In a recent conversation with the cofounder and lead developer of an AI startup, he mentioned how the onslaught of connected IoT devices drives the upside value gained from artificial intelligence. AI performs at its best when fed massive amounts of data. His belief is that the scale of artificial intelligence will accelerate concurrent to the acceleration of more connected devices from the Internet of Things.
I agree with his belief as it seems many others that follow IoT’s market growth do as well. It’s the intersection with artificial intelligence that is responsible for such advantages as workplace efficiency, cost savings on utility bills, and convenience. As I have argued, the raw data thrown off by connected devices has value in the fact that it provides a newly available foundation from which to learn. However, far greater business value is derived from the raw IoT data only after it is crunched, combined and calculated to form new insights that drive business decisions.
Addressing the Fears of Artificial Intelligence
Whatever value though is gained from AI and connected devices, innovators and early adopters leading the way must realize the current fears held by many current and prospective users. Whether real concerns around security and data privacy or more fanciful ones around robots taking over jobs or the world, these fears exist.
The early growth stages of IoT and AI markets requires innovators and early adopters to educate the market (e.g. category) while also ensuring these fears are appropriately addressed within their products and services. This will require addressing such pain points as IoT standards, privacy measures, and security. It could also involve education, job training, and general change management within organizations. Gaining the coveted first-mover advantage isn’t easy since it requires a lot of critical groundwork. But the outcomes are often worth the effort.