AI (Artificial Intelligence) and IoT (Internet of Things) are rapidly transforming businesses today. People are using AI and IoT not only to manage inventories to improve personalised shopping experiences but also to assist in data mining. To understand AI in easy words, it can be defined as a technology that facilitates machines to mirror human behaviour in an intelligent way. Artificial Intelligence makes the machines smarter in administering assigned tasks. On the other hand, IoT is a network of sensors and devices connected to the internet. Businesses use it to connect any object beginning from coffee makers to airplanes to enable them to collect and exchange data. Artificial Intelligence and the Internet of Things are redefining the method industries used to perform. With its strong subset of machine learning, AI has made the way for smarter task accomplishment with real-time analysis and more prominent communication between humans and machines. IoT, via effective intelligent technology, has raised the scale of communication between devices and humans on the other side. The concourse of Artificial Intelligence and Internet of Things makes each other’s applications more efficacious and varied.
Different ways in which the business world is changing with the introduction of AI and IoT are:

1. Data sharing and perception
Owner of a business knows very well how important data collection and exchange are for the growth and function of his/her business. In today's world, the Internet of Things has completely changed the way a business handles the data. Besides offering greater access to consumer data, IoT devices can also help in tracking and recording patterns in which a user communicates or interacts with the devices. This in turn helps users get a more genuine experience while businesses can efficiently understand that data for growth and enhancement.

2. Inventory tracking and management
Since the Internet of Things has come to existence, businesses that rely on warehousing and storage have been served a lot. Through its automatically-controlled options, IoT can assist businesses in efficiently managing and tracking inventory. Businesses just have to install IoT devices and software in their storage units and warehouses and they will support you in managing inventory changes. Businesses also link AI with cloud technology and RFID to trace inventory in retail.

3. Enhanced consumer experience
Businesses are using several ways to implement Artificial Intelligence to enhance the customer experience. One of the famous ways amongst them is AI Chatbots. Businesses can program chatbots to address any concern that their consumers have and readily suggest solutions to these concerns. Chatbots, unlike humans, can communicate with endless customers simultaneously and can also respond and initiate communication with them.

4. Effective hiring process
It is well known amongst the businesses that recruiting is one of the toughest tasks they have to face. Recruitment involves a lot of steps and resources and every business is aware that employees can ascertain the success or failure of the organization. Artificial Intelligence solutions, like X.ai, which is an AI personal assistant that schedules meetings, can assist businesses in scheduling interviews and helping in making the task simpler for the recruiters. Also, several AI solutions are there that can help recruiters save time in deciding and choosing the right candidate. Furthermore, human errors are well known while making judgments or while selecting the right or wrong candidate for the company during the hiring process of the candidates. These types of issues can be well handled by Artificial Intelligence that makes the hiring process more efficient.

5. Data mining
One of the most magnanimous advantages of using cloud-based AI is that apps are able to quickly discover essential and significant findings during the processing of big data. This offers business insights that were previously undiscovered and through this business can gain an advantage in the marketplace. Also, with data mining, businesses can predict future trends before their competitor does, foresee changes in your markets, get an in-depth analysis of their target market and create a more effective and faster data entry. Businesses in fact can make the most of the data which they have access to. Also, since companies will be making accurate decisions with their business, they will be able to bypass expensive mistakes easily.

6. Operational automation
Artificial Intelligence can be used by businesses to operate other technologies and improve automation in the industry. For example, businesses can control robots in factories by using Artificial Intelligence or monitor ideal temperatures via intelligent heating. In countries like Japan, robots that look just like humans now serve as receptionists in some hotels. These robots in these hotels can automate booking services, check-ins, and deal in various languages with customers. Artificial Intelligence is used by the police in China to capture criminals by maintaining a wide network of CCTV. And since Artificial Intelligence supports facial recognition, these robotic police are able to track and spot suspects.

In the end, both AI and IoT are powerful and capable of making your business smarter. Both the technologies, if combined together, can enable companies to achieve even greater digital transformation.

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