Although some companies began exploring IoT prior to 2020, the Covid-19 pandemic forced many organizations to fully take the plunge. Companies are learning that IoT technology is necessary for staying afloat in turbulent times. Here are some of the top trends driving IoT innovation in 2022.
Increased consumer demands, an influx of data, and the shift to remote work have caused companies to see the value of digital tools for streamlining their processes and improving communication. As the current labor shortage and retirement boom take a toll on employee numbers, companies are forced to adapt in order to meet greater demands with shorter deadlines. Embracing innovations in technology is one step companies can take to meet customer expectations and maintain a competitive edge.
IoT technology will drive digital transformation. According to Statista, there will be over 25.4 billion IoT devices by 2030. Advances in AI, 5G connectivity, and blockchain technology will streamline communication and data processing, enabling companies to meet their customers’ needs with greater efficiency. AI and ML will enable machines to tackle more complex tasks, freeing workers to focus on other responsibilities.
Although digital transformation will drive the GDP by 2023, companies must have a thoughtful plan for implementing digital transformation tools. Technological innovation requires flexibility and a willingness to learn. Companies will encounter a learning curve as they go through the trial-and-error process of incorporating IoT technology, but the potential ROI and competitive advancement such technology provides will be well worth the investment.
Accessible Asset Tracking
Asset tracking is driving IoT innovation, according to a study by ABI Research. In 2022, companies will see the democratization of asset tracking as cost-effective solutions hit the market. Competition will increase as asset tracking becomes accessible to smaller and mid-sized companies due to low-power wide-area (LPWA) networks and affordable IoT devices. In fact, smaller companies may be able to adapt faster than larger corporations because of their size.
Asset tracking will continue to gain traction as companies adopt it for multiple use cases. The use of asset tracking for multiple use cases will coincide with increased use of returnable asset tracking, which aids companies in loss prevention and inventory management.
While multiple industries have adopted and will continue to adopt asset tracking, 2022 should see an increase in the healthcare industry’s adoption of asset tracking IoT solutions. By decreasing search time and increasing process efficiency, asset tracking will enable healthcare professionals to better serve their patients and improve overall efficiency. As technology improves and security needs are addressed, asset trackers will also be used to monitor and report on patients’ conditions in real-time. An increased interest in telehealth in the wake of the Covid-19 pandemic will stimulate adoption of asset tracking and other IoT solutions in the healthcare industry.
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Supply Chain Solutions
Supply chain issues following the pandemic continue to impact corporations heading into 2022. A decreased labor force requires companies to seek innovative solutions to address increased customer demands. IoT technology provides solutions in tracking, condition monitoring, and inventory management, as well as safety and compliance. As companies adopt more IoT technology, they will be able to minimize risk and improve their resilience in the face of continued supply chain disruptions.
Fluctuating demand as a result of the pandemic leaves logistics professionals in a lurch as they seek to predict inventory needs heading into 2022. IoT solutions such as asset tracking provide real-time updates on data that will give companies accurate information for inventory management, and incorporation of AI will improve predictive analytics for future inventory needs.
While companies will want to accurately manage inventory, tracking assets in-transit and monitoring the condition of those assets will also be of pivotal importance in 2022. Indoor and outdoor location tracking and monitoring will increase companies’ supply chain visibility and enable them to see delays and problems before they happen, increasing their efficiency and enabling better communication with their customers.
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