How IoT Trends Are Driving Innovation

At the beginning of each, industry and technology trends become the main focus of conversation among companies’ management teams. While these conversations may seem tiring, they serve an important purpose in keeping companies informed of what their competitors are doing, what’s available on the market, what customers expect, and how they can improve their own operations. IoT trends especially are driving innovation in companies. If companies go unaware of the top trends, they will miss out on the opportunity to optimize their operations and improve operational efficiency. . From real-time tracking and predictive analytics to intelligent route optimization and condition monitoring, IoT is reshaping how we approach and execute logistics processes. In this blog, we’ll discover how these trends are changing the IoT industry.

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The Importance of IoT Trends

IoT has proven itself to be a transformative technology trend for companies looking to improve their operations. At its core, IoT involves connecting everyday devices to the internet, enabling them to send and receive data. This connectivity facilitates a seamless exchange of information, creating a network of smart, interconnected devices. The real-time location information this solution provides has saved companies large amounts of money. The data generated by IoT devices fuels advanced analytics and artificial intelligence, unlocking new insights and opportunities. Companies can gain a deeper understanding of consumer behavior, preferences, and market trends, enabling targeted marketing strategies and personalized customer experiences. The importance of IoT technology trends extends far beyond mere technological innovation: it represents a paradigm shift in how we engage with our surroundings.

How AI is Driving Innovation

AI is creeping into many aspects of both life and business. Companies want to jump on the AI bandwagon because they see all the potential benefits they’ll gain from using AI. They want to use this technology tool to anticipate consumer behavior and inventory fluctuations. These are great reasons for fleet managers to invest in AI. All of these efforts would greatly improve logistics operations. Unfortunately, before AI can provide managers with this information, it needs a technology to provide information about a company’s assets first. This technology solution would need to be able to track and monitor assets, and collect and store the generated data. AI can then use the data that’s been collected to make predictions about consumer behavior and inventory levels. The desire to use AI has pushed companies to innovate using an asset tracking system so they can then benefit from the trending technology, AI. While AI is at the forefront of managers’ minds, there is more that needs to be done before companies can reap the benefits of AI. 

How Sustainability is Driving Innovation

More and more companies are making changes to their processes to operate more sustainably than they have in the past. The trend of moving toward sustainable operations has been pushed by consumers’ buying habits. Since many consumers now make purchasing decisions based on a company’s sustainability efforts, companies have decided that a sustainable operation will help them to remain in good standing with consumers that value sustainability. Some sustainability efforts are easier than others. Making the change from disposable pallets to returnable pallets is easy to do. It’s other operations that are a little trickier. The shift to sustainable practices has sparked IoT innovation to help companies along the way. At first, companies thought they had to get rid of any technology in order to operate sustainably, but they soon learned this wasn’t true. In fact, they discovered that they could use technology to improve their sustainability efforts. They can do this by using IoT technology to track and monitor the location of their assets. When companies track their valuable assets, they reduce any unnecessary waste and ensure everything stays intact.

These IoT solutions are also helping companies act sustainably by optimizing transportation routes. Companies can use this technology to determine which route is the most fuel-efficient. Additionally, companies can use this technology to determine idle time. Some companies that have invested in such a solution have found their trucks idling for up to 8 hours. This fuel wastage is not good for the environment and hikes up the cost of fuel the company is paying. Leading a sustainability effort is easier than you may have thought when you utilize technology.

How Predictive Analytics is Driving Innovation

For years, companies have asked the question, “Where is my asset?” Through IoT, companies are now able to answer that question. An IoT solution was created to track assets in real-time so fleet managers could discover where their assets are no matter where they are. Now that fleet managers can answer this question, others have popped up. One of the main questions is, “Where will my assets be?” Knowing where their asset will be in the future is an emerging technology trend in the logistics industry. Knowing this information is key for future planning. If companies can identify where a bottleneck will be, they can make plans to avoid that bottleneck. If they understand the usage pattern of trailers, they can plan around the pattern to ensure optimized trailer usage. This data-driven approach leverages advanced algorithms and machine learning models to analyze historical and real-time data.

Predictive analytics helps in maintaining an agile supply chain that adapts swiftly to changes in demand. By forecasting demand based on historical sales data, market trends, and external factors, fleet managers can optimize inventory levels. This ensures that stock is neither overstocked nor understocked, preventing unnecessary carrying costs and stockouts. Predictive maintenance is another key innovation driven by predictive analytics. Sensors and monitoring devices on vehicles and equipment collect real-time data on their performance. Predictive analytics algorithms analyze this data to predict potential maintenance needs, allowing fleet managers to schedule maintenance activities proactively. This minimizes downtime, extends the lifespan of assets, and reduces overall maintenance costs.

How Hybridization of Multiple Technologies is Driving Innovation

People have always yearned for a one size fits all solution to all their problems, both personally and professionally. There is no way to solve all your logistics problems with one IoT solution. You can bring more than one technology together to improve the abilities of a solution. We’ve done this with our AirFinder solution. For tracking indoors, we’ve combined the best of UWB and Bluetooth LE to offer high tracking accuracy while extending battery life and decreasing the cost of the solution. We’ve also done this with our outdoor solution by combining GPS, cellular, and WiFi sniffing capabilities to offer high accuracy without draining the battery life. We’re not done with this innovation yet, we’re working to further increase the accuracy globally by adding 5G to this hybrid of technology.

We’re seeing this now industry wide with AI. Earlier, we discussed how data needs to be collected in order for AI to prove itself useful in improving supply chain operations. When using an IoT platform to collect and store data, AI algorithms analyze vast datasets generated for predictive analytics. By combining the analytical power of AI with the real-time data from IoT sensors, logistics companies can make informed decisions, reduce costs, and improve overall operational efficiency. The collaborative potential of hybrid technologies is evident in supply chain visibility and collaboration. Cloud computing, coupled with AI and IoT, facilitates real-time collaboration and information sharing among various stakeholders in the supply chain. This collaborative approach enhances communication, reduces delays, and promotes a more agile and responsive logistics ecosystem.

How IoT Embedded in Core Technologies is Driving Innovation

Since IoT is being embedded into vehicles and equipment already utilized by operations, when those assets are being repurchased, fleet managers are getting exposure to the trends in technology without having to seek it out and purchase it themselves. When fleet managers are exposed to these technologies and see how much it benefits them, they want to see those same benefits in other areas of their operations. This inspires them to invest in the same or similar technologies to help them achieve this same success in the rest of their operations. When telematics was first introduced, companies had to choose to invest in it, now it comes a part of every truck you purchase. Companies now are searching for that same visibility for their trailers and the cargo on those trailers. They’re seeking out a tracking solution that provides them with that visibility and that has led them to an asset tracking system. Through this innovative solution, fleet managers have complete visibility of all of their supply chain operations. 

How You Can Drive Innovation in Your Logistics Operations

When you’re staying up to date on future technology trends, you are equipped with the information you need to be successful. The integration of IoT technology has ignited a revolution, transforming traditional supply chain processes and driving efficiency to unprecedented levels. Real-time tracking, predictive analytics, and condition monitoring facilitated by IoT have become instrumental in optimizing routes, enhancing visibility, and ensuring the integrity of goods in transit. As fleet managers embrace the interconnected future shaped by IoT trends, we stand on the cusp of a logistics landscape that is not only more efficient but also more responsive, adaptive, and well-positioned to meet the evolving demands of a rapidly changing global market. To learn how you can drive innovation with our asset tracking solution, book a demo with our team.