Artificial Intelligence and Internet of Things - Enabling decisions for a Productive Outcome
We are lucky our lives are coming closer to a science fiction where everything is ‘Smart’. In today’s digitally transformed world, homes are equipped with technology, where one can command to dim the lights, set the AC temperature that is suitable for everyone and even command our car to stop. Unreal for us isn’t it?. The IoT is a treasure trove of data. Leveraging AI through IoT helps unlock opportunities that can make cities smarter, provide real-time insights, improve productivity across industries using predictive maintenance of machinery, create smart homes with connected appliances, and make the smart cars a reality. Excitingly, these examples are just the tip of the iceberg. The realm of possibilities are endless and the opportunities for applications of AI and IoT are growing in all industry verticals.
Deploying IoT and AI technology together offer organizations the opportunity to better assess, understand, and predict risks. Organizations can quickly automate responses to better manage worker safety and solve the looming problem of cyber threats and consequent financial losses due to it. Hence, AI has the potential to boost the value created by IoT. Without the use of AI and data analytics, the data generated from the IoT network is well, just data and nothing more.
Going forward, sectors such as healthcare, automotive, insurance, transport and logistics will see interesting projects take off successfully in India and the rest of the world. The increasing realisation of the value derived from IoT and data monetisation will take centre stage as more IoT plans and projects progress from proof of concepts stage to full scale deployment. Organisations are strengthening their IoT value proposition by adding an extra layer of monetisation for their core business processes.
Small and medium (SME) businesses will invest in IoT cloud platforms, repositories of big data to derive patterns using analytical algorithms. This will significantly help bridge the gap between SME’s and large businesses in terms of customer experience and competitive differentiation.
The focus is now shifted to delivering outcomes aligned to the enterprises need by seamlessly integrating applications, end points and analytical engines. Platforms that were already the cornerstone of a successful IoT deployment may turn into strong business outcome enablers. This trend is expected to pick momentum in the next 12 months as the demand continues to grow.
The use of Artificial intelligence (AI) has been increasing inexorably with the advent of modern technologies. However, when it comes to the collective impact of AI, IoT, and automation, there is no debate that advances in these segments will produce profound changes worldwide. Economic pundits fear about the impact of AI on our future jobs and with good reason. According to the Future of Jobs Report 2018, by The World Economic Forum, a new human-machine frontier will come into the picture within existing tasks of the organization between now and 2012. In 2018, an average of 71% of total task hours across the 12 industries covered are performed by humans, compared to 29% by machines. By 2022 this average is expected to have shifted to 58% task hours performed by humans and 42% by machines.
Artificial Intelligence will play a major role in shaping the future. There are many things that are different now, which gives us a good reason to believe that the future will play out differently. Between now and 2022, some of the established job roles that are set to experience increasing demand are data analysts and scientists, software and applications developers, and ecommerce and social media specialists. These job roles are significantly based on and enhanced by the use of technology. Beyond job creation, there are many more reasons to be optimistic about the impact of AI and automation. AI and automation can eliminate the tedium and free us to follow those professions or jobs that give us a greater sense of meaning and well-being. Jobs that challenge us, instil a sense of progress, give us autonomy, and make us feel like we belong; all research-backed attributes of a satisfying job.
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