From managing inventories to improving personalised shopping experiences and assisting in data mining, AI (Artificial Intelligence) and IoT (Internet of Things) is transforming how people do business today.
People often use AI and IoT as interchangeable terms as they are similar, but these trending technologies can be differentiated, says Gaurav Belani, senior SEO and content marketing analyst, at The 20 Media.
In simple terms, AI can be understood as a technology that enables machines to imitate human behaviour in an intelligent way. It makes the machines smarter in executing tasks. IoT is a network of devices and sensors connected to the internet. You can connect any object starting from coffee makers to airplanes to enable them to collect and exchange data.
Now that you can tell the two technologies apart, how are they transforming the business world in 2019? Read further to get the answer.
But before we proceed, you might want to take a quick look at these vital IoT and AI statistics.
- Every second, 127 new IoT devices connect to the internet. (Source: McKinsey Global Institute)
- The international IoT market is estimated to be worth $1.7T in 2019. (Source: CBI Insights)
- AI can boost business output by up to 40%. ( Source: Accenture)
- 41% of consumers deem AI will improve their lives in some way. (Source: Strategy Analytics)
After that, you can safely say that IoT and AI have found their way into the heart of businesses.
Here are 6 ways in which the business world in 2019 is changing with the introduction of IoT and AI:
1. Inventory tracking and management
Businesses that rely on storage and warehousing are benefitting a lot since IoT happened. It can aid in effectively tracking and managing inventory as it gives you automatically-controlled options. You simply have to install IoT software and devices in your storage units and warehouses. They will assist you in managing inventory changes. In retail, businesses also link AI with RFID and cloud technology to track inventory.
2. Data sharing and perception
If you own a business, you will know how vital data collection and exchange are for your business’ function and growth. IoT has totally transformed the way you handle data. Not only does it offer greater access to consumer data, but IoT devices can track and record patterns in which a user interacts with the devices. Users get a better experience while businesses can easily interpret that data for improvement and growth.
The statistic below shows the percentage of Bellwethers and other organisations who gain above-average benefits from the implementation of IoT in operations.
3. Improved customer experience
There are many ways in which companies use Artificial Intelligence to improve the customer experience. AI Chatbots is one of them. You can program chatbots to address any issue that your customers have and offer solutions. Unlike humans, chatbots can interact with limitless customers simultaneously and can both respond and initiate communication.
By 2020, it is estimated that 85% of all customer interactions will be taken care of by intelligent machines.
Spring, an online shopping platform is among the first eCommerce companies to use Facebook AI Chatbot.
4. An efficient hiring process
You can’t deny that recruiting is one of the toughest tasks in business. Employees can determine the success or failure of your company. It involves a lot of steps and resources.
The latest AI solutions, like X.ai, an AI personal assistant who schedules meetings for you, can assist recruiters in scheduling interviews and making the task simpler.
There are also AI solutions that can help recruiters save time in finding and choosing the right candidate.
Moreover, humans are known to make wrong judgments and make errors while hiring candidates. AI can solve these issues by making the hiring process more efficient.
5. Data mining
Apps being able to speedily discover vital and significant findings during the processing of big data is perhaps one of the biggest advantages of using cloud-based AI. As a business, you can gain insights that were previously undiscovered and gain an edge in the marketplace.
With data mining, you can also predict future trends before your competition does, create a more efficient and faster data entry, foresee changes in your markets, and get an in-depth analysis of your target market. In fact, you can make the most of the data which you have access to. And since you will be making the correct decisions with your business, you will be able to avoid costly mistakes.
6. Operational automation
You can use AI to operate other technologies and increase automation in the industry. For instance, you can control robots in factories with AI or regulate ideal temperatures via intelligent heating.
In countries such as Japan, robots that look like humans now serve as receptionists in some hotels. These robots can automate check-ins, booking services, and deal in different languages with customers.
In China, AI is used by the police to capture criminals. They maintain a vast CCTV network, and since AI allows facial recognition, they are able to spot and track suspects.
Both IoT and AI are powerful, capable of making your business smarter. And if you combine these two technologies, it will enable enterprises to achieve even greater digital transformation.
Today, these innovative technologies are having a major impact on how businesses maximise their profit and function more efficiently. Businesses can complete mammoth tasks quicker and more precisely with the help of AI and IoT, saving both time and money. They can now take bigger leaps as they can predict risks.
Businesses also feel more secure than ever since AI-based security tools were developed to keep up with increasing level threats. And these are only some of the gains of implementing AI and IoT strategy in business.
So the big question is: Are you incorporating AI and IoT in your business in 2019? If you are not doing it yet, you are missing out on a lot!
The author is Gaurav Belani, senior SEO and content marketing analyst, at The 20 Media
About the author
Gaurav Belani is a senior SEO and content marketing analyst at The 20 Media, a content marketing agency that specialises in data-driven SEO. He has more than seven years of experience in digital marketing and loves to read and write about AI, machine learning, data science, and other emerging technologies. In his spare time, he enjoys watching movies and listening to music. Connect with him on Twitter @belanigaurav.