, generate profiles, carry out a risk assessment and rectify anomalies.
- User behaviour can be accurately predicted, and the operational demands of a business can be forecast in a much quicker manner. As a result, both B2B and B2C platforms can progress.
- Most advanced artificial intelligence and IoT techniques can use data analytics as a tool to conduct maintenance, prevent damage, increase efficiency and thus, reduce downtime.
-Improved products and services which lead to greater customer satisfaction can easily be created. Machine learning and chatbots can allow businesses to keep all channels of communication open.
- AI and IoT automate time-consuming tasks which can lead to lower redundancy and higher productivity. Fine-tuning operations can also ensure better worker safety and prudent inventory management.
Apart from those mentioned above, the advantages of artificial intelligence and IoT which enable them to transform business growth credibly, also harbor the capacity of determining the future xpotential of these technologies.
The Future of AI and IoT
The future benefits of artificial intelligence and IoT are most likely to be powered by a multitude of strategic advancements which include:
Security devices based on unique identification systems.
Input-based, user-specific & customized marketing campaigns.
Artificial intelligence basics to facilitate optimal resource use.
Production designing, line monitoring, and plant security.
A fleet of micro-controlled, wearable solutions.
Data visualization is leading to increased revenues and reduced costs.
These advancements wouldn't just help organizations reduce various time and space complexities, but they would also equip businesses to craft new models which can bring in better opportunities.
As AI and IoT become touted to change business growth in 2019, having a career in artificial intelligence becomes more important. A good IoT and artificial intelligence course can highly enhance the prospects of your business achieving greater heights. After all, a collaborative, viable and innovative AI-IoT framework can only function if its objective benefits are translated into subjective experiences backed by detailed understanding and adequate knowledge.