How Linking IoT, Big Data and Digital Twins to AI and Machine Learning Increases Business Value

Writers have argued that AI’s main impact is prediction. AI forms the basis for prediction machines that avoid breakdowns and maintenance costs. Recent case studies, however, show that businesses are using AI in ways that expand this focus on prediction. Firms face a more complex, two-pronged problem. First, they must assemble information that lets them achieve deeper insights into business processes. Second, with new analytic tools, such as AI and machine learning, firms must identify how to apply new analytics to achieve greaterbusiness value. Firms address these challenges in two ways. They organize data/information into more refined descriptions of work processes, using IoT and digital twins. Once they have amassed more detailed process data, firms must decide how to analyze it. They focus on how AI and machine learning analytics offer insights into production processes. In many cases, these insights could not be achieved with traditional analytics. The talk cites interesting case studies. It also explains how firms obtained greater economic value firms by combining process data and analytics.