Artificial Intelligence Plus the Internet of Things (IoT): The Fourth Industrial Revolution

The fourth industrial revolution, known as industry 4.0, is already changing the way we live and work. The combination of artificial intelligence (AI) and the Internet of Things (IoT) is driving technology into new heights. It is making us more connected, allowing us to integrate technology into our day-to-day lives, and making applications possible that once seemed limited to the realms of science fiction.

The latter half of the 20th century saw the development of the digital world, known as the third industrial revolution, marked by the emergence of technologies such as mainframe computing, personal computing, semiconductors, and the internet. The fourth industrial revolution builds on these advancements, merging the physical world with the digital world.

As a result of economic growth and increasingly sophisticated technology, as well as demands for more intuitive, efficient, and beneficial devices - those with new capabilities for applications in all world industries, the use of and power of connected devices is increasing, fueling the fourth industrial revolution.

Collecting and analyzing data is opening up a new world of technological possibilities. Wearables, for example, can only work by collecting a vast amount of data from the wearer, which is then analyzed with the help of AI to measure not only numerous vitals but also make intuitive inferences. The motivation to develop more advanced technologies is driving the need to collect more data to train the AI that is crucial to the functioning of these technologies. When AI is combined with the IoT (meaning all internet-connected devices), smart calculations can be made by connecting data collected from various points, helping devices interact with each other and us. For example, the GPS on a smartwatch can alert a home heating system to when the owner is nearby so it can set the temperature in advance. Tesla’s self-driving cars combine AI with the IoT to predict how other cars and pedestrians will act in different scenarios, allowing the vehicle to drive safely without human involvement.

Businesses will be significantly impacted by this pairing of AI and the IoT that characterizes the fourth industrial revolution. By its nature, industry 4.0 is changing how people interact with others and their environment. This is already having a significant impact on business.

One thing the fourth industrial revolution is progressing is automation. Companies are now becoming under increasing pressure to automate their systems to ensure that they can remain competitive. Adopting automation is far from simple; companies need a thorough understanding of how automation technologies will impact their business, one of the most significant changes being the displacement of human workers.

Industry 4.0 is changing the nature of work, facilitating remote and freelance working styles. AI and the IoT are enabling people to work away from fixed desks in office spaces, either working for themselves or telecommuting to an office. Businesses will need to adapt to this changing landscape, as experts predict more than half of the US workforce will be freelancing by 2027. To ensure companies can continue to employ the best talent, they will need to accommodate this way of working.

Finally, businesses will significantly benefit from implementing AI-driven IoT solutions, from chatbots to automated manufacturing processes. With the ever-evolving nature of technology in the fourth industrial revolution, companies who adopt it will also need to ensure that they introduce appropriate education and training to keep their staff up to date and capable of being responsible over the technology.

The fourth industrial revolution will see the face of business change, allowing those with a thorough understanding of its impact and how to implement it to thrive. Stay up-to-date with the latest updates with Export Portal, and be a part of the technology that is changing the world.