IoT industry trends and tech advances: the ones to watch in 2024

Apr 19 2024 | General

Australian businesses in a range of industries are experiencing transformative changes, driven in large part by advances such as the IoT and telematics. These changes are reshaping industries, and businesses that anticipate and plan for these changes are enjoying a strategic advantage and long-term viability. 

Being well-informed about tech advances isn’t just beneficial; it’s imperative for staying competitive. Adaptability and responsiveness to evolving business demands are crucial to navigating this era of rapid transformation. 

So, what does the future hold? In this article, we explore telematics and IoT industry trends and other changes affecting various industries.


A hydrogen energy pipe with solar panels and a wind turbine in the background

Hydrogen’s role in the green energy movement is becoming more significant


Telematics and industry trends shaping business

The Internet of Things (IoT) has transformed business operations with its interconnected devices and data-driven insights. Inauro Co-CEO and Co-Founder Angus Kennard shares his insights on the IoT and telematics trends you need to know about.


IoT and green energy

The green energy movement, with hydrogen at the helm as a clean and versatile energy source, is gaining significance. Hydrogen fuel cells can generate electricity for various applications, including transport, heating and industrial processes, reducing our reliance on fossil fuels. 

Angus witnessed increasing interest in hydrogen fuel on a recent visit to the US. “One of the key themes in the industry over there is around energy and the use of hydrogen, batteries and solar. Hydrogen can be adopted for any piece of equipment or vehicle.”

But as the industry embraces this new energy source, they’re also navigating new compliance territory and how to monitor and manage new fuel sources safely and efficiently. Angus explains further.

“Being able to change the type of energy that’s being used can affect the type of data and information you can report on, and can then affect the ability to either market or comply or get access to government tenders. It’s really important to be able to measure and monitor different fuel sources to be able to accurately report.”

The need to comply with ESG obligations and reporting is also adding to the interest in renewable energy sources. Those in industries such as equipment hire and fleet management are keenly aware of the need to meet their ESG obligations not just for compliance but also to attract new customers and contracts. 

Angus says hydrogen tech and the infrastructure to support it is still new, but as interest increases, it will become a more affordable energy source.


Redefining operational management with useable data

Telemetry has been around for several decades in the industry. But with advancements in wireless communication, data analytics, and IoT technologies, telemetry continues to evolve, providing valuable insights and enhancing operational efficiency. 

Angus says that with the range and spectrum of telemetry products and providers now available, the amount of data insight being collected is huge. That’s why we’re seeing another important trend emerging — the emphasis on nuanced, tailored and detailed data. Business leaders are now able to use telemetry data to:

  • Make real-time decisions on all aspects, such as production processes, supply chain management and overall business strategy.
  • Identify bottlenecks, waste and inefficiencies in their operations.
  • Understand customer preferences and act on feedback.

“Telematics can help build efficiencies and save money,” says Angus. “It’s not just about keeping an eye on the location of equipment anymore.”


Predicting the future with AI

Thanks to all the data that are now being collected and the AI systems that can interpret the data, businesses have unprecedented levels of transparency and can see operational issues and opportunities they couldn’t see before. 

“Whether it’s an issue around safety or operator behaviour or an issue with the machine or the environment that it’s in, there are so many factors that we can gather data on and gain insight into,” says Angus. “That gives us the ability to predict things are going to happen before they happen.”

AI can help businesses:

  • Predict future buyer patterns and forecast trends, then tailor their products and offerings accordingly.
  • Identify and evaluate potential risks and develop strategies to mitigate or manage those risks.
  • Measure employee engagement and satisfaction by tracking changes in productivity.


The rise of software integration in rental industries

The rise in software and ERP rental software providers reflects a growing reliance on automated systems and streamlined processes in rental businesses, shares Angus.

“This integration extends to customer information, including websites and accounting systems. Telemetry and data analysis play a crucial role in offering valuable insights. Connecting these elements is really important in order to utilise the data and systems. This shift highlights a move towards trusting systems over manual processes, leading to increased efficiency and reduced human errors.”

While larger hire companies are building their own systems, this is not possible for medium and small players. However, they’re finding that they must integrate their systems to stay competitive. As such, Angus is also seeing an increase in ERP and telemetry service providers to service those needs.


A graphic showing the architecture of an ERP system connecting with other business intelligence systems

Businesses are discovering they must integrate their systems to stay competitive


Making telematics work for you 

Don’t have time to stay ahead of the curve when it comes to IoT? You don’t need to. No matter what your telemetry needs, Inauro can meet you where you are and get you where you need to be. Want to discover more about emerging trends in IoT, telemetry and how we can work with your business? Talk to us today.

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