By Debjani Chaudhury - February 14, 2020 3 Mins Read
Even though the full optimization of AI and the IoT is relatively far away, the two technologies are now being combined across industries in scenarios where problem-solving and information can improve outcomes for all stakeholders.
Last such great convergence occurred in the late 1990s as mobile phones and the internet collided to change the course of human history. The convergence of AI and the IoT will bring in a similar revolution on an even grander scale.
Also Read: AIoT Helps Companies Garner the Real Value of IoT Data
The ability to capture data through IoT is a large scale evolution that has exploded on the scene over the past five years. These new advancements have been accompanied by new concerns and threats associated with privacy and security. Large volumes of confidential company information and user data are tempting targets for dark web hackers as well as the global government entities. The high level of risk has also brought in newer and more responsibilities that accompany the increased capability.
Sensors are now applied to almost everything. This indicates that infinitely more data can be collected from every transaction or process in real-time. IoT devices are the front line of the data collection process in manufacturing environments and also in the customer service departments. Any device with a chipset can potentially be connected to a network and begin streaming data 24/7.
Complex algorithms allow performing predictive analytics from all conceivable angles. Machine learning (ML), a subset of AI, continues to upgrade workflows and simplify problem-solving. Companies now capture all the meaningful data surrounding their processes and problems to develop specific solutions for real challenges within the organization, improving efficiency, reliability, and sustainability.
While IoT and AI are impressive superpowers in their own capacity, thanks to the concept of convergence, their power doubles as IoT enhances the value of AI allowing real-time connectivity, data exchange, and signaling. AI enriches the capabilities of the IoT by applying ML to improve decision making.
Also Read: Artificial Intelligence Trends for the Modern Enterprise
Industries are now referring to this convergence as “AIoT.” Presently, many AIoT applications are relatively massive, as companies build the expertise and required systems to deploy for supporting these powerful technologies across their organizations. The future will witness this convergence allowing more optimization and networking, creating even more value.
Experts have predicted a full digital integration between computers and humans by the year 2030. Between this and ongoing advances in robotics and automation, up to 40% of the current workforce could be replaced by technology in the next 10-15 years, by 2023. The predictions continue as:
Hardware manufacturers and solutions providers are already in full swing to leverage this tech convergence and position themselves in a position of favor in the evolving industrial landscape. Innovative companies like Amazon are offering training and re-education opportunities for employees in soon-to-be-obsolete job functions with such technology convergence hitting the market.
Convergence is a concept everyone should become familiar with, as every technology, discoveries, and advances will witness convergence in the future to innovate and disrupt the way the industries function.
Check Out The New Enterprisetalk Podcast. For more such updates follow us on Google News Enterprisetalk News.
Debjani Chaudhury works as an Associate Editor with OnDot Media. In this capacity, she contributes editorial articles for two platforms, focusing on the latest global technology and trends.Debjani is a seasoned Content Developer who comes with 3 years of experience with Fashion, IT, and International Marketing industries. She has represented India in International trade forums like Hannover Messe, Germany.
A Peer Knowledge Resource – By the CXO, For the CXO.
Expert inputs on challenges, triumphs and innovative solutions from corporate Movers and Shakers in global Leadership space to add value to business decision making.Media@EnterpriseTalk.com