Today, the world runs on data. Numerous editorials have been written on how data is the “new oil”. Entangled in the cobweb of different data points, is the information that is set to give marketers a leg up through unparalleled insights.
The challenge here is to tap the full potential of data, and the solution to this problem is AI and the Internet of Intelligent things or the IOIT.
What Exactly are Intelligent Things?
The IoT mentions trillions of connected devices from across the world and talks about the monstrous data that these devices generate. The internet of intelligent things is the solution to handle large data figures and information adequately.
The system is still developing, but, with the help of AI, better solutions can be built to make optimum use of the data available. With the help of AI and machine learning, IoT networks have now become more intelligent. AI uses all-embracing connectivity and important streams of data which these IoT devices can handle effectively. Currently, 67 per cent of the overall IoT installed base is established by China, North America, and Western Europe and this proportion continues to grow.
How do AI and IoT Work Concurrently?
AI reduces and almost eliminates the role of humans in drawing insights into the data captured. It does so with the help of vision and speech recognition software. AI is playing a growing role in the deployment of IoT, and the increased funding in this aspect of a business is a glowing proof of it. Enterprises are increasingly embracing IoT because of its emerging advantages.
According to the latest forecast from International Data Corporation (IDC), the spending on Internet of Things (IoT) technologies in the Middle East and Africa (MEA) is set to top USD 8.47 billion in 2019. A recent update to the firm’s Worldwide Semiannual Internet of Things Spending Guide shows that IoT spending in the MEA region will grow 15.9 per cent year-on-year in 2019 and reach USD 17.63 billion by 2023 as governments and businesses ramp up their investments in digital transformation projects.
The same report states that four MEA countries, namely South Africa (USD 1.9 billion), Saudi Arabia (USD 1.49 billion), Turkey (USD 1.24 billion), and the UAE (USD 0.65 billion), are expected to account for 62 per cent of total IoT expenditure in the region in 2019. The industries that are expected to spend the most on IoT solutions in 2019 are manufacturing (USD 1.52 billion), government (USD 1.11 billion), consumer (USD 1.09 billion), transportation (USD 1.06 billion), and utilities (USD 0.73 billion).
More Brisk Response
When it comes to fine detailing, then IoT helps the organisations to monitor their operations at a very fine level. The information helps the companies to track their day to day activity. However, we have a multitude of data and very little analysis out of it.
AI makes data crunching easier and also gives invaluable insight to make this data look useful for further decision making. The devil is in the details, and we all know it. Fujitsu has spearheaded the use of IoT for tracking worker productivity as a pilot project. The benefits that the company realised as a result were the availability of the right data at the right time.
“Details matter and it is worth to get it right.”
Helps in Reducing Costs of Unplanned Downtime
Many organisations suffer from insurmountable losses as a result of machine breakdown because the downtime is unplanned. In one of the studies conducted, it was noted that offshore oil and gas organisations suffer an average of USD 38 million annually.
Also, in another instance, general industrial manufacturing industries suffer costs and sometimes losses to the tune of USD 50 billion per year, with 42 per cent causes being equipment failure. Hence with the help of AI, it helps predict equipment failure much ahead in time so that you can call for maintenance. This will reduce and in many cases eliminate the costs and losses. The powerful combination of AI and IoT is helping companies avoid unplanned downtime and increase operational efficiency.
Overall Efficiency Improves
IoT devices provide expansive data streams that help organisations assess the performance of micro components. Compared to the traditional way of analysing data, intelligent computing has indeed gone a long way in assuring that the wisdom gained from the various data streams can be utilised effectively and at a larger scale.
One of the utility companies based in Australia uses AI predictive analytics with the help of IoT data streams to gauge the situations that bring equipment failures. Now the company powered with pre-hand information does everything to reduce costs by doing preventive maintenance.
Design and Develop Newer Products
When companies these days are stressing on providing existing products in a new avatar and also present an entirely new range of product and services. GE is planning to install drones and robotic devices for the inspection of its industries and quickly also identify the defects which imply happier clients.
The Philadelphia-based Thomas Jefferson hospital is inching to improve its patient care and hospital care by enabling the patients to control the room environment. With the help of AI, they will be able to give voice commands that will practically enrich their overall experience. Whatever these companies research, the ultimate end is happy customers who are experiencing superior product experience.
Better Risk Management
When you are loaded with information and data, you are usually in a favourable position to take on your major competitors. What if the data can’t be put to good use and is merely a part of your system? AI and IoT together play the role of giving meaning to data and that goes a long way to improving risk management and supposedly even averting a potential risk.
So if your system is at risk due to an impending cyber attack or you think that a particular process is crashing your hopes for making good profit, then the data and analysis given by AI and IoT will go a long way in assuring you have all the information.
Now, it is up to the company to make good use of the information. Many banks in India and Korea are beginning to use AI systems to recognise any suspicious activity on a transaction through the CCTV cameras installed at ATM points. For any smart process initiatives, there cannot be any way out but to adopt AI with IoT.
Applications of IoIT in Marketing
In every industry, effective marketing can be a game-changer especially when today marketing is a data-driven effort. The traditional modes of marketing are also effective, but with the swarming of data backed by IoT and AI, marketing has become much more competitive than it used to be.
Every little effort taken by an organisation is directed towards serving the customer. If you think about savings costs in a production line, the benefits of it will be enjoyed by the customer Likewise companies engaging in automating process want to ensure that customers are delighted.
So, everything is directly or indirectly related to customer joy and a great experience. With the availability of more information especially from the digital world, marketers can target, segment and position their products in a better manner. Internet of Intelligent things has also made it possible to obtain unobtainable data which marketers can use to their advantage.
Apart from this, the entire buying process right from need creation to the decision of choosing one brand can be captured, and marketers can effectively create and recreate strategies. Companies are also providing real-time POS interaction services to customers to boost sales, especially in retail industries. A research done by Marketo mentions that 51% of top global companies and their marketing team believe that IoT will revolutionise marketing scenario in the world by 2020.
When used with proper CRM practice tools, IoT will help marketers analyse data in a much more effective manner. It renders the power to marketers to draw analysis from this data and make effective decisions and policies based on it.
Even concerning social media marketing, IoT has been optimised to use it which lets automated posts appear along with sharing of the posts that will be automatically done by the system. Today discussions about products present a golden chance to these marketers to improve their product. Earlier marketers were not persuaded that social media had the potential, but now 74% of the brand strategists happen to see a noticeable increase in web traffic despite giving only 6 hours per week to digital marketing efforts.
“If you make customers unhappy in the physical world, they might each tell six friends. If you make customers unhappy on the Internet, they can each tell 6,000 friends.”
Future of IoT
Clearly, IoT has extraordinary advantages across all sectors and companies. The real-time data it provides can go a long way in the achievement of long term goals by harnessing the data in the right direction. The combined efforts of AI and IoT can be a game-changer for those who are willing to change and apply. Companies have to tap the potential of what this might endow them with and exploit it to the fullest.