The global pandemic has fueled the development of new technologies at an unprecedented rate. AI and machine learning, together with automation, drones, blockchain and IOT are bracketed under new growing family of emerging technologies. However, their adoption is still lagging as far as business use cases are concerned. The gap between the promise and profit of emerging technologies has shifted the focus of emerging technologies to uncover the top use cases for artificial intelligence (AI) and the internet of things (IoT).
These two technologies have topped the list three years in a row, and for good reason: use cases demonstrating the power of AI and IoT solutions abound, assisting businesses to create efficiencies, save time, and increase revenue (to name a few benefits). The Top 10 Emerging Technologies for 2021 list delves deeper into AI and IoT, demonstrating how they are transforming business.
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Top 5 Implementations of Artificial Intelligence (AI)
1. Sales/Lead Scoring Prediction
Predictive sales prioritizes prospective customers by filtering out unqualified leads, allowing sales representatives to spend more time on leads that are more likely to convert. Many sales and marketing platforms now include scoring modules that forecast results and create campaigns aimed at generating higher quality leads.
How does AI help with predictive sales and lead scoring?
AI enables more effective sales prospect prioritization through lead scoring and provides detailed, real-time analytics. As more data becomes available, predictive algorithms improve and buying patterns emerge, improving prediction quality and streamlining sales efforts.
2. CRM/Service Delivery Optimization
Customer relationship management (CRM) and service delivery optimization systems track and analyze customer purchasing and usage patterns in order to improve sales efficiencies and profitability. Sales representatives use this data to better understand their customers and identify cross-sell and upsell opportunities.
How do these systems make use of AI?
Customer transactions are becoming more numerous and complex, implying that more data is available and that it is more complicated. AI can process this data efficiently to detect patterns and provide accurate customer insights, allowing businesses to make better decisions throughout the sales cycle.
3. Digital Assistants/Chatbots
Chatbots and digital assistants are applications that use text or text-to-speech to conduct online conversations in place of live agents. This enables businesses to scale by leveraging existing resources while still providing a “human-like” customer experience.
How do chatbots make use of AI?
These applications learn from previous customer inquiries, identify patterns, and predict future customer behavior. Bots can also be used to interpret human voice patterns and provide answers in an intuitive interface using Natural Language Processing (NLP).
4. Detection of Cybersecurity Threats
When businesses use AI-powered cybersecurity platforms, they can improve their security against cyberattacks. Machine learning is used by AI-powered cybersecurity threat detection platforms to analyze historical data and predict and detect potential cyber threats.
How does artificial intelligence improve cybersecurity threat detection platforms?
AI allows for the analysis of massive amounts of data, allowing for the detection of known threats in real time while minimizing damage and data loss.
5. Automated Marketing
AI-powered tools combine data from multiple sources and automatically compile predictive analytics about customers in order to gain insight into their preferences and, as a result, create marketing campaigns to capture them as qualified leads.
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How does marketing automation software make use of artificial intelligence?
AI software collects data to learn customer buying cycles and motivators, allowing businesses to communicate effectively and deliver sales messages at the optimal time without the need for human intervention.
Top 5 Internet of Things (IoT) Application Cases
1. Asset Monitoring
Asset tracking automates labor-intensive and error-prone equipment and inventory management by tracking assets and their usage in real-time throughout a facility, such as a building, warehouse, yard, or campus.
How is IoT used in asset tracking?
IoT sensors are built into or attached to equipment to collect real-time location and usage data. This information is then forwarded to a centralized management software for processing and analysis.
2. Industrial Monitoring
By monitoring the condition of assets, predicting maintenance, and ensuring quality, industrial monitoring improves the performance, productivity, and efficiency of industrial processes in manufacturing, mining, oil and gas, utilities, and other industries.
What role does the IoT play in industrial monitoring?
Smart sensors and actuators are used in industrial monitoring to assess machine status and transmit that information to centralized management software.
3. Smart Badges
Organizations can take a simple yet sophisticated approach to identifying, locating, and providing secure access to employees in their facilities by issuing sensor-based badges to employees and guests.
How do smart badges make use of IoT?
Smart badges are ID card-sized portable trackers that use embedded IoT sensors to provide accurate and continuous geolocation for tracking, zone notification, and workforce safety and security monitoring.
4. Fleet Management
Fleet management enables fleet managers to automate processes by providing real-time visibility into vehicle maintenance, usage, and driver performance.
What role does IoT play in fleet management?
Fleet management makes use of telematic sensors attached to vehicles that send data back to management software, allowing organizations to better allocate resources, plan, and adapt to changing situations.
5. Smart Buildings
Smart buildings enable organizations to monitor and control various building characteristics in order to optimize the environment and operations of a building, such as automating and controlling security or air conditioning.
How is IoT used in smart buildings?
Organizations can monitor, manage, and analyze multiple building systems using connected sensors and software to gain insights into patterns and trends to optimize building and/or campus operations.
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