Companies Already Using AI and IoT to Hack Business Growth in 2019


“An organization’s ability to learn, and translate that learning into action rapidly, is the ultimate competitive advantage”

-Jack Welch

In the current scenario where businesses are becoming dynamic, adapting as per it is the need of the hour. Artificial Intelligence and IoT will soon be taking over the world. Beginners can pick a small business ideas list, and understand ways and means of how AI and IoT can bring in expertise on board.

What is Artificial intelligence?

Artificial intelligence is the stimulation of human intelligence processes by computer machines. This means they will have extra functions like logical reasoning. In simple terms now the machine will have human-like power to rationalize things unlike before where they performed a predetermined task.

What is IoT (Internet of Things)?

Internet of things is simply interlinking of all the digital devices and machines with the people using a wireless connection. With IOT one can communicate and connect a far-reaching network with complete ease.

How will Artificial intelligence and IoT help to transform small businesses?

To run any business one needs to hold the following resources:

  • Capital
  • Technology
  • Labour
  • Natural resources

One can easily offset the cost burden of labor and capital resource if they make smart use of these technologies.

Following are the ways and examples in which AI and IOT will transform the small business in coming time.

1) Facility optimization

How?

IoT sensors can easily collect and store the data on your device and your cloud account as well. And after this one can easily use the AI and analyze the data to draw the conclusion. So without any possibility of human error in storing or analyzing the data or without any delay, even the smallest business can attain perfection.

Which company is doing it?

One of the leading start-ups in the USA the Alluvium provides IoT analytics platform which basically simplifies complex streams of data into much easier real-time insights. The Alluvium helps smaller companies to achieve operational safety by leveraging Machine learning and AI.

2) Improved customer service

How?

With using AI and IoT we can address every query of the customers anytime. AI can sort any data and query, it can quickly respond to the customer as well. The promptness of the machines will definitely reduce the lead time and boosts customer satisfaction.

Which company is doing it?

Use of Chabot’s is one of the recent examples in this. Even as per the current data, about 89% of the businesses will compete on the basis of voice AI customer experience. There are many chatbots companies are there such as Drift, Fresh Desk, intercom, ProProfs Chat.

3) Reduce risk

How?

Smaller businesses have to make constant efforts to reduce their risks. And with the integration of IoT and AI, one can better and efficiently analyze the situation and then make business decisions. This will help you to reduce the small business. With automation, businesses can easily take a prompt decision and make the most of the opportunity in hand.

Which company is doing it?

Canvas Analytics, a Canadian start-up that is real-time data AI data model, it identity’s different trends that guide the operators to understand the variables impacting their company’s process. Once an organization is able to crack this, they can easily hedge their way into profits.

4) Business analysis

How?

Usually, businesses fail to make the correct decision when it comes to supplying chain management. Often there is either a delay or unnecessary buffer stock. As by error analysis you will hit the sweet spot for improvement. But one must realize that getting rid of these repetitive problems is a must! And by using AI will be the best solution. Artificial intelligent machines can take apt decisions and help you to reduce the inventory.

Which company is doing this?

Industrial organizations and businesses have different and complex problems, now these problems cannot always be solved by human analysis. Arundo analytics help smaller businesses to use edge analytics and drive daily business decisions.

Final words

One could integrate AI and IoT to your business and bring automation and efficiency to it.

The expense in doing so will solely depend on the size of the organization, if you are a sole proprietor or running a small start-up then your cost will be accordingly.

The pace of digitization in the world is increasing exponentially and the small businesses have to definitely match it!

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