Revolutionizing Performance Management : A Comprehensive Review of AI and IoT Impacts

Abstract

The study aims at assessing the outcome of AI and IoT to operational efficiency in business processes for various
sectors. Exploring the Synthesis of the existing literature, combined with empirical evidence, this research examines the transformation possibility of AI and IoT Technologies in the improvement of the company. The centric findings have proved that there are significant upsurges in metrics of performance such as efficiency, productivity, quality, and customer satisfaction across different sectors of industries which are like healthcare, manufacturing, and retailing. Healthcare is another example. In this sector AI and IoT combination reduced the patient queue times by 50% while in manufacturing produced more products while spending 33% less capital costs. Similar to the case of brick and mortar stores, they recorded a 25% increment in their sales through AI-aided demand forecasting and the use of IoT in the inventory management. The findings of this research therefore point the way for the tremendous role played by AI and IoT in driving operational excellence, decision making processes and innovation in performance management. The research leads to the identification of major issues and concerns such as data privacy, security and technology integration, that require additional attention. Eventually, by utilizing AI and IoT technologies, companies find new models of sustainable development and market advantages which are of great help in the context of the current business conditions.