How IoT And Artificial Intelligence Are the Perfect Partners To Boost Business Productivity

Both the IoT and AI are playing a crucial role in letting businesses run their function more efficiently and drive success
How IoT And Artificial Intelligence Are the Perfect Partners To Boost Business Productivity
Image credit: Unsplash

Grow Your Business, Not Your Inbox

Stay informed and join our daily newsletter now!
Chairman and Founder, HostBooks
5 min read
Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

In today’s tech-savvy world, it is really fascinating to see millions of devices talking, exchanging data and transforming valuable insights into vital courses of action. Thanks to the Internet-of-Things (IoT) and Artificial intelligence (AI) which has transformed the business world by storm. Indeed, they have made businesses less dependent on humans and more dependent on machines. The result is ultimately auspicious! Now, it is easier for companies to aggregate a tremendous amount of data, analyze and make fearless decisions to take a big leap in business using smart technologies.

Though both IoT and AI have their own vital significance in a system, the amalgam of IoT and AI has proven one of such changes that have moved beyond just enabling smart home security systems and smartwatches. It has now become an integral part of the businesses. Many companies started using AI for unleashing the full potential of IoT. Among them, leading companies such as Amazon, Oracle and Microsoft have already consolidated AI capabilities into their IoT applications to bring more agility into their business drive. Indeed, AI and IoT are now more practical and are used at almost every technological juncture, i.e. online businesses, online tools, open-source APIs, robotics, healthcare, in the cloud and on your mobile device.  

Technically, IoT and AI work in close cooperation. On one hand, IoT has rich capabilities to gain quality insights through Internet connectivity, on another hand, AI plays a crucial role in driving smart actions. Similarly, IoT fetches and forwards the data, whereas AI unlocks the smart response. Precisely, IoT has its major roles in penultimate actions such as communicating, aggregating, analyzing and forwarding the data, whereas AI has the power to make smart decisions based on smart analysis. Conclusively, when both technologies combine, they can lead to a broad range of benefits for businesses.

 

Predictive analytics for ideal outcomes

AI-powered IoT systems have made it possible for businesses to use predictive analytics efficiently, effectively and in real time. The duo has the capabilities to work on a big set of data and bring about innovations in long-term decisions. AI embedded with the IoT system is able to make predictions based on fetched data, detects the flaws to be corrected and ensures the ideal outcomes. These technologies embedded in a system quickly respond to the problems, autocorrect, and give an alarm when human interaction is needed. Hence, the amalgam of AI and IoT is helping enterprises to ensure that their business is moving in the direction of optimum success.

 

Better risks management

IoT running with AI can better predict a broad range of financial losses and help businesses understand the appropriate ways to reduce or manage the risks. These combined technologies support various classes of businesses in different ways, i.e. for heavy industrial operations, it can give more accurate data and help improve safety, security, and loss prevention in the workplace. For insurers, it can help understand certain exposure and resolve claims more quickly. For IT industries, it helps businesses enable enhanced automation, data collection, and workflow optimization along with handling financial loss and cyber threats.

 

Reduce manufacturing downtimes and system failure

In some sectors such as manufacturing industries, equipment failure can lead to a heavy loss. AI-enabled IoT systems have predictive maintenance abilities that can predict equipment failure in advance and schedule orderly maintenance procedures. With its predictive analytic and visibility, it helps manufacturers know when an asset is going to fail and the reason why it is going to fail. Hence, they can take preventive measures to avoid downtimes and system failures or minimize impacts.

 

Improve supply chain with better inventory management

IoT and AI technologies are helping enterprises track and manage their inventories in real-time and ensuring that they never run out of stock and never create an overstocking situation. With IoT-powered real-time inventory management systems, companies are able to predict their purchases and plan their stock accordingly. In fact, AI and IoT have made inventory management incredibly easy. With the software having a simple user interface, integrated accounting with inventory tracking, sales order and delivery challans, stock control and adjustments, and purchase management workflow; one can easily handle their inventories without any training. Many companies and enterprises are taking advantage of AI and IoT technologies to eliminate supply chain disruptions or minimize impact.

 

Improve scalability of connected devices

AI-powered IoT systems can track and record patterns of human interactions, analysis, and summarize the data before transferring from one device to another. They can also simplify business accounting works by digitizing the underlying document, producing e-invoice, managing and automating all business compliance over a single cloud platform. Precisely, the duo technologies eliminate the redundancies in the operations, reduce the data to an accurate and precise level, and take smart actions. Thus, AI coupled with IoT systems improves the scalability of connected devices.

 

Summing up

Both the IoT and AI are playing a crucial role in letting businesses run their function more efficiently and drive success. We may not realize it, but from recording complex security systems to offering customer support with a bot, these technologies are being used at a mass level. With these technologies, the business process has become amazingly simple, secure, and agile. Now, either it is accounting work or employee management, businesses are able to complete a bulk of tasks in a matter of seconds, more accurately and safely. Undeniably, with the crucial predictions, precise data analysis, and automated course of actions, services adhered to IoT and AI are helping reap more values for the business.

Latest on Entrepreneur