There is tremendous evolution occurring within the realm of industrial operations. The older industrial and operational systems which were primarily dependent on manual monitoring systems have started to use Artificial Intelligence (AI) and Internet of Things (IoT) technologies to build smarter industrial systems.
The combination of these two elements is termed as AIoT (Artificial Intelligence of Things). It enables organizations to gather real-time data, analyze and make informed decision based on the analysis results. With increased pressure on the organizations to become more productive, AIoT is becoming essential in the current scenario.
Difference Between IoT & AIoT
While IoT devices had been there for many years and were responsible for gathering information related to different machines and equipment, the information gathering was just one part of the entire picture.
It is the element of artificial intelligence which enables organizations to recognize patterns in the gathered data, predict future failure and suggest preventive measures. In other words, while IoT informs about the past, AIoT tells you about the present and future.
Key Benefits of AIoT for an Industrial Setting
Predictive Maintenance
Unplanned mechanical breakdowns can result in considerable financial losses for companies. The system uses artificial intelligence to monitor the condition of the equipment constantly and diagnose potential problems.
Therefore, the maintenance of the machinery will become predictable, which would allow avoiding unplanned downtime and expensive repair services.
Efficiency
AI is capable of analyzing a massive amount of data coming from sensors to identify areas where improvements can be made. This helps organizations to optimize their schedules and cut down costs.
Better Decision Making
Real-time data analysis provides management with more opportunities to make decisions based on the current situation and not on the outdated reports.
Safety
In industrial settings, there is plenty of equipment and sometimes hazardous working environment. With AIoT, it becomes possible to identify anomalies, ensure compliance with the safety standards and notify personnel about the identified issues.
The Increasing Importance of Venture Studios in Industrial Innovation
Many innovative products in the field of AIoT technologies come out from venture studios that unite technical skills with product management and industrial experience.
Organizations interested in exploring innovations in industrial technologies can take lessons from venture studios like Aperture Venture Studio which specialize in the development and scale of technology-led ventures in domains such as AI, Automation, and IoT. Further reading is available at Aperture Venture Studio
Issues Faced by Organizations
Even though there are many advantages associated with the use of AIoT, effective implementation needs strategic planning.
Some common issues that organizations face are:
Legacy equipment integration with new technologies
Cybersecurity threats
Data quality and integrity
Internal knowledge building
Pilot programs scale up to enterprise-level implementations
Organizations that tackle these issues effectively stand to gain from their digital transformation programs.
Going Forward
With advancements in artificial intelligence and increasing sophistication of connected devices, AIoT will only become more significant in industrial processes. Organizations that invest in intelligent automation now are preparing themselves for the future.
The future of industry would not only be connected but intelligent as well.
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