INDUSTRY WATCH

Fleet optimisation systems are able to collect , aggregate and analyse IoT-enabled hardware from dash and driver cameras and portable tracking units , allowing fleet managers to drill right down into the details of how a vehicle is operating , even down to checking tyre pressure and temperature .

IoT , which creates a network of connected devices which communicate with each other in real time , has become a trillion dollar industry , with Statista estimating it will reach over $ 1.3 trillion in revenue in 2024 .

Artificial Intelligence meanwhile has experienced massive growth since the release of consumer facing generative AI programmes like OpenAi ’ s ChatGPT and Google ’ s Gemini . Bloomberg Intelligence data estimates that the generative AI market alone is poised to reach $ 1.3 trillion by 2033 , from $ 49 billion in 2022 .

Here is how some leading industries are using the technology , and how they see it developing in the future .

Insurance

For now , AI in insurance is all about enhancing efficiencies and processing speeds . Many are experimenting with AI in the insurance claims space and progress is accelerating although it is early days and the approach is still very much hybrid , with careful human review and intervention required , according to Charlotte Koep , COO of insurance platform Root .

If you have ever worn a smartwatch to track your movement for your medical aid or your driving is monitored by your car insurer , you have seen where the insurance industry is currently putting the bulk of its IoT focus .

And while the use of the two technologies together still has some way to go in the industry , AI is likely to be the edge that IoT has been looking for to actually become useful in insurance , specifically the ability to influence pricing and customisation .

Telecommunications

AI tools , implemented correctly , can feed telephony providers personalised recommendations based on the individual data of a particular customer , says Euphoria Telecom Technical Director , Nic Laschinger . This personal touch , along with the ability to resolve customer queries more quickly , can enhance how customers experience the company , building loyalty and trust .

If a business has a contact centre , AI tools can analyse call data and provide further insights into things like customer preferences , behaviour , and sentiment . These can then be used to further improve the customer experience .

Contact centres

AI is helping to supercharge contact centres , with virtual agents being able to answer queries on multiple platforms , in multiple languages , says CEO of CLEVVA , Ryan Falkenberg .

AI-powered virtual agents can increasingly automate sales , service and support conversations unassisted . This means the volume and type of calls human agents will be asked to field are changing dramatically .

IoT , meanwhile , has the potential to lower call volumes simply because devices can increasingly self-solve , lowering the requirements for service related queries . In the future , this may offer proactive customer service solutions with IoT allowing smart objects to communicate problems directly to the manufacturer- maybe even helping to prevent issues before they even occur .

Charlotte Koep , COO Root

Justin Coetzee , CEO GoMetro

Nic Laschinger , Technical Director , Euphoria Telecom

Logistics Education

With vehicles scattered across various geographies at any given time , IoT has already been widely adopted in fleet management globally .

Being able to see your own vehicles and your subcontractors ’ vehicles all on one screen , regardless of telematics or tracking provider , makes a real difference in the logistics industry , says Justin Coetzee , CEO of GoMetro .

The fusion of AI and IoT represents not just a technological convergence but a renaissance in education , says David Morgan , Head of Learning at Edtech startup Mindjoy .

Despite some apprehension due to plagiarism and the possibility of students turning in AI-generated work , AI is a valuable tool for both teachers and learners . Already learners using the technology are experiencing

Ryan Falkenberg , CEO CLEVVA

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