Internet of Things (IoT) with Artificial Intelligence (AI) & Analytics today made it possible to convert business into smart business. To maximize profits and operate more efficiently thanks to things like AI, Analytics, and the IoT. In future there will be billions of connected devices enabled with various IoT functions to transform business operation that we know today. IoT combined with AI & Analytics hold great promise in helping us better engage and satisfy customers and hence improved customer satisfaction. However, this is heavily dependent on our ability to process and act on the information in a meaningful way.
IoT with AI & Analytics offers you the opportunity to better assess, understand, and predict risks. It also helps you quickly automate your responses so you can manage worker safety better and decrease the looming burden of cyber threats and the financial losses associated with them. Video surveillance using AI to identify suspicious activities in real-time today. This is because AI has the potential to boost the value created by IoT. Without the use of AI, the data generated from the IoT network is well, just data and nothing more.
As more people live in urban neighborhoods today, it’s important to find a balance between supply and demand. AI can help with inventory management and alleviate pressure on stock here since you’ll know when you need to replenish items. This saves retailers from buying too many products only to discover they can’t sell them. Of course, this is much more efficient than the manual methods they’re currently using. Manufacturers can also benefit here with the creation of sensors that improve data collection and analytics for stock and machine maintenance.