If you were to consider the most remarkable technological breakthrough of the last couple of decades, what will you think of right away? Perhaps, the invention and the exponential rise in the usage of computers, the internet, and smartphones would rank as the most probable responses.

From a business perspective, the Internet of Things (IoT) and Artificial Intelligence (AI) are two game-changing technology trends that are becoming predominant. More than just buzzwords, these two technologies together – AI and IoT promise to reconceptualize the future of industrial automation.

The combination of AI and IoT – referred to as "Artificial Intelligence of Things" ( AIoT), is gaining traction as businesses move towards digitalization. AIoT helps to study trends, patterns, and interrelationships between connected machines.  The AIoT symbolizes a more modern way of dispensing AI — getting it from the data center and embedding it promptly in the devices we use on a day-to-day basis.

As the efficiencies of these technologies continue to evolve, they are now being leveraged across a gamut of industry where intelligent information and problem-solving can help produce favorable business outcomes for all stakeholders.

This mode of optimizing AI is revolutionary for industries, including healthcare, manufacturing, transportation, and several others. For example, in Smart cities, the technological opportunities of AI are endless – From monitoring traffic and security within cities to monitoring patients remotely in healthcare and accurate personalization options for Smart homes.

For manufacturers, AIoT assists in realizing more efficiencies in IoT functions, human-device communication, and strengthen data processing. When transforming IoT data into meaningful insights for better decision-making processes, AI could add tremendous value.

The union of AI and IoT is genuinely transformational and concurrently beneficial for both technologies. On the one hand, where AI thrusts value to IoT through machine learning abilities, IoT increases AI's value through connectivity, signaling, and data transfer. When implemented well, AI analytics has the potential to transmogrify IoT data into practical and helpful information.

As AIoT is very profitable and productive to industrial settings, it is significant to contemplate the progression of connected systems. The merger of IoT devices has helped companies gain greater control and clarity over crucial IT assets. For instance, furnishing the production equipment with cloud-enabled IoT sensors empowers manufacturers with the capability to maximize their workflows, reduce downtime and employ predictive maintenance approaches.

How can you take advantage of the AIoT

To begin with, you can start planning to leverage AI at the heart of your products – whether you're an organization that manufactures electronics for Smart homes or provides services in the healthcare or transportation industry. The ongoing pandemic and the hybrid workplace movement have underlined the importance of Smart homes, providing an incredible ( and immediate) opportunity for AIoT deployments.

So, what is it can you do to prepare yourself? Firstly, the starting point is the processor, and as you embed AI into your device, you will face an age-old engineering challenge of enormously increasing your device's processing power without increasing the costs. The most viable suggestion is to look for future-ready chip technology that assures superior—performance and is economical and sufficiently flexible to be applied in almost any AI application.

Secondly, we've all witnessed the 'technologification' of humdrum items such as the toothbrush, which ended up being simply fashionable rather than advantageous. Instead, please spare a thought on how intelligence can boost or supersede a current function to make it more appropriate. For example, if you're a manufacturer of vehicles, add intelligence that analyses the conditions of critical parts and automatically creates updates to replace oil, tires or reminds you of a complete overhaul.

Once manufacturers can respond to both these challenges, the AIoT will become the fundamental force that will help you refocus core business, lead innovations, and reduce time to the market. No wonder that a recent study on ResearchAndMarkets.com indicates that AI in industrial machines is expected to touch $415M worldwide by 2024 with collaborative robot growth at 42.5% CAGR.

Advantages of AIoT in Industry 4.0

• Helps streamline business processes for enhanced operational efficiencies

• AI-based algorithms eliminate junk data and help organize unstructured data into practical and meaningful insights

• Enables understanding your consumer's behavior and the challenges they face with greater precision and help you offer more personalized experiences

• Quick access to data allows businesses to pinpoint cost savings without compromising productivity

Most importantly, AIoT can analyze telemetry data from a colossal number of connected devices in real-time. Unlike the conventional IoT systems, which are reactive and are designed to react to urgent lapses by sending out alarms to relevant stakeholders, AIoT architectures are proactive and competent to predict any equipment failures and shutting down defective machinery before an accident happens. Manufacturers will need to refurbish their networking infrastructure to take complete advantage of these intelligent connected systems.

SAS, Deloitte, and Intel, in their recent survey*, queried 450 business leaders worldwide about their usage of IoT and AI technologies. 90% of those global business leaders revealed that significant Artificial Intelligence (AI) use was paramount to appreciate value from the Internet of Things (IoT) initiatives across their organization.

Across various industry verticals, AIoT has a range of use cases, and it is entirely reliant upon your business objectives. You can take advantage of them to amplify your overall productivity. While there will be challenges en route, but the rewards of implementing a combination of IoT and AI will indeed override them.

* https://www.sas.com/en_us/news/press-releases/2019/october/ai-iot-study.html

Author

Sacheen Patil, Vice President & Global Head – IoT Practice & Embedded Systems CoE, YASH Technologies