AIoT: What the World Can Expect and How Businesses Can Benefit?

Among the many wonderful things that artificial intelligence bestowed mankind with; the best may soon transform the techverse. When we say the best, we are referring to the powerful combination of IoT and artificial intelligence, also known as Artificial Intelligence of Things (AIoT). Can you even imagine the amazing things organizations will be able to accomplish when the fusion of IoT and artificial intelligence becomes a reality?

Today, in this article, we are diving deep into the terminology of AIoT – its goals, and benefits and basically what the world can expect when AIoT elegantly places itself on the map. To get a clearer picture of AIoT, let’s decipher each term individually.

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What is IoT?

If we had to define the Internet of Things (IoT) in one word, we’d just say connected devices, and this network of physical devices is connected with the help of sensors, software, and technologies. Leaders focus on the insights from these devices to make better business decisions. In the past, IoT technologies have been an integral part of the manufacturing, and utilities sectors.

IoT functions with one basic, primary goal – streamline IT operations, enhance the interactions between machines and humans and overall improve the different aspects of data including data management and analysis.

A survey by McKinsey revealed that by 2030, the Internet of Things could generate a massive $5.5 trillion to $12.6 trillion in global economic value.

The Goodness of AI

On the other hand, needless to say, artificial intelligence’s ubiquitous influence is felt by literally everyone! AI is the magnificent science of raining machines to think, act, and analyze like humans through learning and automation. AI is transforming every possible industry with enticing discoveries and techniques like ChatGPT, Alexa, etc, and at the same time, also enhancing our quality of life through various technology and home automation.

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Now let’s skip to the best part – the amalgamation of these two mighty warriors – IoT and artificial intelligence. One obvious part of this beautiful combination is that it will result in devices analyzing data and making their own decision without any human assistance.

AIoT – the Symbiotic Combination

The basic advantage that we will have with AIoT is that it is transformative and will be beneficial for both technologies. AI has the potential to add value through machine learning capabilities and enhanced decision-making, while IoT on the other hand will complement AI via data exchange, connectivity, and signaling.

Benefits of AIoT

Speaking in broader terms, AIoT will prove to be the perfect solution for organizations, which are eager to imbibe this innovative technology to match the evolving process of digitization. Another obvious benefit among many others is increased revenue.

Did you know that 34% of the companies that took part in the study that adopted AIoT technologies consciously did so to increase their revenue? The IDC study was sponsored by SAS with support from Intel and Deloitte.

Enhanced Operational Efficiency

What makes a system efficient? Any system can work seamlessly when it has the acumen to efficiently manage the data. After all, everything boils down to accurate data analysis and error-free, reliable insights. AIoT will be responsible for enhanced operational efficiency solely where AIoT devices can analyze data to reveal patterns and insights to make the system more efficient.

Smooth Adaptability

Humans falter and so does the system. Here’s where AIoT’s adjustment capability comes into effect where data can be leveraged to identify any faults and enable the system to make the required adjustments.

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Economical and Time-Saving

We can never emphasize the power of AI when it comes to data analysis. Let’s face it. As much as we all rely on data, the process of data analysis is exhaustive and robotics and can eat into an employee’s caliber in performing other more important tasks.

When AI takes care of a monotonous task like data analysis, employees save their time and have the freedom to focus more on productive tasks while saving time as well as costs.

Scalability

Scalability refers to the increase in the number of devices that are already connected to an IoT system. These can be further scaled up to enhance the existing processes or initiate any new functionality.

AIoT – How it Helps?

By now, we have established how this intriguing combination of the Internet of Things and intelligent systems can play a vital role in several applications as well as businesses. Now, we will be focussing on the many AIoT use cases in everyday life, making everything easier.

Smart Marketing

When we say smart, we actually indicate how AIoT can be leveraged for smart retail. We are referring to a very basic example of CCTV. With nothing but just a camera system, computer vision, and facial recognition, we can recognize customers as and when they enter the store.

With this, the system can tap into a large amount of customer data which further can help in accurately predicting customer behavior. And this information can be imbibed while defining marketing strategies.

Drones to Monitor Traffic

Monitoring traffic with the help of drones can be easily touted as the most practical example of AIoT. You can know the traffic flow in real-time, and use it to reduce its intensity. Typically, drones are used while monitoring a wide area as they gather traffic data and then identify ways to reduce the traffic bottleneck, accordingly change speed limits, and change the traffic lights’ timing without the help of any human.

Smart Offices

After the Covid-19 pandemic, the emergence of smart offices skyrocketed. To accommodate a hybrid style of working and enable effective collaboration, and end-to-end solutions especially in the case of remote working, AIoT is the future.

Here, Artificial Intelligence and the Internet of Things can do wonders in smart offices. With the help of a network of environmental sensors, you can get information about the staff present in the office, and then lighting and temperature can be adjusted accordingly with a clear focus on conserving energy.

Besides saving energy, another feature will be the use of facial recognition to control the office. The smart mix of connected cameras and AI can click photos and compare real-time images and find out if employees are physically present in the office without the need of punching in.

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Fleet management

Fleet management is a big task, especially in a corporate setup, with AIoT it can be relatively easier. There are several advantages of AIoT such as fuel cost reduction, tracking vehicle maintenance, and keeping a check on each driver’s driving behavior.

Another area where AIoT is helping is in the case of autonomous vehicles where the autopilot systems. Here, they completely depend on different IoT devices such as GPS, radar, and decision-making which is based on the transmitted data.

These above-mentioned use cases are just the tip of the iceberg, AIoT is humongous and the journey of exploring has just begun. By integrating AI smartly, IoT just makes operations more efficient and accurate. The fact remains that digitization is an ongoing journey and to achieve this, leaders should not just navigate through systems and technologies but also have the eagerness and willingness to bring about change across teams.