Is the Internet of "Intelligent" Things (IOIT) becoming a whole new ballgame?

The internet of things is way ahead and gaining worldwide attention due to incredible advancements in it as time passes. The data is becoming more than the size of a Hulk due to the numerous connected data endpoints which give the most unparalleled insights. So, the question arises how we can tap the most of this generated data from all possible data streams? The answer is Artificial Intelligence – the new concept is the internet of intelligent things.

So, what are intelligent things?

We all know about the internet of things technology as it has become well known. IoT mentions the billions of Internet-connected devices all over the world. But, the whopping numbers of data that is continuously streaming through these devices is a considerable task to handle. So, here is where the internet of intelligent things saves our burden.

Earlier, experts have said that there should be more work on the utilisation of the internet of things where artificial intelligence would help in building better solutions. So, in recent years it has been pretty clear that IoT networks become more intelligent when combined with other autonomous technologies like machine learning and artificial intelligence. AI makes higher use of the extensive connectivity and more significant data streams which IoT devices can handle well.

What are the benefits that the AI provides?

 Different solutions exist which can evaluate and understand IoT data, but machine learning and artificial intelligence can draw more detailed insights from this data and plan rapidly. Artificial intelligence can spot unusual patterns with higher accuracy with computer vision and audio recognition, thus, removing the need for a human reviewing system. Almost every business is aware of the benefits of IoT, but the enormous advantages of intelligent things are emerging right now. Enterprises can operate in unparalleled ways with intelligent things, consider three examples below –

Quicker responses

It is evident that the internet of things can help businesses in monitoring the operations at a detailed level and having deep insights into the daily activities of differently-sized companies. Nevertheless, there cannot always be a rapid reaction to this enormous data. With the help of artificial intelligence, businesses can be quick in reacting to the situations because AI crunches data at a faster rate and deeper perception.

Consider the example of Fujitsu has shown the use of intelligent things by getting alerts when the workers’ productivity drops, the reason being the heat stress.

Many banks can evaluate AI-enabled real-time data of usage of ATMs, with the analysis of automated CCTV footage. This analysis can result in tracking the fraud transactions and fraudsters.

Preventing failures and doing early maintenance

Industries can easily and quickly respond if any equipment fails. They don’t have to rely upon any human inspector or supervisor to notify them of any mishap, or any failure in a piece of equipment. All these happenings are reported promptly and the site gets an instant response. In fact, the AI-powered IoT technology can prevent the mishaps or failures from happening.

Consider the example of an Australian utility organisation. It is harnessing the power of prediction-based analytics which can use IoT data streams for predicting which reasons can cause a failure in an equipment/device. This helps in reducing the costs of heavy repairs by taking preventive actions early.

Upgraded level of efficiency

The vast number of data streams that IoT endpoints provide allows businesses to measure the performance of every component in depth. But, if someone needs to tap knowledge from all these streams at a faster rate, then intelligent computing is the answer.

Now, here consider Rolls Royce for example. It is using AI-powered computing for analysing the data coming from aircraft engines. With this data, Rolls Royce can make modifications in design and operations to reduce fuel consumption and get powerful performance.

Utilising the internet of intelligent things

It is crystal clear that IoT endpoints can give real-time data groups that bring superb advantages for businesses in a wide array of sectors. But, leveraging this data to acquire benefits is the real challenging task.

Though the impact of AI on our day-to-day lives is astonishing, we are still to witness the real combination of the internet of intelligent things and artificial intelligence, yet. It can prove as a real game-changer for almost every industry. To tap the real potential of IoIT (internet of intelligent things), you should have someone knowledgeable enough to guide you on harnessing the power of connected devices in full throttle.

Implementing Artificial intelligence at work

We all know how Internet of Things (IoT) has made it possible to turn everyday devices into sources of raw data for analysis in order to generate business insight. It has also been witnessed that Artificial Intelligence (AI) is making analytics more productive and efficient at workplaces too.

Enterprises expect much more data to be generated in the years to come as compared to the data generated today.

It is believed that AI is now beginning to enter workplaces and corporate organizations, and this change has made leaders revisit their business processes and functions. These days, startups are adopting AI technology to reduce manpower, increase work efficiency and save time. AI can generate insights, provide remote and virtual assistance, and analyze unstructured data generated by everyday devices. Specialists predict that more than 62 per cent enterprises would start implementing AI applications in some way by the end of 2018 and a major reason for this are a lot of benefits AI has provided to the enterprises.

According to a survey by Demand base, about 80 per cent of decision makers predict that AI will revolutionize marketing by 2020.

AI along with neural networks decipher discrete data in no time, and make sure a perfect solution is placed at the decision maker’s fingertips. The data being generated is continuously being updated, which also means the machine learning models too will be updated at regular intervals. The enterprises would be able to access up-to-date information – breakthrough insights -- that can be useful for rapidly changing business environments. Here are three most important ways in which AI benefits workplaces:

1.      Faster decision-making with more confidence: What if something goes wrong with the manufacturing plant at your industry, what would you fix first? I am sure most of the employees working on that plant would be clueless. In such cases, AI helps the maintenance team to decide what to fix first with confidence, as AI would automate and line up the decision-making processes for the maintenance team.

2.      Accessing insights from Big Data: An exciting opportunity after implementing AI in your workplace is AI’s ability to recognize and understand patterns in Big Data that humans cannot.

3.      Protecting sensitive data: AI enables elimination of human error which in turn helps improve output quality and strengthen cyber security.

A noticeable difference has been seen in the roles of employees, after deployment of AI. More attention is given on managing and on implementing strategic initiatives and at the same time analytic tools automate and scale data to facilitate better decision-making.

Let’s look at how AI is improvising work landscape:

·         Creating new technology related jobs: A report by Indeed predicts that there is an increase in demand for workers with AI skills over the last few years. When there's shortage of job seekers who can meet that need, it makes the skills more valuable for those who would possess them.

·         Using machine learning to reduce busy work: By enabling automation to complete their mission critical tasks, employees can free up their time for other essential tasks. According to a Digital Ocean report, 26 per cent of developers are using AI-based tools in their work processes, and about 81 per cent are keen in getting educated about the automated tools.

·         Automation helps prevent workplace injuries: A study by Injury Claim Coach predicts a lot of damages can be reduced by implementing automation at workplaces. The same study also found that in 2016 around 5,190 workers perished due to workplace injuries. About 14 per cent automation could be saving lives as high as approximately 3,500 per year by end of 2030. Hence, instead of thinking how AI is taking jobs away, it’s time to think how many hazardous jobs humans won't need to do in the days to come.

These were some ways in which you can step up your businesses using AI. What are your thoughts about AI? Have you implemented it in your organization, already?

Inter-connectivity and the Internet of Things

Introduction

Internet of Things (IoT) is a term coined by Kevin Ashton, executive director of the Auto-ID Center, in 1999; but it is only since the last few years that IoT has become a big and inseparable part of the world of Internet and technology. It has taken inter connectivity to the next level by independently interconnecting devices and not just people through devices. Digitization connected people and systems, but IoT connects our belongings in a seamless fashion to alter the way we live and the world as we know it.

IoT is now embedding itself in not just our lives but our culture as well. For example, you can sync your workouts on your smartphone, change the temperature of your home from the airport, update your navigation maps from your garage, monitor pollution levels and weather from your couch and the instances can just go on. Basically, you can interact with a huge variety of devices opening up the possibility of interconnecting anything from the simple to the complex. It literally means that you can now remotely control, monitor and sense just about everything.

Defining IoT

But what exactly is IoT? It is basically an elaborate network of interconnected objects, mainly devices, as well as people, all linked to the internet and interacting with each other, exchanging data through sensors and embedded circuits.

According to research giant Gartner, by 2020 IoT will comprise 26 billion devices, from 4.9 billion in 2015. The McKinsey Global Institute predicts IoT could have a total economic impact of up to $11 trillion by 2025. With all this projected growth, it seems like civilization is on the cusp of an IoT tsunami.

IoT Impact

IoT has already changed the way we live. In several countries products have transformed into products-as-a-service with connected homes and industrial machinery, appliances, etc. In developing nations like India, the concept of Smart Cities has been introduced where devices and the data they emit is expected to make buildings, electricity, public safety, transportation, education, water and waste management, etc. more interconnected and smart.

The advantages of IoT are varied and abundant. Increased productivity, better and smarter business operations, better decision-making due to data and expansion for almost any business are some of the primary advantages. For businesses, IoT enablement will eventually become a must considering the continuous refinement and upgrading of the business model, products, service and customer experience due to largescale data analysis and related insights.

However, it will also mean that infrastructure will need better monitoring and security will become the main point of contention.

Cyber Security

More devices and increased networking means more risks of cybersecurity, hacking and privacy concerns. Remember the big hack of US shopping chain Target wherein personal information including 40 million debit and credit card numbers of 70 million people was stolen? The entire theft was possible as hackers gained access to the shopping chain’s network via the internet-connected HVAC (heating, ventilation and air conditioning) systems. 

According to many experts, the current IoT systems are being built with too little regard for security. IoT will have be built like IT systems with best security practices including employing a risk-based approach, regular software updates, regular backups, multi-factor authentication, privileged user monitoring, etc.

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The current IoT systems are being built with too little regard for security. For more information, visit us at: IoT cloud AND IoT service providers