We often cover the impact that new technologies like blockchain, the Internet of Things (IoT), and artificial intelligence (AI) are having on businesses here on the APEX of Innovation. Every once in a while we uncover instances where two or more of these transformative technologies are working together, and the results are usually groundbreaking.
For example, companies are capitalizing on data delivered by IoT devices and sensors using AI and machine learning (ML). A recent post by industry consultant and influencer Ronald van Loon discusses how ML in particular is helping companies handle the diverse new streams of data delivered by the IoT. Indeed, data is no longer just for the data center. According to Gartner, “By 2022, more than half of enterprise-generated data will be created and processed outside of data centers, and outside of cloud.”
One of the most compelling benefits of today’s powerful edge computing devices is that they reduce the need to move large amounts of data around when performing analysis. Van Loon’s post references Schindler Elevator as an example of a company benefiting from using AI/ML to conduct analysis at the edge. The company recently implemented a predictive maintenance solution that uses elevator-based sensors and AI/ML to solve routine maintenance problems—ideally before they happen. By analyzing data at the source, the company reduces the related costs and risks associated with transferring it off site, while improving speed of resolution, safety, and performance.
The post also makes the case that AI/ML is needed to deal with the “tsunami of data” coming through IoT devices. This is especially true for device-driven industries like manufacturing, retail, construction, and transportation, to name a few. The IoT will enable these industries and many others to take advantage of analyzing and acting upon intelligence at the edge. According to van Loon’s post, this includes helping businesses with “higher fidelity analysis, lower latency requirements, security issues, and huge cost advantages.”
Another industry benefiting from new and diverse data is the healthcare industry. A recent Harvard Business Review article covered new sources of data that the IoT is enabling as consumers adopt wearables and use health-related apps for everything from “convenience to lifesaving.”
According to the article, “A major health insurer recently integrated a new Apple Watch feature into a program that rewards participants for meeting health goals tracked through wearables.” Initial results suggest companies offering this program for employees saw reductions in healthcare costs of more than $200 per employee per year. The article also noted a growing consumer preference for data-driven physicians and health professionals, citing a study that found 62 percent of patients would choose a doctor who used data from wearables over one who did not.
Want to learn more? Check out this eBook on Analytics Strategies for the Internet of Things and see how you can get the most out of your IoT data.