The Internet of Things (IoT) has continued to be a key development in the tech industry throughout 2017, with many businesses looking to utilise IoT within their key processes and daily tasks. Many have also integrated the use of artificial intelligence and big data as a result – but what does it all mean for the future?
What are IoT, big data and AI?
Before we delve into how this tech trinity can benefit your business in the present and for the foreseeable future it is important to gain a basic understanding of what these three elements are.
IoT
The Internet of Things is an IT network of devices, ranging from the smartphone on your desk through to machinery and buildings, all the devices are connected – making up The Internet of Things. Each device is fitted with sensors, known as ‘dumb’ sensors, which collect huge amounts of data each minute of the day.
Big Data
Big data is simply the information that these connected devices gather over time. There is much a vast amount of information that many businesses are failing to harness the true potential of big data and how it can benefit their business.
AI
For data to be useful it must be analysed, which is exactly what AI is. AI, also known as deep machine learning, uses algorithms to analyse the data created by the devices in the IoT.
How IoT, big data and AI work in harmony
Not only is IoT assisting in new developments in technology, with the help of AI and big data it is also enabling us to access data in real time. This real-time data has helped to improve key process within business, moving towards a ‘smart’ and more efficient society.
In fact, the latest marketing report from Frost & Sullivan ‘Technology Advancements Shaping Big Data Progress’ suggests that a combination of IoT, big data and AI could help futuristic developments and applications to reach new heights.
The report explains the areas in which a convergence of these technologies will greatly benefit, helping to advance ideas and concepts, such as the self-driving car, further than previously thought.
For example, IoT is already one of the key sources for real-time data for AI applications, and enables the decision of AI to be carried out. AI technology is also at the core of predictive analytics and maintenance for IoT. By combining these technologies together costs are reduced and the adoption of new technologies, using the self-driving car as an example, will be done at a much quicker rate.
The convergence of IoT, big data and AI for businesses
There has been a vast amount of news about these three buzzwords which shouldn’t be ignored, as the combination of IoT, big data and AI could mean great things for businesses in the future.
These three processes provide business owners/managers with the data that they need to make key decisions, working towards increasing the efficiency of business processes. Increasing the efficiency of a business will decrease costs, saving businesses considerable amounts of money that can be utilised for other activities.
A good example of IoT, big data and AI working together is in the machinery/manufacturing industry. The big data collected from IoT sensors enables AI to make decisions based on potential issues or maintenance work that needs to be fixed on machinery and as a result the business owner is aware well in advance of any technical issues that may need to be addressed.
Therefore, the relevant staff member can schedule in maintenance without affecting the efficiency of work flow, downtime is reduced and the business doesn’t lose out on vital production time.
Big things are still to come
As we are still very much in the early stages of the relationship between big data, IoT and AI there is still a lot to come from this tech trinity. Advances are constantly being made that will both benefit businesses and our daily lives.
If you would like to speak to one of our team members about utilising IoT, big data and AI contact us by calling 01282 500770.