Technology plays a crucial part in the growth of modern enterprises. To be at par with competitors as well as the rest of the world, modern enterprises are quickly adopting technologies that can support their business processes and help them realize their maximum potential as an enterprise. Owing to the multifold benefits of AI and IoT, enterprises across all industries are integrating these technologies into their business processes.
IoT-driven innovations have opened up many new opportunities for businesses because of the enhanced practical solutions and improved asset utilization. The overall efficiency and delivery of an enterprise are increased by CRM embedded AI as it is the new generation of customer relations. AI also finds its application in competitive intelligence to help enterprises with ever-changing market trends and cyber security, protecting enterprises of all scales from cyber threats.
AI and IoT are two of the most used technologies in today's world however, their application individually might lag in a few aspects than when used together. AI and IoT have a great synergy together forming a wonderful partnership where IoT fetches data, and AI transforms it into meaningful insights. This is the reason that they are called a match made in heaven in the digital world. Irrespective of the size, scale, and business model of a company, automation backed by IoT, which is integrated with AI, and its subset technologies in a cloud-based platform makes an excellent resource for companies in various sectors like healthcare, energy, retail, automobile, manufacturing, etc.
Over the last decade, businesses have understood the true potential of AI and IoT. Their combination has exhibited great success in solving complex and large-scale real-life problems of enterprises. Digital transformation solutions backed by these technologies will take the modern enterprise to new heights. Going ahead with the technological advancements in these fields, modern enterprises will unleash the full potential of AI and IoT.
The combination of AI and IoT will make the data exchange and analysis process more efficient and accurate. In this connected world where we have more data about people and processes than ever before, technologies like these will become the required digital solution to accelerate the process of growth in sectors like healthcare, retail, and many more. With the advancement in these technologies, the accuracy with which the analysis is made will also improve, which for an industry like healthcare is not less than a blessing.
Due to the pandemic, the world saw a massive shift in the way we operate. Enterprises have become very conscious of the risks associated with their businesses. The combination of AI and IoT have the capabilities to make better predictions and forecasts about the risk factor involved in the problem statement they are applied to. This ability makes them even more important for the modern age enterprise for minimizing their risk.
Be it B2C or B2B, making your customers satisfied is one of the crucial goals of an enterprise. With IoT, enterprises have an abundance of data on the customer behavior pattern and AI has the skills to turn
that data into meaningful insights that will help these enterprises give their customers a better experience by providing them personalized services in the year 2022.
One of the key objectives of all businesses is to increase their productivity and expand. IoT works in different layers to enhance business productivity by offering real-time employee training, improved coordination between the employees and the client, and eliminating any mismatch of skills required for a particular job whereas, AI software minimizes the time and resources lost in understanding and responding to customer requirements. It helps the businesses focus on the next step of the business process, thus increasing their productivity.
The ultimate aim of any enterprise is to maximize revenue and reduce costs. IoT and AI are proving to be beneficial for most industries and will continue to do so in the coming year.
With the enhanced smart solutions that these technologies provide and their ability to collect data and monitor the smart sensors, meters, and other attached appliances, AI and IoT will not only help the enterprises to reduce cost but also help them in maximizing their revenue. With IoT devices made smarter with AI, modern enterprises are heading towards a new era of opportunities and growth.
AI and IoT have the cumulative ability to restructure the way decisions are made in modern enterprises. With the increased focus on research of new-age technologies, there is an abundance of the scope of innovation. IoT and AI are future-ready technologies. What enterprises need to do is to find their unique problems for which they can use these future-ready technologies and become a part of the new age revolution in technology.
Sunil Bist, CEO of NetConnect Global
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