Recently I had the opportunity of joining a presentation held by Dr. Klaus Peter Fouquet, President of Robert Bosch AG and Representative of Bosch Group in Austria during a business evening organised by TU Wien. In his talk, Dr. Fouquet spoke about new powertrain concepts, connectivity and innovative mobility solutions, and how these can be a game changer for the automotive industry.
An idea that truly resonated with my interests was that some technologies are inevitably bound together. Artificial intelligence (AI) and the Internet of Things (IoT) are a perfect example of two technologies that complement one another and should be tightly connected.
IoT is nowadays everywhere. Business Insider Intelligence projects that there will be more than 55 billion IoT devices by 2025. This ecosystem of connected devices, people and environments generates a torrent of complex data and organisations that will be able to capture it and transform it into insight using real-time AI will see real business value.
At the most basic level, the data generated from IoT devices is used to trigger simple alerts. But the real value of IoT comes when devices learn from their specific use or from each other and then automate actions. As such, IoT of the future will become more and more an Intelligence of Things in which AI-powered connected smart devices will adapt, change behaviour over time, make decisions, take action and tune their responses based on what they learn.
The takeaway from this presentation is clear: If you’re deploying IoT, deploy AI with it. And if you’re deploying AI, think about the new value propositions, business models and revenue streams you can create by combining it with IoT.
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