What do Harley Davidson, Netflix and Domino’s Pizza have in common?
Besides being global conglomerates, each one stands out for its unique business model – a result of its transformation under the magic wands that are Artificial Intelligence (AI) and the Internet of Things (IoT). In the case of Netflix, the entertainment giant used an ML-based intelligent algorithm to increase company revenue by almost a billion dollars in 2017. Harley Davidson tapped into the prowess of the Internet in a fully-enabled IoT plant and managed to reduce their build-to-order cycle thereby increasing their overall profitability. Meanwhile, Domino’s Pizza like several other food-delivery services, developed an app that tracks every step of your pizza order – so you can rest easy knowing that with every passing second, your food zooms closer towards you.
Both technologies are on an incredible growth journey with the global AI market set to increase to almost 20 times throughout the period 2017-2025, and IoT is estimated to witness an annual growth rate of nearly 30%. Now is really a good time to take a moment to applaud the potent combination of this tech – they’re certainly a match well made!
Want to take a look at what makes IoT tick all the boxes in your checklist? Click on IoT: Beyond The Buzz for an interesting read on the Internet of everything!
Main enablers of growth
AI and IoT have both had stellar growth trajectories over the last 3-4 years due, on the one hand to the breakthrough innovations in both software and hardware, and on the other hand, to unprecedented amounts of data collected by companies. To give you a scale of the data generated across the world in recent years, take a look at these statistics: 90% of the entire world’s data has been created in the last two years, and by 2020, there will be more than 50 billion smart devices in the world that are collectively collating, analyzing and sharing data. If this doesn’t blow your mind, we don’t know what will!
IoT can be simultaneously the most complex as well as the simplest thing in tech. We bet there’s a lot you don’t know about it! Check this video to know what you’re missing out on: Watch Video
It goes without saying that the current data explosion has been accompanied by rapid developments in technology and engineering and these have impacted every field of tech around us.
Take the case of Bluetooth – they may as well be an invisible force of machines given their compact sizes and powerful features. You’ll be amazed at how Bluetooth scanners can communicate with your car, making it easier for diagnostic recommendations. Industry stalwarts like Tesla have been using a host of Machine Learning and Computer Vision algorithms in their cars to power the vehicles of the future: the driverless/ autonomous cars! Did you know, Tesla also uses IoT to fix software updates remotely in what’s prescribed as ‘over the air fixes’, which means saving hours of on-premise dealership time by actually tending to the problem via remote location.
Combining the power of AI and IoT
The combination of IoT and AI is like a superpower icing on the cake that is data: Both technologies will continue to make an extensive impact across every business vertical to reach dizzying heights. BRIDGEi2i leverages the power of AI with in-house accelerators built using advanced algorithmic layers to provide quick-fix solutions to the most diverse business problems – from fraud detection in financial services, to supply chain planning in technology, or demand planning in CPG, the potential is endless. To learn more about how ML is being used to transform industries, read up on our AI Accelerators for Enterprises.
Are you looking for some game-changing AI-enabled analytics solutions but aren’t sure of what you want? Read all about ourTop 5 Digital Transformation case studies that helped our clients get the winning edge!
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Author: Katlyn Driver