As many companies across the globe are merging AI with machine learning technology into their Internet of Things (IoT) applications, the machines or devices that are connected to the internet are gradually creating the potential for the fourth industrial revolution.
Firstly, merging these interconnected devices with AI is ensuring the collection and analysis of data to help organisations create an action plan to accomplish a certain task. A study shows that about 35% of US manufacturers use data from smart sensors inside their assembly lines in order to increase production efficiency and reduce waste.
IoT can optimise not only mass productions but also help accomplish mundane tasks. No matter how significant or insignificant the job may be, IoT will allow us to be more efficient in what we do. Moreover, the quality and scope of data in IoT create an opportunity for a much more contextualised and responsive interaction with devices that can create a potential for change.
Secondly, AI, through machine learning, when incorporated into IoT’s applications, improves its operational efficiency and reduces downtime. While IoT devices collect data, AI can help generalise it to provide insights into data. Companies across the world are closely monitoring the development of AI because they want to get more value from their existing IoT deployment. Sensing an opportunity in this area, major vendors of IoT platform software are therefore offering AI capabilities that are integrated into IoT devices that use machine learning-based analytics.
It has been found that machine learning can have great advantages over traditional business intelligence tools when the need to analyse the data collected by IoT devices arises.
Before the advent of AI and machine learning, the data from IoT devices needed to be viewed and interpreted manually. However, now the application of AI makes data interpretation more efficient by making operational predictions up to 20 times faster, not to mention that AI can produce more accurate predictions compared to threshold-based monitoring systems. Speech recognition, as well as computer vision, can also assist in getting additional insights and information from data that IoT devices collect.
Thus, it can be fairly concluded that by merging IoT and AI we can create values for companies, especially in terms of minimising unplanned downtime, maximising operational efficiency, creating newer products and services and assisting in risk management, thus creating all the necessary conditions for Industrial Revolution 4.0.
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