Success in the corporate world is premised on adopting innovations that confer the organisation with a competitive advantage. The trio of Internet of Things (IoT), Big Data, and Artificial Intelligence are the next frontier in IT. Big Data has already made an imprint at the organisational level and is now part of the modern enterprise. Meanwhile, IoT and AI are making tentative entries into the corporate world.
Connecting the dots between IoT, Big Data and AI
Most business leaders struggle to take full advantage of this trinity because they do not understand how they intersect. IoT is an ecosystem of smart devices that collect and interchange large amounts of data. Research by Gartner predicts that businesses will account for 57% of IoT expenditure in 2017 valued at $964 billion.
The data collected using IoT is known as Big Data because of the large volume. Firms can only benefit from Big Data by processing it. AI or deep machine learning is the best tool for analysing this data because it employs sophisticated algorithms to deduce patterns. The effectiveness of AI improves with increasing data amounts leading to a stage where it can learn autonomously and generate valuable insights.
Businesses need to take notice now
Firms can benefit from the trio by creating an infrastructure of connected devices. These devices then generate Big Data that will rely on AI to predict future trends. The insights will guide critical business decisions and eliminate reliance on intuition.
For instance, manufacturing firms can use the tech trinity to anticipate system failures and reduce losses due to downtime. Oneserve Infinite uses a similar system and believes that firms can save £525,000 annually by employing the technology. Similarly, other industries can benefit from the three technologies if they can find ways of harnessing their ecosystem. As these technologies continue to advance, the firms that will profit most are those that embrace and leverage them to gain an edge over competitors.