SAS study
The most important factor in creating value from IoT initiatives is the extensive use of AI. 90% of surveyed businesses that heavily utilize AI in their IoT operations have reported they’re happy with it. The survey also found that businesses that use AI in conjunction with IoT appear to be more competitive. This is in comparison with businesses that use AI alone. Double-digit margins measure on several business metrics like employee productivity, innovation and operational.
Through these results, we see that businesses working with IoT data make important revelations. They are realizing that if they want to get real value from that data, they need AI and analytics. SAS has been there for years and has helped many businesses build their strategies around it.
“We can say that the most successful IoT operations are actually AIoT operations. The use of AI and IoT technologies in combination is becoming increasingly popular. They come in focus in the business world, as they provide substantial benefits to businesses. AI technologies mainly consist of deep learning, machine learning, natural language processing, speech recognition and image analysis.
Statistics
Among other things, the following key findings emerged from a study-conducted by SAS, Deloitte and Intel-with expertise from IDC:
About 79% of senior executives are involved in decision making for IoT projects, and 92% of these executives report that the value of AIoT exceeds their expectations.
A whopping 68% of companies rely on IoT data to inform day-to-day business decisions through spreadsheets and other non-AI technologies. Only 12% of respondents use IoT to make planning decisions shows the study. The percentage of respondents using AI data for day-to-day is much higher.
34% of respondents said that the primary motivation behind their use of AIoT is to make more money. This is followed by improving innovation (17.5%), offering new digital services to customers (14.3%) and reducing operational costs (11.1%).
Companies that have deployed AI capabilities show better results in terms of critical organizational goals. The results include also the ability to accelerate operations, introduce new digital services and improve employee productivity. This improves your bottom line as well and saves you money at the end of the day! For example, companies who used IoT data without AI saw a 32% increase in the speed of operations. However, when companies also used AI, they saw an increase of up to 53%.
Corporate leaders are increasingly opting for AI-powered techniques in the IoT realm. Business intelligence (33%), near real-time monitoring and visibility (31%) and condition-based monitoring (30%) were the top 3 different analytics techniques, used in this list of top positions.
Officials’ statements
“AI and the Internet of Things are merging together more each day,” said Melvin Greer, Chief Data Scientist at Intel in the Americas.”With AI, the entirety of the work process is streamlined. You only have one place to think about where your data is coming from and how it’s being collected. Your choices based on that data can then be automated and don’t require any human input.There are countless stories in which businesses have attempted to increase their customer base and revenue by using IoT. Businesses who offer products or services specifically targeted to use with IoT can attract more customers and enjoy a lot of success. Many of them will start utilizing the benefits once they realize how much better it is than what they were doing before hand. That is as prediction according to the SAS study. Some businesses, though, will begin to invest in different aspects of IoT like reliability, efficiency, or production and distribution.
Companies that rely on IoT data to inform day-to-day decision-making overwhelmingly use this data. It is useful for business decisions (68%) using spreadsheets and other non-AI technologies according to the study.
AI is gaining traction in Western Digital’s business despite the technology being relatively new showed the SAS study. Director Gautam Khera believes the company can reap the greatest benefits of this AI-powered move with their IoT strategy”What are the best ways to build storage devices and learn fast? How do we ensure quality and performance? How do we achieve faster rates in terms of time to market? We use AI systems to enable us to achieve these internally in our development processes, in R and D.
Faster Decisions
This significant leap can pave the way for more sophisticated and faster decisions, impacting more significant results. Decisions related to the health of your customers, their product quality, and the spread of diseases are important in your business. This is why an AI writer can keep things on point when it comes to data collection.
Maureen Fleming, vice president of IDC’s intelligent process automation program, agrees with Sita Khera. “The speed at which your sensors change data makes it easy to collect information. One of the best features AI has to offer is its interaction with the enterprise, helping you make more timely decisions.”
Western Digital’s Khera said they continued to push for IoT data connection with AI and said “This is a blueprint to using AI well, which also has a reputation you can trust. R and D departments are increasingly using advanced analytics techniques to create solutions for a variety of problems. To optimize the process, specialized software is important to process large amounts of data accurately. Existing, traditional processes to catch anomalies are not always reliable. “Unobvious effects” can slip through the cracks unnoticed. Accordingly, to detect them helps prevent potential issues from coming to light.
Representatives Statements
Jay Cei, CEO of a metal fabrication company says his priority is to gain acceptance and minimize obstacles when it comes to AIoT.” A lot of people are afraid that AI technology might replace their jobs. However, what Cei believes is that the technology will actually enable them to operate much more efficiently and with higher quality content. What made SAS Analytics IoT solution so compelling is that it was a solution, embedded for leverage across the entire organization.”
A successful AIoT starts from the highest levels. As Andy Daecher from Deloitte Consulting explained, “The need for the initiatives to happen is clear,” said Daecher. “CEOs should be pushing mandates for this in their business. The AIoT initiative must involve businesses if it is to succeed. This is because these are real business initiatives, not technology initiatives.”
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Author: PC-GR
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