Will AI deliver tangible value from big data?

AI creates value from big data

The Internet of Things (IoT) changes everything at record speed. It is said that 90 percent of the data in the world has been generated in the last two years. The latest estimate is that IoT devices connected to the Internet will jump 12 percent on average annually, from nearly 27 billion in 2017 to 125 billion in 2030  (IHS, Oct 2017). The each connected device will add to the ocean of IoT data is growing exponentially.

Reading a blog from Schneider Electric about the massive volumes of data collected by IoT, reminded me of a poem by Coleridge. The line from the Rime of the Ancient Mariner goes “Water, water, everywhere, and all the boards did shrink. Water, water, everywhere, nor any drop to drink.”

Firstly, we need to find new ways to store the data and then decide how long to keep it. We then need new ways of extracting value from it. Finding a way to transfer this “big data” into tangible value is imperative, and artificial intelligence (AI) offers a way ahead. Schneider Electric’s response is to leverage IoT using big data and transformative technologies such as sensing, mobility and AI.

Big data is a term describing how business handles the large volume of structured and unstructured data they collect daily. Furthermore, it is how users analyse and extract information from data-sets too large and complex for normal processing.

AI creates value from Big Data

In factory automation, the term big data is used for predictive and behavioural analytics. It also refers to advanced data analytical methods that extract other value from the data.  Analysis of data using artificial intelligence helps identifying new patterns in the information that companies can use to improve their performance.

According to Schneider Electric, big data fuels AI, which in turn gives the data meaning through machine learning (as in predictive maintenance), and augmented reality (data in context), and deep learning (technology that mimics the brain’s ability to learn).

We are entering a transformative cycle across nearly every industry thanks to AI and widespread connectivity. Tomorrow your connected cars will tell you when it’s really time to go to the garage for maintenance. Perhaps we’ll see self-repairing machines and equipment in factories and data centres enabled by digital services.

The goal at Schneider Electric is leveraging AI technologies to turn data into actionable insights. Their IoT-enabled, open EcoStruxure architecture provides the vehicle for doing this. It also brings together energy management, automation, connectivity, and software to make it possible for customers to compete in the digital economy with one IoT architecture.

As data comes from a wide range of devices from across manufacturers and vendors and EcoStruxure provides an open interoperable system. It takes data from any products or systems and to creates insights for users to make effective, business-driven decisions.

The more data collected from a mix of hardware leads to better connected thinking and data-based insights. Applications include productivity, energy, power quality, environmental conditions, real-time location, potential risk of failure.

EcoStruxure leading the way?

Schneider has over 1 billion IOT connected devices with the support of 9,000 system integrators, across several industries and markets. This also gives them a leading position in developing next-generation platforms, influencing standards, and leading new technology innovation and adoption.

Finally, by partnering with best-in-class players they can deliver digital services, apps, and analytics. Working with Accenture to build a digital services factory also accelerates the development of IoT solutions and services.