Both AI and IoT are two technologies that have seen a massive upward trend in terms of global investment and enterprise deployment. It is expected that the combined market value of AI and IoT will stand at $350 billion by 2025. In the wake of Industry 4.0, one can’t deny the immense potential these technologies hold for the future of intelligent enterprise.
Let’s dive deeper and understand how these two driving forces are set to alter business models in the near future:
AI- IoT Convergence:
Companies that are evaluating the potential for IoT-driven operations, must explore the role AI will play in such a project. Most major vendors of IoT platforms have integrated AI capabilities within their software.
AI becomes key here because of its sheer ability to draw insights from data. It identifies patterns, detects anomalies, and predicts failure at speeds that are incomparable to traditional business analytics tools. Powered by Machine Learning and Deep learning algorithms, insights can be drawn faster, at 20 times the accuracy.
Data is King:
Organizational data has the potential to unlock key performance indicators such as equipment, material and workforce management, to name a few. With Big Data solutions built for enterprise, large volumes of historical and real-time data can be processed and analyzed. AI provides a deeper layer of data intelligence, by building a bridge between isolated data points and actionable business insights.
Unique Value Proposition of AI and IoT:
- Higher throughput efficiency and increased revenue retention
- Data-driven decisions for all
- Increased operational efficiency and reduced downtime
AI and IoT have enabled the digital transformation of organizations in manufacturing, oil and gas and other industries, paving the way for ‘smart enterprises’.
Let us now look at Knowledge Lens’ AI and IoT- powered solutions that have enabled different industries to improve their business functioning, operations and overall value:
Looking for more insights on AI and IoT? Read our infographics on the subject here:
At Knowledge Lens, we constantly work towards improving our Lenses, so your business can do more for you. Visit us here to learn how you can grow your business operations through AI and IoT-powered solutions, starting today.