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IOT and AI - Twin Brothers (Continued)

Artificial Intelligence (AI) and Internet of Things (IoT) are two of the most transformative technologies of the 21st century. AI is the ability of machines to learn and perform tasks that would typically require human intelligence, while IoT is the interconnectivity of devices through the internet. When combined, they can create a powerful synergy that can add value to consumers in many ways [1].



Several businesses have already adopted the combination of AI and IoT as part of their processes and products. A recent Tech Trend [2] survey by SADA System states that IoT and AI are the popular technologies currently in use today. It also found that the AI and IoT are the top technologies companies are investing in most to increase efficiency and provide a competitive advantage. The graph below depicts the details:



Deloitte, for example, finds the following results with AI and IoT [3]:

  • 20% - 50% reductions in their time invested in maintenance planning

  • 10% - 20% increase in equipment availability and uptime

  • 5% - 10% reduction in maintenance costs


References:

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