How AI, Machine Learning and IoT Can Revolutionize Your Business?
Published May 09,2019 10 months ago Posted By Justinas DanisReading Time: 5 minutes
With time, technology is changing and some are revolutionary. This dynamic landscape is creating an impact that is influencing the business realities. It is essential to find out how businesses and governments can make use of the potential of emerging technologies and transform them for a better future for the competitive world of the morrow.
Yet the concept of the three tech trends is at infancy, but they are going to stay and impact the future of businesses and other sectors as well.
Let’s see how three disruptive technologies converge to revolutionize businesses.
As per Gartner, 30% of companies across the globe will be using AI in at least one of their sales processes by 2020.
AI technology enables a machine to behave like human based on algorithms. Along with facial and speech recognition, machine visions more. AI helps in the making of intelligent machines that can mimic human reactions.
AI is changing the shapes of organizations with new opportunities. AI enable machines to learn, reason, solve problems and plan accurately.
AI can also collect real-time data, and with intelligent searches can interpret images and texts and interpret the data patterns.
AI is used immensely by the tech giants like Microsoft, Google and Amazon and provides AI services. The best usage of AI is in a predictive analysis that includes faces but not math problems.
Also, AI can be used to access data, but on coming to real-time data and analytics, it faces some real problems. There IoT helps in data gathering in various format and their storage in the cloud.
Where AI enable machines to learn from data and experiences, there IoT is everything about interactions between internet using devices. You can say that an IoT is all about data collection, and AI uses the collected data to learn and predict.
Let’s exemplify with smart homes for better understanding.
With sensors, smart homes can manage things well over the internet. Therefore, when there is no milk in the fridge, an IoT sensor on detection, can notify a grocery store. Then, milk can be purchased through online payment and received by an online wallet. Isn’t this an incredible example of how an IoT and AI can work together? Indeed, yes.
IoT devices require AI for efficient functioning, and an AI can’t work properly without the IoT devices. Together they are a revolutionary combo.
In the form of ML, artificial intelligence is gradually transforming many areas of business for better customer experiences. Machine learning is simply learning from data and retaining in machine memory. Machine learning is all about creating algorithms and systems which can learn from data processed and analyzed. More the data processed, better the algorithm that comes.
To understand its functionality, we can name Siri’s speech recognition or Facebook’s face recognition technology. They are two great examples to understand the potential of machine learning.
Banks and businesses in the financial sector use ML technology to identify data insights and prevent fraud.
Machine learning can say how long will it take to service a product and how it may cost. And when you find a solution to lower product costs, you can generate new revenue opportunities, making more products and offer more services at a lesser cost.
But there are key challenges with ML. Machine learning require massive data, inclusive and unbiased, for its functioning. Therefore the talent pool handling ML must be highly efficient, to avoid errors. ML is autonomous but highly susceptible to errors if the wrong algorithm is trained with wrong data sets because it cannot make corrections. Therefore, immense care must be taken with the ML application.
If applied right, Machine Learning has immense potential to improve business practices.
Internet of Things (IoT)
IoT is the working of inanimate devices connectedly a common internet, without any human intervention.
IoT offers unique IDs to objects, devices, digital machines, and helps in interrelating them.
Several businesses are accepting IoT in different sectors, to understand customers, improve in decision-making, and add to the business value.
IoT includes sensors, hardware, data acquisition, processing, and cloud analysis.
To simplify, IoT is a connection of “inanimate things” with sensors sharing a common internet.
Smart cities are adopting AI for some real-time data analysis and to keep track of activities, let’s take an example of say Dubai. It also has adopted blockchain making it the first blockchain based advanced city.
We can see that IoT and AI, together is matchless and is leading to amazing business solutions.
The pros of an intelligent and interconnected world can outweigh the cons. The coming together of AI, Machine Learning, and IoT can maximize individual benefits while minimizing the risks associated with each of the technologies, otherwise. Combining the three technologies individual disadvantages can be overcome with their united benefits, introducing more powerful and stronger aspects to technologies that could be otherwise vulnerable.
Power of Three in One
As it is told in the start, this ideation is yet in an infant stage but has lots of future promises. Like other cities, app development in Vilnius is seeing immense growth and changes. The businesses across the globe are racing over each other, and there more and more companies are getting into it. This is prime time for all the businesses to explore the potentials of the three in combination and get innovative in making better customer experiences.
In simple words, IoT, Machine Learning and AI can complement each other perfectly while removing the individual challenges. Data from various devices are connected through the IoT platform and with ML the impacts and uses are imprinted digitally and AI gives its final touch. ML can identify data insights and prevent fraud. IoT provides huge data and with the capabilities of AI get enhanced to more information. This kind of technological collaboration will enhance efficiency & help businesses to provide better consumer experiences.
Today’s businesses generate huge data that can be fed into ML, AI and IoT technologies to bring out meaningful trends and produce attainable insights.
Are you looking for ways to integrate IoT, Machine Learning and AI for your business projects? You can connect our team of mobile app developers in Vilnius, working tremendously on new ideas and getting innovative.