Artificial Intelligence:- Getting connected to a huge audience, adding a meaningful resource, maximizing profit, and building a trustworthy relationship with the customers are the key essentials for a business to run successfully.

The incorporation of Artificial Intelligence (AI) into business is leading to exponential growth and expanding business results.

A typical AI is trained and fed with inputs that it uses to analyze and act accordingly. AI was founded as an academic discipline in 1956 and has been modified till 2010.

Since then, AI is being massively incorporated into various domains of the business sector.

Generally, AI technologies are fundamentally enabling businesses to develop innovative products and services.

How AI and IoT are transforming businesses?

It has gradually led to a revolution in our work, mindset, and lifestyle. It helps in business engagement leading to effective and meaningful interactions with its customers. Broad categories of Artificial Intelligence:-

• Analytical AI:- It works according to the learnings based on a large amount of data and past experiences to generate meaningful insights and inform future decisions.
• Human-inspired AI:- It consists of Cognitive and emotional intelligence, predicting and understanding human emotions.

Insight into the incorporation of AI in various domains:-

• Facebook face recognition:- It is face recognition technology used by Facebook to identify a person present in a photo through tag suggestion. The notification for tag suggestions comes automatically as a part of AI.
• Chatbot:- It is an AI software that engages interaction between a machine and a human through messaging applications, mobile apps, etc.
• YouTube recommendation:- Above all, youTube provides video recommendations according to the search history of a user as a part of AI.
• E-Commerce:- Through AI, online shopping portals give recommendations of items based on our shopped items and search history.

Such implementation of Artificial Intelligence in business has created a revolution in generating new leads, and enhanced customer experience, thereby leading to business growth.

A relevant quote by Daniel Derin reveals the importance of AI – “From better chatbots for customer service to data analytics watching your company’s activities, AI in business is rapidly becoming a commonly used competitive tool”.

Internet of Things (IoT):- The Internet of Things is an evolving term these days that have impacted our daily lifestyle on everything, ranging from the way we travel to the process manufacturers follow to keep track of their inventory.

It is a network of interrelated computing devices connecting software and hardware systems, which has the ability to transfer huge data without requiring human-to-human or human-to-computer interaction.

Advantages of AI and IoT in business

These days, we are used to a lot of facilities which is conceptualized by IoT.

• Ola or Uber cabs:- The whole concept of booking these cabs just by a click on your mobile app is based on IoT as it is connecting software and hardware with the huge network of IoT.
• Investigation of food security:- Devices with built-in sensors connected to an Internet of Things platform help to detect the quality of food being carried by truck.

Thus the huge amount of data and information generated by connected devices enables us to make smart decisions that save time and money.