Technology Makeover: A Global Industry Outlook for 2022

A holistic approach at some of the biggest trends in technology

Since the COVID-19 pandemic has altered the way the global society functions, technological innovations are anticipated to grow in 2022. But are industries able to keep up with this shift in new technological trends? Let us look at four game-changing technological innovations that will help to increase bottom lines.

Opportunities for long-term business growth

As the world is witnessing a sea change where Facebook has renamed itself as Meta, early adopters of new technologies tend to gain a competitive edge over other market players. Advancements in machine learning, automation and robotics are helping to accelerate business processes.

Despite the influx of new technologies, stakeholders from various industries like healthcare, information technology and BFSI of developing economies are experiencing a technological gap due to the lack of resources. This indicates that tech giants hold untapped revenue opportunities in developing countries since mature and developed economies are nearing a saturation point, where innovation becomes a key differentiator.

Here are key insights about specific technologies that play a fundamental role in business success for 2022:

  • Cloud and the hybrid workforce: As increasing number of businesses demand transparency, flexibility and convenience, the hybrid workforce is taking new forms in both MNCs and SMEs. The adoption of Microsoft Teams has been a prominent trend in this space. Thus, increasing number of businesses are making sure that employees are enabled and empowered to have successful work-at-home and in-office productivity.
  • Sustainability acts as value addition: Businesses are going beyond suit and tie to bolster their credibility credentials. The pandemic has spurred additional interest in ESG (environmental, social, and governance) investing. This means, commitment to the ESG model translates into not just business stability, but also greater social equality and inclusion of communities.
  • Everything-as-a-Service (XaaS) helps in business leap: Seamless communication, security of IT systems and scalable business models to name a few are helping in greater adoption of XaaS to enhance operational efficiencies.
  • Resilient supply chains: Since the pandemic has exposed the vulnerabilities of most businesses, sourcing alternative supply partners is emerging as a winning strategy. Digitalization of processes is delivering cost efficiency in supply chain management.

Despite technological gap in most industries, investment in training of company executives, technicians and operators with job security holds promising potentials to overcome technology adoption challenges in 2022.

Blockchain could power Supply Chain Management of PPE

In the midst of COVID-19 ravaging the planet, it is frontline care providers who are facing the brunt, and have been subject to immense risks. This is a consequence of poor federal planning for a public health emergency and mismanaged allocation of resources. Whilst personal protective equipment is needed for all essential workers, it is particularly important for hospital and other care settings.

Unfortunately, due to critical shortage of protective equipment, hospitals had to ask health caregivers to reuse single-use ones for days and even weeks. In this scenario, on March 17, the Centers for Disease Control and Prevention suggested it would be safe for healthcare providers to use homemade masks, such as scarf and bandana as the last resort for care of COVID-19 patients. Meanwhile, the need for nurses to wear bandanas in place of surgical masks and ponchos in place of gowns is inexcusable.

Critical Shortage of PPE poses Real Risk for Healthcare Workers

“In the current scenario, without secure supply chains, there lies real risk for healthcare workers around the world,” stated Director General, World Health Organization. “To address this, industry and governments must come quickly come up with a plan to boost supply, to ease export restrictions, and to put measures in place to stop speculation and hoarding. The protection of healthcare workers is first to stop COVID-19.”

Sadly, some healthcare workers succumbed to CIVID-19, which, in some cases, could be due to lack of personal protective equipment and safe working conditions.

Meanwhile, in normal times, hospitals try to maintain margins and expand profits. It is seen as a wasteful practice to stockpile personal protective equipment, most of which, is eventually disposed due to expiration dates.

Nonetheless, in a crisis like COVID-19, it reiterates running out or such critical equipment can have dangerous risks.