Adoption of digital technology by a company, which is essentially the overall Digital Transformation is not a new concept. Technologies that are used to drive the digital transformation began its development almost half a century back around 1970s. As the technology has become more accessible now, digital transformation is widely used by businesses and organizations as it keeps them in a position to stay ahead of the curve. There are primarily 4 main areas of digital transformation i.e., companies can either plan to offer a new product, offer a new service, improve existing business process or create a new business model altogether. But since digital transformation is a lot more than just adding new technology, organizations are nowadays planning and proactively building a Digital Transformation Strategy.

The spending on Artificial Intelligence is expected to reach $57.6 Bn by 2021. Additionally, the current adoption of fintech is estimated to be at 33 percent around the world. It's no surprise that IoT devices, in conjunction with data-fueled AI systems, have the groundbreaking potential for all industries, including fintech. With everything getting digital and automated, the finance and banking sector is set to radically change by the combined effect of machine learning and the Internet of things. To gauge the scope of potential, let's look at some interesting ways how ML and IoT are transforming the fintech space.

What is IQT and how does it make all the connected things smarter? Emerging technologies like Internet of Things (IoT) are redefining the way businesses are generating and consuming data. As these technologies take shape and bring more data sources on line, one of the biggest challenges will be to understand and act on the data generated by anything that can be connected. This data holds paramount importance for the organisations. In fact, successful businesses thrive on the ability to convert data into insights.

The following is a guest article from Joe Conway, founder and CEO of stable kernel. The rapid nature of technological advancement is moving us forward in ways we never predicted. The Internet of Things (IoT), in particular, has the potential to make professionals more efficient and productive through the use of enhanced machine learning (ML), augmented reality (AR) and connected devices. Companies are adding internet capability to devices that previously could only be monitored by physical access or not at all. For example, Rheem Manufacturing water heaters in customers' homes now emit performance data that provides opportunities to reduce utility bills.