5G is the next step-fifth generation-of mobile networks. As well as being much quicker than previous ‘G’s, it is also expected to open up plenty of new use cases for mobile data – and that, potentially, means new business opportunities. Those include the ability to introduce brand new goods and services which weren’t possible before, expanding into new markets and increasing profitability.
Although it may be a way off it’s worth knowing what 5 G might be able to bring your business, but so you can start planning. You’ll find information on the company opportunities – and how to plan for it below.
What is 5G?
Named 5G, the fifth generation of mobile wireless communications aims to reduce latency, deliver greater reliability, the ability to link even more devices at once, and transfer more data thanks to higher speeds. These features have the ability to supercharge business, and that’s one of the reasons 66 percent of companies expect to implement 5G by 2020, according to a report. Basically, 5G takes advantage of higher-frequency bands in the radio spectrum that has a lot of power but shorter wavelengths. Cisco predicts that by 2020, 5G will produce three times more traffic than the current 4G link, and those connections will make up 3 percent of all mobile connections.
Moving deeper, the business stands to gain a lot from the launch of the 5th Generation network. The following are the general developments from this new technology. However, if you want to look closely at how such a dramatic transition could affect companies from 2020, here are some of the issues to consider:
Reduced reliance on Wi-Fi
Due to the boosted speeds and efficiency, there’ll be little to no need for using Wi-Fi networks, especially for your staff. They will work from anywhere, literally.
It will improve the remote working experience
Initially, the previous networks made it a challenge to use video links during communication due to freezes. With 5G, this may soon be a story for your grand-kids. It provides smooth communication with no disturbances.
Many established companies have many branches spread out all over the Globe. 5G for business will allow both of these branches to move information at high speeds and safely.
Now that we have addressed the possible benefits your business can accrue from the 5th generation network, here are some of the ways to get your business prepared:
How can a business prepare for 5G?
Although we can predict and recognize the patterns that will be driven by 5G access, the possibilities this technology will bring are beyond current comprehension. However, businesses that are data-driven and focused on customer experience should be able to benefit from 5G technologies.
Businesses that still have overlapping data silos would fail to take advantage. Data needs to be streamlined, with AI technologies used to obtain insights. Creating tailored customer experiences will be the key to deliver on consumer demand.
The rise of VR and AR-based platforms means brands should look for more immersive media as an addition to their content library. With this technology still in its infancy, consumers currently have lower expectations, marking VR and AR as a content format that’s ripe for exploration.
With a replacement network of connected IoT devices in both public and personal locations, the demand for brands to deliver a uniform and smooth customer experience across these devices will make a data-driven approach even more critical. To organize for the disruption, companies should explore how AI and automation can assist in creating a customized omnichannel customer experience.
Businesses will plan for the technology now in order to reap the advantages and operating efficiencies provided by 5G.
Budget for investment: Initially, the 5G equipment needed to leverage the 5G benefits would be more costly than 4G. It will be necessary to be well-equipped with the appropriate technologies once 5G is fully launched.
Planning: Businesses need to plan for the latest era of automation and artificial intelligence. Lower latency rates would create new ways for companies to leverage automation, machine learning, and artificial intelligence through more of their operations.
Education: Leaders and employees need to have a better understanding of what 5G is and increase their curiosity about how it can help business goals, including where to find the new 5G applications to benefit their business.
Strategy: Businesses should implement or incorporate a 5G strategy into their overall business strategy to make sure that important product or process changes are made to facilitate 5G adoption.
5G is tipped to bring advantages to businesses large and little, although it won’t happen overnight. If it delivers everything it promises to, then many expect the introduction of 5G to underpin the fourth technological revolution – Industry 4.0, where everything is connected, processed and digitised. This is often set to rework and advance many existing industries, also as creating new ones. Reach out to our experts for an in-depth discussion on this.
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