“How AI will power the next-gen applications in Connected Industries (CI)”
Hiroshige Seko, the minister of Economy Trade and Industry (METI) of Japan introduced a new concept for their roadmap to realize ‘Society 5.0’ the future urbanism as the next big thing in industries. He mentioned that we require another industrial revolution using advanced technological innovations including, AI, IoT, and Big Data; this would be ‘Connected Industries.’
This was the inception of ‘Connected Industries’ as introduced by Hiroshige with the impact on future lives. Artificial Intelligence or AI will be on a next-level role in this development, with a more significant impact on each ecosystem entity. Before moving ahead to understand the role of AI in the ‘Connected Industries’, let’s first understand AI and its applications.
Artificial Intelligence (AI): The Concept
Yes, that’s one of the applications of AI in our life; the virtual assistant in our Smartphone uses the basics of artificial intelligence (AI). You can define Artificial Intelligence (AI) as the intelligence of a machine as humanoid in contrast to the genuine intelligence of a human. With AI, the machine starts learning self –analysis, reasoning, and self-correction to make processes optimum like a human in a limited to a particular niche.
On the larger picture of businesses, AI became an essential part of industries to leverage their business processes and enhance performance. AI can automate your business processes and analyze huge data to give profitable insights that help bring new offerings to end-users with a better experience.
You can take the example of self-driven connected cars; it can keep track of your car’s health and service routine to remind you for the next service visit, and on behalf of you, it can also book an appointment with the service provider. AI is hitting the next wave of digital disruption; that’s why tech giants like Google, IBM, Apple, Bosch, and Biadu are continually exploring the use of AI for future living.
Artificial Intelligence (AI) acceptance by industries
AI investments have been increased in the recent past, especially by these tech giants mentioned above. In the year 2016, the total investment in AI has been estimated at around $30 billion. The major portion of this investment was on R&D and deployment that estimated 90% of total investment.
Image source: McKinsey & Company
According to a recent survey of McKinsey & Company, with 3,000 AI-aware C-level-executives from 10 countries and 14 different sectors, only 20% said they are using any AI technology applications at scale as a core part of their businesses. Though the figures show a lack of adoption in AI applications by industries, it has started at a steady pace.
AI will enable humans to work closely with the machine and take corrective actions in the future. We need to understand ‘Connected Industries’ to manifest AI’s role to boost the next-gen applications in the ‘Connected Industries’ ecosystem.
Connected Industries: The Concept
Connected Industries empower the industries with a perfect blend of the digital & physical world to add value for each entity. CI won’t replace humans, rather complement them in the future.
Hiroshige Seko, the minister of the Economic Trade and Industry (METI) of Japan, defined Connected Industries (CI) as a completely new concept that develops industries to create new added value. Additionally, it provides solutions to address society’s problems due to the connectedness of multiple facets of next-gen life, machines, systems, companies, industries, and humans, too, with their respective suppliers and consumers’ respective roles.
An ecosystem of industries that incorporates new added value and provides solutions to societal challenges by connecting a variety of data, technologies, human, and organizations in the midst of the worldwide landscape of the internet of things (IoT) and artificial intelligence (AI).
This is certain that new-age industries will be incomplete without intelligent software applications to ensure connection among humans, machines, and processes. AI can bring optimum production with improved transparency, agility, quality as well as lower the cost and production time.
Artificial Intelligence (AI) based next-gen applications for Connected Industries for future living
Image reference: https://www.japanindustrynews.com
To address future urbanism, AI would be instrumental in various ways and adding value to the experience. These are some of the explanations to understand the role of AI.
Autonomous vehicles and mobility service — AI tries to replica the way human senses work using the digital sensors, range radar, cameras, maps, and LIDAR to drive automatically. Autonomous vehicles and mobility services use AI, predictive analysis, and V2I (Vehicle-to-Infrastructure) communication for autonomous driving without any human intervention.
Machine learning and deep learning — The convergence of machine learning (ML), deep learning (DL), AI, IoT, and cognitive computing make next-gen machine intelligence. It uses algorithms, design, patterns, models to train applications and machines. This reduces human efforts and increases productivity with the desired quality.
Bio-technologies and bio-metrics — It uses humans’ unique recognition feature based on some more intrinsic physical traits to identify and improve the future generation. Bio-metrics is instrumental in next-gen security concern to manage identity access. The digital disruption brought many security concerns where bio-metrics powers the security features to enhance security.
Natural language generation & processing — It generates text from system data by behavioural analysis. The language processing understands the sentence structure and possible meaning using the statistical and machine learning methods for unstructured data.
Manufacturing and robotics — Industries are highly benefited from the use of AI in the manufacturing units. It merely uses the defined scripts and arrays to automate the manual human action and gain more efficient business processes.
Cloud computing — Artificial Intelligence can also boost cloud computing. It improves the existing cloud platform incumbents and strengthens a new generation of cloud computing technologies.
Virtual agents — Virtual agents are based on AI to drive an intellectual conversation between machine and human (end-user) to respond to their questions based on artificial intelligence in non-verbal communication.
Smart life — Artificial Intelligence brings added value to human living. The futuristic living where your smart home controls inside temperature, keeps track of your food, and order grocery, stay connected with your car, and more with the behaviour analysis, big data, and multiple sensors.
Artificial intelligence creates value across the value chain for ‘Connected Industries’
Connected Industries have a prime focus on industrial production, yet at the other end, there is a value chain that creates the difference. It makes the conventional producers and owners to providers and users, respectively, with the added value. Let’s walk through the areas where AI applications can create value in the ‘Connected industries (CI)’. AI enhances the value chain in four different ways.
Project — Artificial Intelligence is highly instrumental in the accurate demand forecasting and optimizing supply for businesses. Additionally, businesses can focus more on designing better offerings for their customers. AI also helps businesses understand and analyze trends to meet future customers’ future expectations and market potential that adds value to each entity’s experience in the business process.
Produce — In the production units, AI can add value in the production irrespective of business type, whether products or services. With AI, businesses can optimize assets and processes to get improved quality, quantity, and reliability with each production. It also reduces the downtime and maintenance expenses, which are a major concern in the production.
Provide — AI brings a rich and customized experience for customers and end-users. Customer Experience (CX) is at the forefront of business sustainability. With tailor-made offerings and convenient quotient can bring loyalty and bring more revenue for businesses. AI with machine learning can design a scaled-down experience for customers for the true meaning of future living.
Promote — This is vital to promote and market your offerings and products into the right market segment with the right message and right price. The marketing cost can impact the profit and revenue of businesses. AI can create value in the promotion too and build the promising image of your brand among the target group. AI uses the data and behavioural analysis to price and promotes in the right marketplace. The idea of dynamic pricing and additional offerings comes with the help of AI applications and tools.
This is vital for businesses to stay relevant and innovate with future development. At the same time, tech giants are investing in future living, businesses, and infrastructure to drive future growth. CI will be using the AI capabilities across the ecosystem for an enhanced future with human touch and experience.