AI and IoT: How will they improve business in 2020?

Artificial intelligence (AI) and the Internet of Things (IoT) are two of the most exciting emerging trends in technology. They’re not exactly new, but thanks to the ever-growing variety of benefits they offer, especially to business owners, technology experts expect them to become household names in 2020.

What is AI?

If your first thought was “robots,” you’re not wrong, but that’s only part of a much bigger picture. AI is a mimicry of human intelligence, designed to give systems and machines the ability to think and act as humans do — or better. 

How will AI benefit businesses?

The goal in AI is to create a system that can rationalize and choose the best actions to achieve a given goal. It’s often used to maximize efficiency and lower costs where possible, whether by eliminating repetitive and redundant processes or speeding up steps that normally take a lot of time. In particular, these are the ways AI is good for businesses:

#1. Enhancing customer experience

Engaging and assisting each of your customers and answering all their questions is not an easy task, but it is crucial if you want to give them a positive experience and secure their trust and loyalty. AI can help you attend to your customers’ needs.

For instance, you can tap chatbots to answer your customers’ inquiries through chat and messaging apps in real time. Chatbots “learn” as they interact with people, enabling them to provide assistance and an experience customized to the needs of the customers they’re “talking” to. AI is so good at this that experts believe 85 percent of customer interactions in 2020 will be handled by intelligent programs.

#2. Mining insights

Information is crucial to business — and AI is great at sifting through tons of data. With this innovation, you can scour databases for valuable insights that will help you understand your customers and your market better, giving you (considerable) advantages over your peers.

 #3. Increasing operational efficiency

Factories have been using AI to relegate repetitive tasks to robots for years. Because machines do not have to take breaks as human workers do, businesses are able to produce more outputs within a given time period. This has the added benefit of ensuring consistency and keeping human workers from tasks that would cause them injuries.

 #4. Improving recruitment

Making AI handle recruitment prevents common issues like bias and discrimination. Machines can easily go through thousands of applications, shortlisting the ones that match your company’s requirements. Shortlisted candidates can then be passed on to human recruiters for interview. 

What is IoT?

IoT is exactly what its name implies — a network of people and processes that are connected to each other via the internet. Each component of this system possesses a unique identifier (UID) and can collect and transfer data throughout the network. 

You have probably encountered or are part of IoT and not even know it. Interconnected security systems, smart appliances, cars, and even alarm clocks can all be part of IoT.

How will IoT benefit businesses?

IoT takes advantage of the prevalence of smart devices and the internet for fast and real-time transmission of information. Incorporating it could enable your business to:

#1. Raise productivity and competency levels

IoT’s ability to relay vital information is useful in tracking inventory and supply in real time, minimizing hiccups and delays in production. What’s more, IoT devices may be used to keep track of employee productivity. For instance, they can be used to determine which hours of the day your workers are at their busiest. With this data, you get a good idea of the best times to assign crucial tasks or schedule meetings without disrupting your staff when they’re “in the zone.” 

#2. Bolster workplace safety

Video surveillance cameras, smart locks, and other security devices can comprise an IoT system that secures your premises even if you don’t have human guards. If your product or service poses safety hazards to your workers, you can use wearables and sensors that keep track of their position and alert them of possible danger.

#3. Uncover new business and revenue opportunities

By enabling you to keep track of factors like the availability of supply and employee productivity, IoT enhances your operational efficiency and shortens time to market, helping you earn more within a given period. Furthermore, it increases the ways in which you can capture a larger audience, thanks to its value as a communication technology, which is great if you’re looking to expand your business.

#4. Reduce operational expenses

Thanks to real-time updates courtesy of IoT devices, you can avoid potentially costly failures like undelivered services, missing supplies, and human error. Sensors can also help turn your workplace into a smart office that automatically adjusts lighting and temperature according to your needs and is optimized to conserve resources.

AI and IoT promise new and exciting ways for businesses to serve their customers, save money, and earn revenue. If you need help with understanding policies in California regarding IoT and AI or how to integrate these technologies effectively into your business, don’t hesitate to request assistance from experts.

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