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The 2021 Steinbeis Engineering Day: Smart Connected Products

When artificial intelligence meets the internet of things

The internet of things (IoT) and artificial intelligence (AI) are important drivers of innovation. They open up new opportunities for innovative business models and new value cration. IoT products and devices are already used not only by companies but also by consumers. The combination of AI and IoT technologycreates AIoT products capable of learning from experience and making decisions without human input. How can small and medium-sized businesses (SMEs) exploit this trend and develop their own AIoT products? This will be the main topic of the sixth Steinbeis Engineering Day, scheduled to take place on May 5, 2021 at the Steinbeis House for Management and Technology.

Merging sensors with actuators and internet technology allows to link up machines with devices and even buildings – or summarized in a single word: things. The internet of things already encompasses more interconnected things than people. According to forecasts, by 2025 there will be more than 55 billion IoT-ready products. An IoT-ready product is equipped with its own sensors. This enables it to take in its immediate surroundings or check its own status and pass this information on to others via the internet. Depending on the kind of actuators they are fitted with, products can then be controlled from a distance – or “remotely.” The networking between IoT-ready products is based on the capturing, evaluation, and exchange of data.  The collection of data resembles thereby the human sensory organs, the exchange is similar to our interhuman communication and the evaluation increasingly resembles the functions of the human brain IoT products are not necessarily capable of learning, due to the type of data analysis methods that have been used until now. But there are now new techniques based on artificial intelligence that are capable of simulating human learning.

Combining the IoT and AI is spawning new products capable of delivering genuine competitive advantage, but they require detailed expertise that is not always accessible to SMEs, or not to the extent they require it. At the next Steinbeis Engineering Day, the Ferdinand-Steinbeis-Institute will demonstrate how SMEs can make existing and new products more AIoT-compatible. By looking at specific examples, participants will gain insights into the potential and benefits offered by AIoT products. AIoT experts will also explain the issues that need to be considered when developing AIoT products and appropriate business models. Participants at the event will also be shown the benefit SMEs gain by setting up networks across different sectors of industry and developing AIoT products collaboratively.


More information: www.steinbeis-engineering-tag.de.

Contact

Anna Rauhut (author)
Research Assistant
Ferdinand Steinbeis Institute (Stuttgart)
www.steinbeis-fsti.de