How Will 5G Impact Your Business?
5G isn’t only about a future with faster data speeds; it’s about faster business. This article explores 5G applications and how they can benefit your business. Keep browsing to find out what advantages you could get from 5G Technology.
5G is fifth generation of mobile networks, following on from previous generations. It will offer much faster connection speeds than previous networks and be more reliable with lower response times and greater capacity.
One of the most frequently asked questions is about speed. No doubt, 5G will be fast; ultra-fast. But it will offer businesses so much more than just added speed; it looks set to revolutionize a wide range of products, services and industries. While the consumer benefits of faster, reliable connection and lower latency are evident, 5G will also deliver some genuine benefits for business.
3 Advantages of 5G Technology
5G allows higher speeds and minimal latency across networks. As a result, call centres and business communications will benefit from higher-quality broadcast; fewer dropped or missed calls, and the ability to field lots of contacts easily.
It will fundamentally change how businesses communicate with customers as well as the customer experience. 5G enables businesses to achieve real-time, personalized and predictive engagement with customers. There are three main characteristics of 5G network business opportunities: More Capacity, Faster Response Times and Lightning-fast Speed; all will enrich the customer experience and satisfaction. More effective communication solves issues and builds stronger relationships with customers.
The Internet of Things (IoT) is a giant network of connected “things”. Ultra-low latency and high reliability will dramatically improve user experience for consumers, entirely new businesses built on IoT.
An increasing number of companies make IoT-enabled products connecting themselves directly to their customers’ behaviours and preferences. For example, Samsung can collect data on consumers TV usage right from their smart TVs. Used wisely, companies could gain an advantage by leveraging such insights to make faster and better-informed business decisions. By collecting data, analysts can evaluate and search for trends and identify new business opportunities.
Data and insights will inevitably be valuable to other companies and parties. They could be sold off to them for quick, direct income. For example, Google’s Nest collects real-time data on energy usage from its users and is now able to sell the insights they’ve collected.
With 5G coming in and increasing IoT capabilities, companies working on IoT developments will surely benefit. That said, for those who haven’t already started, looking into IoT and potentially developing and implementing a strategy in this area could be one key element to securing the company’s future.
Imagine a shop where consumer moods can be tracked with technology. Such a future would necessitate the use of AI-powered computer vision. Using technology in this way would improve a staff members’ ability to detect frustrated shoppers or those who need assistance. In this way, companies can jump in to resolve any issues right away.
Digital virtual assistants can understand the intent of a question, ask questions to clarify, personalize responses based on context, and answer common inquiries. For example, some companies have already applied a chatbot on their website and automated replies for their customers, giving them the capacity to meet customers wherever they are and implement self-service capabilities. Virtual assistants enable 24/7 availability, real-time response, lower operating costs, and the ability to focus agents on higher-value tasks. By gaining real-time descriptive insights on how customers behave, Communications Service Providers (CSPs) can increase revenue as customers and prospects are more likely to purchase when offers are personalized and timed for right-time-communications.
Data-driven companies focused on customer experience will be positioned to profit from 5G technologies. It is clear 5G will benefit businesses in many ways, but to reap these benefits, business leaders will have to:
First, consider your current organizational aims, and how could advanced networking help you achieve those aims?
Strategy: Businesses should consider implementing or incorporating a 5G strategy into their general business strategy to ensure important product or process changes are made to facilitate 5G adoption. For example, looking at ways 5G could help you solve your biggest business challenges, such as communicating with your customers. Try to evaluate the issues or the challenges your company is facing and see how 5G Tech can be applied to them.
Planning: Automation and artificial intelligence are slowly becoming the norm, so businesses need to plan for the inevitable growth in this area. Lower latency rates can create new ways for companies to leverage automation, machine learning, and artificial intelligence through more of their operations. After understanding how 5G can help your existing business, you can then explore any process, service, or product changes required. For example, the traditional way of doing customer service could be replaced by the website chatbot. Or, for a restaurant, the customers can place orders by themselves, making the ordering process more efficient and convenient for both the company and the customer.
Budget for investment: Last but not least, the 5G equipment needed to leverage the 5G benefits will be more costly than 4G. But it will be necessary to be well-equipped with the appropriate technologies once 5G is fully launched. Thus, it is important to budget for the investment needed, which will mean you’ll need to evaluate the implementation of the strategy – plan before action.
As a company works towards implementing 5G, it could be an opportunity to overhaul its IT systems. To reap the full benefits of 5G, local infrastructure needs the ability to quickly scale in terms of communicating with wireless or remote devices. Increased capability does also mean the collection of data will increase rapidly, so it is also important to consider how systems will deal with increased amounts of data.
Every person in an organization, from leaders to employees, all should have an understanding of what 5G is and increase their curiosity about how it can help business goals, including where to find new 5G applications to benefit their business. Make sure your people are well versed in how collaboration and communication can be enhanced through 5G. With the right education, teams can be more aware of the ways 5G can positively impact the business and potentially help suggest relevant uses.
5G will inevitably impact your business, whether it be in one, two or five years, but you can be sure a change is coming. The best suggestion we can give to any business leader out there is to be forward-thinking. Don’t only consider the case uses today, but what are the possibilities it can bring for the future? Something to think about.
At iNCUBEE we’re always looking for new ways to use tech to improve our processes managing company maintenance matters. Need help with your company?