How Will 5G Impact Your Business?
The long-awaited and much-hyped 5G network has finally launched in some markets and will be rolled out in more major cities by the second half of 2019. 5G is the fifth and latest evolution of wireless connectivity and is expected to have a transformative impact on consumers’ lives and businesses across most industries. The reason for such excitement is, of course, the high speed, low latency, better network reliability and massive device connectivity that 5G performance promises.
While faster speeds are always a welcome development for end-users, the business landscape is where 5G is anticipated to have the most impact. In fact, an Oracle-commissioned survey of 265 business leaders and IT executives across 11 countries reveals that many enterprises are well aware of the possible opportunities that 5G connectivity can create. More than 80% of the respondents say that it can significantly improve many aspects of business operations, and more than 82% believe that it can pave the way for launching new products and services.
So, even while 5G is still currently in trial deployments, it’s best to learn more about the technology, and discover how you can leverage its capabilities for your company. Here are some of the potential ways in which 5G can positively impact your business:
Promotes faster, more efficient systems
Most modern organisations rely greatly on the internet for most of their operational activities. Whether it’s for cloud-based data storage, online sales systems, file sharing software, or one of the many other applications that require on-demand connectivity, the need for faster network speeds is now more apparent than ever.
Therefore, having access to high-speed connection means tasks are accomplished more quickly and accurately. Such efficiency will ultimately result in increased employee productivity, reduced operational costs and a more streamlined working environment.
Enhances customer experience
Customers are among those who stand to benefit immensely from the advent of 5G wireless. The faster speeds will allow you to communicate with customers when and where necessary, and on a more personalised level. Face-to-face and real-time interactions with clients, which are difficult to carry out with an unreliable connection, are easily achievable with 5G technology.
5G also makes it easier for businesses to create and stream high-quality video content and high-resolution images to both existing and prospective customers. Moreover, the technology ensures that the content is viewed the way you intend it to be viewed. In addition, 5G also opens up more avenues for launching targeted marketing campaigns.
Encourages remote working
While many enterprises have accepted the concept of remote working, in practice it hasn’t really been adopted on a large scale. This is in part due to the limitations of the current 4G and (for some) 3G networks. If you’ve ever tried participating in a video conference or video call in which one party freezes or gets cut off, you know it’s not exactly a pleasant experience. Not only does it ruin the flow of the discussion, it’s also a huge waste of time.
Once 5G technology is deployed in most areas, however, this will change. With seamless connectivity and minimal latency, video conferences will feel like a face-to-face meeting. This will, in turn, decrease the need for co-location teams, and build up the case for remote working, which more employees are starting to favour.
Promotes a mobile-first mentality
Businesses should prepare for a significant shift in how consumers discover and choose their goods or service providers as soon as 5G becomes ubiquitous. Users abandon a web page if it doesn’t load within three seconds, and, in the same way, the speed with which information can be retrieved in a 5G era will prompt users to reach for the device that can also be accessed the quickest.
This means that the computer-driven and mobile interactions of today will gradually evolve into a mobile-first or even mobile-only interaction. If you want your business to keep up with the times, make sure that you are delivering a fast and friendly mobile experience to existing customers and prospective clients.
Bridges the talent gap
Recruiting the right talent for your company can also be made easier with 5G. With the capacity to mount clear, uninterrupted video conferences and calls, your search shouldn’t end with the applicants from your locality only. You can review candidates’ resumés, evaluate their skill sets, create your shortlist and interview them, regardless of which part of the country (or world) they are in.
It doesn’t end with the recruitment process. If necessary, your organisation can then adopt a remote working arrangement with your new employee with the help of high-speed 5G technology. It allows for almost seamless integration of various communication apps and business software tools so that your newly-recruited talent can collaborate with the other team members with ease.
We’ve barely scratched the surface here when it comes to the possibilities with 5G, and everything remains to be seen until more people start to use it. Still, the interest and investment that is being put into the technology is enough to convince many that 5G is the next big thing. If you haven’t started including 5G into your strategy planning, then it’s high time you did.