AI And IoT Have Created The AIoT
Uploaded on 2019-12-09 in TECHNOLOGY-Key Areas-Artificial Intelligence, FREE TO VIEW, TECHNOLOGY--Developments, TECHNOLOGY-Key Areas-Internet of Things
When people hear the technology terms Artificial Intelligence (AI) and Internet of Things (IoT), most think of modern advances of a futuristic world that has been depicted as science fiction. Many of those predictions are now coming to fruition in this fourth industrial revolution that is transforming the way the world works in every way imaginable. Artificial intelligence of things (AIoT) is a new trend that combines artificial intelligence (AI) with the internet of things (IoT). This creates networks of digital devices that communicate and process data. While IoT creates vast connections, AI makes these devices come alive.
AIoT is defined as decision making aided by AI technologies in conjunction with connected IoT sensor, system or product data. AI technologies include deep learning, machine learning, natural language processing, voice recognition and image analysis.
The research also showed organisations using IoT with AI appear to be more competitive than IoT-only enterprises by a double-digit margin across a variety of business indicators like employee productivity, innovation and operating costs.
Business leaders expect to increase revenue with AIoT
The study, conducted by SAS, Deloitte and Intel with research and analysis from IDC, asked 450 business leaders from around the world about their use of IoT and AI technologies. Other key findings include:
• 79% of senior leaders are involved in IoT project decisions, and 92% of those leaders say that AIoT value exceeds expectations.
• 68% of companies rely on IoT data to inform daily operational decisions through spreadsheets and other non-AI technology. Only 12% of respondents use IoT to inform planning decisions, but when AI enters the picture, respondents using the data for daily planning increases to 31%.
• 34% of respondents said increasing revenue is the top goal for using AIoT. That’s followed by improving the ability to innovate (17.5%), offering customers new digital services (14.3%), and decreasing operational costs (11.1%).
• Companies that have developed AIoT capabilities report stronger results across critical organizational goals including the ability to speed up operations, introduce new digital services, improve employee productivity and decrease costs.
For example, companies using IoT data to speed up operations without AI saw a 32% increase; companies adding AI to the mix saw speeds improve by 53%.
• Business intelligence (33%), near-real-time monitoring and visibility (31%), and condition-based monitoring (30%) topped the list of analysis techniques used with IoT projects.
Ninety percent of survey respondents heavily using AI in their IoT operations reported a value which is exceeding their expectations.
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