AIoT Technology Can Boost Business in 2023

The Internet of Things (IoT) and artificial intelligence (AI) are two of the fastest-growing technologies in business today. AI, the ability for computers to think like humans, continues to rapidly evolve as developers continue to create new algorithms and programming languages that make applications and ultimately business processes and programs smarter. IoT is essentially a network of internet-connected devices capable of transmitting data remotely. Combining the two together leads to AIoT Technology which can greatly boost business headed into 2023.

What is IoT?

The Internet of Things (IoT) is a network of devices, machines, and appliances consisting of sensors and actuators (things that do stuff) that are connected to the internet. The interconnection of devices creates the potential for data to be collected and analyzed.  Legacy and modern businesses both utilize the power of IoT to enable teams of operators and decision-makers to understand their businesses in more detail. Allowing them to interpret and respond to key signals, insights, and alerts.

So what’s AIoT and why is it important?

Artificial Intelligence in the Industrial Internet of Things (AIoT) is a connected ecosystem where machines and devices work together using Artificial Intelligence, Machine Learning, Internet of things, and Digital Twin concepts. If you’ve been wondering how the fastest-growing technologies can improve your business in 2023, read on!

Things that use IIoT include:

Manufacturing Plants - To monitor and manage production processes

Utilities - To monitor and manage infrastructure maintenance

Utilities - To monitor and manage infrastructure maintenance

Mining - To monitor moving and fixed assets and extraction processes

Healthcare - To monitor patient health and administer treatment

Retail - To track inventory and manage the supply chain

Transportation - To monitor traffic flow and transportation management

How will AIoT benefit your business?

AIoT can boost your company’s bottom line by reducing expenses, increasing profitability, providing growth opportunities, enabling businesses to deliver higher-quality products and services, boosting customer loyalty, and increasing customer retention.

How is this made possible? By applying machine learning algorithms that understand key patterns and behaviors in real-time, informed by an infinite amount of sensor technology. Data from machines, vehicles, and environmental and movement sensors to name a few.

Businesses are also able to become more sustainable by reducing their environmental impact and promoting resource efficiency. Adopting digital transformation strategies to stay competitive and compliant in highly disruptive environments is also made possible given the access to new data and new data insight – essentially becoming data-driven businesses.

AIoT technology is then used to process data at scale, and identify key outliers based on multitudes of historic trends – essentially doing the heavy lifting – by using powerful technology to organise, sift through and capitalise on data.

Given the rise of faster and ubiquitous connectivity, powerful processing in the cloud or on physical edge devices, sophisticated machine learning models, and smart visualizations, users don’t need to struggle to get BI style reports. The experience of AIoT is instantaneous and action-oriented.

What to look for and why IoT.nxt?

Given the different technologies at play, it can be difficult to know where to start. That’s why we have broken down what you should be looking for in an AIoT platform below.

Scalability - A platform that is scalable and can accommodate the expected growth in data, processing, connectivity, and device protocol demands, over the coming years.

Operational Efficiency - A platform that is intuitive and easy to use, as well as easy to integrate into your current systems and processes.

Security - A platform that can provide a high level of security. Security is particularly important in industrial IoT where data is often used to make critical decisions. AIoT will generate new insights that will also need tighter security given the potential for sabotage and data leaks.

Support and Maintenance - A platform that is supported by a team of experts available to help you with any issues or questions you might have, with a team skilled and equipped to offer a ground-up service. From devices in the field to managing data integration, sorting, and preparation, to refining data models and algorithms and generating user-centric reports.

Openness - A platform that is open and flexible, enabling you to add new technologies as they emerge.

Cost - A platform that is cost-effective, particularly in the long run.

AI in Business: Why is it important?

There are a number of AI tools available for businesses. Each offers a different set of benefits depending on the type of AI you’re looking for. The differentiation will come from being able to manage legacy and modern devices, disparate data silos, and new demands. A flexible platform to empower Operations, Analytics, and IT teams.

IoT.nxt is a pioneer in offering advanced technology solutions through our latest Navigator AIoT solution. Reach out to us today to learn more.

Start becoming a more efficient, smarter, and proactive business today: [email protected]