One of the key points for the future of media companies is what role artificial intelligence and IoT will play.
With them both developing as rapidly as ever, it is media companies duty to find the best ways to implement them. It’s already clear that AI and IoT can hold significant superpowers together. That’s why media companies are trying to find the best ways to benefit from them.
These technologies are becoming more and more important in the media industry. Let’s take a look at what AI and IoT are and how media companies can benefit from them.
Artificial intelligence is an umbrella term for various technologies that use algorithms to analyze data at varying levels of complexity and abstraction. It is a simulation of human intelligence processes by machines, especially computer systems.
AI has the potential to transform industries and bring significant improvements in efficiency, productivity, and customer experience.
Machine learning is a subset of AI. A computer feeds data to a machine learning algorithm, which then uses statistical methods to “learn” how to improve over time at a task without necessarily having been programmed for it.
Machine learning has attracted considerable interest in recent years, both as an academic study topic and as a solution to real-world commercial challenges. It is now widely used in various sectors, including the media industry.
The added value of AI has increased as the amount of data processed has increased. Big Data, also known as massive data sets and data analytics, is sometimes referred to as the fuel that enables AI algorithms to deliver their findings. AI’s ability to analyze massive datasets and identify new patterns in data boosts efficiency and supports decision-making.
The Internet of Things
The integration and utilization of digital technology are currently one of the most urgent concerns for businesses, and every industry or organization is unaffected by the consequences of digital transformation.
The Internet of Things (IoT) refers to the network of interconnected physical devices, vehicles, appliances, and other objects embedded with sensors, software, and network connectivity that enables them to collect and exchange data.
These devices are often referred to as “smart” devices. They are capable of sensing their environment, communicating with other devices, and making intelligent decisions based on the data they gather. IoT allows for seamless communication and interaction between objects and the digital world, enabling greater automation, efficiency, and connectivity in various domains.
The Internet of Things connects users, machines, and applications, resulting in a highly integrated supply chain. The complete automation of transferring materials and products in manufacturing lines generates essential data for management reasons.
IoT is indeed considered one of the most significant technologies in our daily lives. Its impact is expected to grow even further as more businesses recognize the immense potential of connected devices.
Enhancing Efficiency and Customer Experiences with Artificial Intelligence and IoT
Connectivity and automation help businesses create services and goods more efficiently by utilizing digital platforms, robots, artificial intelligence, and big data, all digitally connected.
Customers are bound to service producers using digital platforms or online tools. The move toward online consumption has resulted in tremendous development in media and entertainment firms and connectivity-related products.
The Internet of Things and artificial intelligence are most effective when they’re working together. Together we can call them as AIoT. This combination has some impressive advantages. Together, these two bring many different benefits.
AI can function independently and autonomously from a human team, automate operations, and processes. Together with IoT, machine learning can be a lot more efficient.
IoT allows bots that allow machine learning to communicate with each other. This might sound confusing, but by this machine learning can recognize and adapt better to changing situations. This makes automation more practical.
The AI powered IoT ecosystem consists of inexpensive sensors that produce enormous amounts of data. It analyzes and summarizes data before passing it from one device to another.
It thereby reduces enormous volumes of data to a size that can be handled and enables a huge number of IoT devices to be connected. This concept is known as scalability.
3. Enhanced Customer Relationship
Media companies can use AI and IoT to improve efficiency and enhance customer experiences. For example, streaming services can use AI to analyze user data and provide personalized content recommendations, improving the customer experience.
Media companies can use IoT to collect data from connected devices and provide insights into customer behavior, helping media companies to develop new services and goods.
Recently, the highest number of monthly attacks was detected in June 2022, with approximately 13 million attacks. It is certain that IoT isn’t completely safe.
However intelligent algorithms can keep a close eye out for any suspicious activity or unauthorized access. Continuous monitoring in IoT networks is already a common practice for many media companies, but AIoT puts this process closer to the endpoints.
5. Cost Effectiveness
Overall, the cost-effectiveness of AIoT lies in its ability to optimize processes, improve decision-making, and drive operational efficiency. It results in reduced costs, improved resource allocation, and increased productivity. By leveraging the power of AI and IoT together, media companies can achieve significant financial benefits while delivering value to customers.
Unlocking New Opportunities
In conclusion, AI and IoT are helping media companies to improve their efficiency, create innovative services and interests, and enhance their customer experiences. Media company decision-makers should stay on top of current developments to figure out how to improve productivity and stay ahead of the competition.
Digital transformation is a strategic response to the digital economy and technology. It has become a strategic goal for business development in senior management.
By combining business strategy with IoT technologies, robotics, automation, and artificial intelligence, many companies and industries can improve industrial processes, efficiency, and data management.
As the CEO of Media Tailor, Markus Paul brings over a decade of experience in leadership roles within the media industry and technology companies. With his extensive knowledge and expertise, Markus recently completed an MBA research project on artificial intelligence in the media industry. In this blog series, Markus will share insights from his research, exploring how AI is transforming the media landscape and providing new opportunities for media companies.