How AI And IOT Will Change The Enterprise Function ?

There's always a hard way of doing things and then there's a smart way. Digital transformation is the much needed shift from the hard way of doing things to doing the tasks smartly, effectively and with more efficiency. No wonder why most of the businesses are making the shift towards technological advancement.

Technologies that happened in the past - Personal computing, internet, smart phones - had transformed the world.

Now, Internet of Things and AI are the two new technologies that are assumed to completely transform the way enterprises function.

This has resulted in a further investment in IOT and AI area, when efficiency is concerned. Without any doubt these two are the most recent emerging technologies.

Why is this happening? Does this means that businesses are able to make more profits and experience more ease in the way they function?

 Let us ponder a bit on this and try to explore how AI and IOT can change the enterprise function?

IOT is the sensing part of the technology and through various touch-points it senses and collects the data, this collected data is further analyzed by the artificial intelligence (AI). AI can be assumed as the thinking part of the technology.

Artificial Intelligence (AI) and the Internet of Things (IOT) together presents an unprecedented opportunity to -

l Streamline and enhance the existing processes.

l Creating new business models that can be used to provide new improved products and services to the customers.

Though, it seems like a vision for future but the reality is that these new technologies are already available today and with their help, you can build businesses of tomorrow.

What changes to do in the enterprise function by new technological developments-

Internet Of Things (IOT): 

IOT can be incorporated in the current devices. Any device or equipment can be made smart with the integration of IOT sensors in it. By adding the layers of new technology to preexisting devices you can enable them to use smart technology.

This offers a great deal of opportunity to transform old devices in new and innovative ways and make them useful and capable of performing the desired function as per the requirement. Imagine how much efficiency can be brought by IOT and AI enabled devices. If done effectively, smart machines will be more equipped to perform different tasks and minimizing accidents.

Changes related to incorporation of IOT:

•  Build and adopt to IOT enabled devices.
•  Manage data.
• Adapt to machine learning capabilities.
• New IOT applications should use data insights.
• IOT integration into existing applications.
• Deploy end-to-end security.
• Value chain monitoring.

Ready-to-use IOT applications are available now and when right applications are used and the IOT takes hold, things will never be the same in manufacturing industry.

As predicted by many experts, 20.4 billion are predicted to be in circulation by 2020 and more than 80 billion devices are expected to be connected that would enable the Internet of Things, by 2025.

Artificial Intelligence (AI):

Similarly, AI can generate useful insights from the collected data. Machine learning will help enterprises to better understand market trends and their customer’s expectation.

Though, it tends to be very useful but implementation of AI is an incremental process and getting benefits from the use of AI is not at all an easy process. Moreover it has a profound ethical implications.

Changes need to be done to get the benefit of AI:

• Understand and recognize the necessity of AI in the supply chain and business.
• Store internal and external data and both the structured and unstructured data.
• Integrate machine learning to old and new applications.
• Apply it to existing infrastructure.
• Consider ethical and moral question related to the AI implementations.

Machine learning belongs to now and the core applications like ERP are getting integrated with ready-to-use machine learning capabilities.

Significance Of AI and IOT in Enterprise Management and function

Smart use of technology is a requirement but incorporating new technology with your business is a challenging task. People need time and practice to adapt to new technology.

Corporate functions of any enterprise entails effective management of resources, management of all the entities and assets as well.

While the incorporation of technology-intensive system and processes like - ERP are already part of many big enterprises and are viewed as the most cost-effective way of managing enterprise function, they still are considered as back-office support functions.

Incorporating latest technology like IOT and AI is going to further enhance the capabilities of many processes and systems.

IOT and AI-driven technology will help enterprise systems, functions and processes to further analyze data and carry-out the mundane tasks more efficiently.

Conclusion

IOT and AI do offer tremendous potential but the fact is that most of the data collected for IOT projects is underutilized and is difficult to implement. The businesses need to be able to build and betterment of the existing technology, infrastructure and minimize the cost of IOT implementation.

These advanced techs improves and interrelates all the internal processes across a company. These systems provide real-time data and reports that are quick and accurate and enables the employees in their decision-making process.