Certain IoT roadblocks will prevent companies from building intelligent processes. What will it take to clear them away?
In this Fourth Industrial Revolution, the Internet of Things (IoT) and artificial intelligence (AI) can help companies increase productivity and growth. But two barriers – incomplete data and wrongly calibrated sensors – stand in the way of achieving benefits at scale. As these barriers fall away, products and services will become far more personalized. Success in this new arena will require companies and governments to build strong trust-based relationships with those they serve.
Here, Now and Beyond - Intelligence realized through IoT
The IoT is the heartbeat of the Fourth Industrial Revolution – a revolution of game-changing innovation made possible by the combination of big data, analytics and physical technology. The volume of data that new web-connected systems will have available, combined with their ability to self-enhance through increasingly sophisticated artificial intelligence (AI), could fundamentally change how society operates.
Businesses have two primary goals from this IoT and AI-powered revolution: productivity and growth. Despite efforts to improve efficiency and offset cost through labor arbitrage, businesses need new approaches to offset years of productivity decline. The use of emerging technologies to measure such things as asset utilization, combined with AI and real-time decision management systems give many businesses great hope of increasing productivity.
IoT, AI, data management and cloud solutions also give businesses great hope of accelerating growth. Companies can build platforms to listen to customers, recognize their behaviors and preferences, and better address their needs – even to the point of predicting what they want – and that leads to growth.
Indeed, the Fourth Industrial Revolution gives companies the chance to move from dreaming about growth and productivity improvements to making significant strides on both fronts. But two barriers stand in the way of achieving the benefits of IoT and AI at scale – barriers that we can help tech vendors remove, before they become insurmountable roadblocks.