How IoT and Artificial Intelligence Will Make Your Business Smarter

Our daily lives today seem to be coming closer to a science fiction film which we all have grown up watching. Today you can talk to a smart phone and get answers to your questions, you can also let a virtual person know that is it right to do a particular thing or no. Sounds very much unreal, but this is today’s truth which we are all living in our daily lives. So here’s welcoming you all to the world of “Internet of Things” and “Artificial Things”.

Internet of Things (IoT) and Artificial Intelligence (AI) both are now picking up a lot of popularity in the world of technology. Hence it is having a lot of impact on our daily lives. IoT can be considered to be a treasure of a lot of data. It is not just simple any kind of data. Instead this data is something that would save your life by providing real stats to your healthcare provider, help in making your city cleaner by providing ways in which you can better manage waste in your surroundings, also bring about improvement among the employees across various sectors. Not to forget our very own homes where we have so many smart devices that control each appliance with just one command. So you can clearly see that there are endless possibilities when it comes to the touch of IoT. But for IoT to deliver all of its promises there is a need for an increase in speed as well as data accuracy. This particular thing can only be achieved with the introduction of Artificial Intelligence.

Today each business and every industry is trying to tap in the complete potential of IoT for creating newer product networks that would help in unlocking doors of opportunities for them. Hence we are witnessing lot of transformation on the way these companies are carry out their business and at the same time also engaging their customers actively. But to ensure that the business works smartly in today’s scenario, there is a need for IoT to combine along with Artificial Intelligence. Once they are both combined, your business can ensure a smart network so as to make more informed and productive decisions with little or no human help. In today’s ever changing business scenario and growth in competition the one and only way the business would be able to survive is by gaining customer loyalty and satisfaction. With the help of technology, there are various set of tools that would help in creating as well as maintaining the bond between the business and their customers.

Below are few ways how the business can incorporate both IoT and AI in making their business smarter and to also gain customer satisfaction:

  • Bringing about an increase in operational efficiency: The AI technology is known to be able to generate precise as well as faster predictions. This would help the business to achieve much greater operational efficiency. The use of AI technology would provide the business with an insight into which of the tasks can be automated, which of the processes currently being run in the business are of not much use as well as time consuming. They also provide an insight on which of the current operational process would be better fine-tuned so as to achieve efficiency in the process.
  • Efficiency in Risk Management: When AI is combined with IoT then it can offer the business various opportunities for better assessing, understanding as well as predicting risk on a timely manner. Both these mammoth technologies can in a way also help the business in automating their responses in a faster way for managing the safety of their works in a better manner and also reduce the possibility of any cyber threats leading to financial and reputation loss. There are a lot of banks which are making use of the AI technology. They have enabled a real-time identification for any kind of threats or suspicious transactions or activities through their connected surveillance cameras which are mostly installed in all of the ATMs.
  • Personalising the customer experience: In the earlier days and also for in certain cases today, in case of any grievance or complaints against any product, one has to personally reach out to the company. This would lead to lot of inconvenience for the customer and at the same time it would mean a lengthy process. Somewhere down the line the company had to lose out on its valued customer if proper after sales service was not provided. As per research, it has been said that around 10 years down the line, a major chunk of customer management service would be carried out without the need for any human interaction. It would be all done through a virtual interface. This can sound strange today since somewhere we are comparing personalised service to automated service. But the fact is that personalisation of the customer experience is now becoming widely possible due to the introduction of technology as well as the big data analysis. It would mean, personalising the marketing strategy to meet the customer’s needs, understanding the requirements of the customers before they even ask and raising the service standards for an unhappy customer.
  • New and improvement in the services and products: When AI and IoT are coupled together then they surely promise to bring better as well as improved products or services. Let us take an example of GE. GE looked at Artificial Intelligence for automating the navigation of their inspection devices and at the same time to also identify any of the defects for their industrial inspection service. This led to tremendous reduction in the inspection cost for all of their clients and also made the service precise. Ultimately it led to better customer satisfaction.
  • Business Analysis process: There is a growing need for finding out a proper balance in between supply and the demand. AI is said to help in better managing the inventory process and at the same time to also reduce the pressure on the stock since it would let you know in advance as to what you may be requiring and when. In a way it would help the retailers to avoid purchase of too many items only to later discover that they already have it in stock and now are unable to sell it leading to mounting cost. So you can call it efficiency than all of the manual practices that were done previously. On the other hand, manufacturers can also benefit by creating sensors which would be helpful in collecting as well as analysing of the data related to the stock and the maintenance of machine.
  • Increase in automation: Day by day there is more data to be processed. Due to this mounting pressure of the ever increasing Big Data, there is a need for automation. Automation would help in playing a bigger role for satisfying the needs of the customer when the right strategy is used. When things are done right in the first place, then it would help in making sense of the collection of real-time data. By carrying out the automation at the right places, it would help in sorting the business through, processing and also taking corrective action on the massive data that has been collected through surveys, customers and so on. Also in today’s busy paced lives, customers prefer to get their queries answered instantly, this is something that can be done through correct automation.
  • Employee trainings are getting easily accessible: The virtual world is changing the game for the business people. This would mean not only for customer satisfaction or process efficiency; it also means employee satisfaction. AI coupled with IoT are changing the way, employees today are getting trained. This virtual change is enabling trainers to deliver their learning in a better and interactive manner even when the trainer is not physically present in the said location. Through the aid of learning tools, it is becoming easier for breaking down complex information for the employees and the students are able to retain that information. It is changing the way a trainer can train large number of people who are based in multiple locations remotely. This leads to reduction in training costs and easy access to learning.
  • Reduction in downtime costs: In a factory when there are mounting orders that need to be completed, at such time any unplanned downtime of a machine can lead to huge losses for certain sectors such as manufacturing. Leveraging the predictive maintenance schedule for your equipment’s or machinery would help in managing any such unplanned downtimes. It would help save the business a lot of money and time. Further such industries can also reduce their costs of maintenance with the help of analytics capabilities wherein AI would help them in properly identifying any kind of irregularities.

The development in AI and other technologies is gradually shaping the world of business and how it operates. By harnessing the power of IoT and making innovative solutions would lead to customer satisfaction and at the same time also reduce the need for holding on to additional stock. Though it may seem as an exciting prospect but for some it may be scary. If used wisely and in a proper manner AI and IoT can change the way businesses are operating today and make it smarter.

How Internet of Things (IOT) influencing the healthcare

We all are aware that technology cannot replace humans and the ultimate decision making would lie in the hands of the human. However, in the meantime, the individual can opt for certain technological solutions that would help in simplifying the work done by humans and at the same time also bring about efficiency in the work.

Internet of Things (IOT) is now becoming a common phrase on every individual’s lips. Interestingly IOT has been reaching out every degree of each field, whether it is education, finance, healthcare, gaming and many more such field. This term has been gaining a lot of acceptance since its commencement into this world of Information Technology. IOT can be described in three words and those are, Automation, Convenient, Efficient. IOT has become a game changer in the field of technology wherein it has created a buzz in almost all of the fields where it has been used. But the question arises as to how IOT would be useful in the Healthcare industry. How is IOT going to influence the field of healthcare?

What is the role of IOT in the healthcare field?

Firstly, IOT is an incomparable innovation and it has its own list of positives and negatives. The main goal of IOT in the field of healthcare is to connect doctors to their patients with the help of smart devices and without any kind of restrictions. Technology which is able to connect any of the devices just with an on and off switch via the internet and at the same time is also helpful in capturing and monitoring the data captured on another device is sure to be having some impact in this field.

When IOT was just introduced in the healthcare sector, there was use of remote monitoring, integration of various medical devices and the use of smart sensors. Also there were devices for tracking down the activity, monitoring the levels of glucose, smart beds, wearable biometric sensors and so on. So today, it feels impossible to imagine a future of healthcare sector without IOT.

There are two crucial purposes served by IOT in the healthcare sector:

  • Leading to an improvement in the management of disease for providing a better experience to the patient.
  • Bringing down the costs of healthcare so that the treatments become affordable by a wider group of people.

How IOT is influencing Healthcare sector?

When we talk about IOT, we are basically talking about a technology that is able to optimise each and every aspect of care and then getting it transformed the way it is supposed to be managed across the scale.

  • Reporting and Monitoring simultaneously: Today there is real-time monitoring happening of the patient. This monitoring is connected to a device that would help in saving lives in case of any medical emergency such as asthma attack, stroke, heart attack or diabetes. When we talk about real-time monitoring it means that there is a smart medical device which is also connected to a smartphone application. This device that is connected would be timely collecting any medical related data. This data that has been transferred to the smartphone app would then directly be collected by the respected healthcare physician. So this way it would provide the doctor information beforehand if the individual is having any serious troubles. IOT device would be collection information related to oxygen levels, blood pressure weight, sugar levels and so on. All of these data are stored in the cloud and then it could be transferred to the doctor or the insurance company or any other individual you would want to share the information.
  • Keeping a track and getting alerts: In case of any life-threatening condition, there is a need for on-time alert. IOT would be allowing the device to collect all of the important information and then transfer it to the respected person for a real-time tracking. The device can also give reports and timely alerts about the condition of the patient at any place and any time. This would help in making correct decisions and also provide timely treatment to the individual before any serious condition. Thus you can say IOT enables for real-time tracking and alerting of the condition of the patient for better and timely treatment. This would lead to a complete care of the patient.
  • Maintaining medical equipment’s: We all are aware that medical equipments are very much costly and also hard to get replaced in case of breakdown. It would also become difficult to predict when the medical device has any malfunction leading to last minute rush or costing the life of an individual in case of emergency. With the help of IOT, there is an embedded system technology as well as sensors which would help in predicting when the equipment is nearing its breakdown stage. It also helps in analysing the past behaviour of the medical equipment along with its recent performance thereby predicting the downtime in advance.
  • Enabling better connectivity: IOT is basically automating the healthcare of the patient. Making the process of treatment smoother for the patient. This can be done with better healthcare solutions in collaboration with new form of technologies. IOT enables communication between two machines, data movement, and thorough exchange of information. Thereby making the healthcare delivery service a smooth and effective one. There are various connectivity protocols that play a role, Wi-Fi, Bluetooth as well as the other modern age protocols. All of these would help in changing the way a disease is diagnosed in the patient and also bring about revolutionary changes in the process of treatment. It leads to cutting down on the costs of visiting the clinic or hospitals and better utilisation of the quality resources.

IOT has introduced various devices for making the lives of the patient much comfortable. Few of those devices include, hearing aids which are also compatible with Bluetooth and syncs to the smartphone, sensors that monitor the amount of medicine in the body and gives the necessary warning. There are also mood enhancing devices that improve the mood through the day. In all we can say that IOT has a major influence on the healthcare sector by delivering a number of facilities. If used in the right way, the technology can surely lead to an improvement in the product and also better care for the patient.