From managing inventories to improving personalised shopping experiences and assisting in data mining, AI (Artificial Intelligence) and IoT (Internet of Things) is transforming how people do business today.
People often use AI and IoT as interchangeable terms as they are similar, but these trending technologies can be differentiated, says Gaurav Belani, senior SEO and content marketing analyst, at The 20 Media.
In simple terms, AI can be understood as a technology that enables machines to imitate human behaviour in an intelligent way. It makes the machines smarter in executing tasks. IoT is a network of devices and sensors connected to the internet. You can connect any object starting from coffee makers to airplanes to enable them to collect and exchange data.
Now that you can tell the two technologies apart, how are they transforming the business world in 2019? Read further to get the answer.
But before we proceed, you might want to take a quick look at these vital IoT and AI statistics.
Every second, 127 new IoT devices connect to the internet. (Source: McKinsey Global Institute)
The international IoT market is estimated to be worth $1.7T in 2019. (Source: CBI Insights)
AI can boost business output by up to 40%. ( Source: Accenture)
41% of consumers deem AI will improve their lives in some way. (Source: Strategy Analytics)
After that, you can safely say that IoT and AI have found their way into the heart of businesses.
Here are 6 ways in which the business world in 2019 is changing with the introduction of IoT and AI:
1. Inventory tracking and management
Businesses that rely on storage and warehousing are benefitting a lot since IoT happened. It can aid in effectively tracking and managing inventory as it gives you automatically-controlled options. You simply have to install IoT software and devices in your storage units and warehouses. They will assist you in managing inventory changes. In retail, businesses also link AI with RFID and cloud technology to track inventory.
2. Data sharing and perception
If you own a business, you will know how vital data collection and exchange are for your business’ function and growth. IoT has totally transformed the way you handle data. Not only does it offer greater access to consumer data, but IoT devices can track and record patterns in which a user interacts with the devices. Users get a better experience while businesses can easily interpret that data for improvement and growth.
The statistic below shows the percentage of Bellwethers and other organisations who gain above-average benefits from the implementation of IoT in operations.
3. Improved customer experience
There are many ways in which companies use Artificial Intelligence to improve the customer experience. AI Chatbots is one of them. You can program chatbots to address any issue that your customers have and offer solutions. Unlike humans, chatbots can interact with limitless customers simultaneously and can both respond and initiate communication.
By 2020, it is estimated that 85% of all customer interactions will be taken care of by intelligent machines.
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