The Good Stuff
“What 3G and 4G did for consumers by putting the internet in our pockets, 5G will do for business at scale, connecting not only billions of people, but billions of things. It’s the first 'G' for business.” – Mike Finley
Why 5G is the first ‘G’ for business
- 4 minute read
No matter the industry, every C-level executive has read countless headlines about 5G. Making sense of it all can be complex — so let’s start with a takeaway that’s radically simple: 5G is all about business. What 3G and 4G did for consumers by putting the internet in our pockets, 5G will do for business at scale, connecting not only billions of people, but billions of things. It’s the first “G” for business, and here’s why.
PROOF IS IN THE NUMBERS
In a global survey of CEOs, nearly 70% viewed the enterprise segment as the most important mobile opportunity for the 5G era. And investment levels are growing. Sixty-nine percent of enterprise respondents are adopting or planning to adopt 5G in the next one to three years, according to EY. Seventy-nine percent of business and technology decision-makers believe 5G will have a significant impact on their organization —while only 24% said in a study that 4G’s impact was significant. 5G is not a matter of “if” or “when.” It’s happening now, and it’s triggering a monumental shift in business as global deployments take off.
5G USE CASES ARE BUSINESS USE CASES
The 5G ecosystem is growing rapidly, as businesses of all sizes digitize operations and the customer experience. 5G’s fast speeds, flexibility and security open new connected opportunities for the enterprise that weren’t possible until now. We’re entering an arena that is much more expansive than the teleconferencing, large file transfers and remote access applications we’re used to today. Video, in particular, is changing the game for business in the 5G world, offering a range of applications to automate processes and boost efficiencies. Powered by 5G, video sensors can facilitate touchless experiences and enhance security thanks to advancements in facial recognition, infrared cameras and cashier-less retail concepts like Amazon Go stores. For healthcare, 5G’s low latency and high capacity attributes enable remote video monitoring of patients and telehealth appointments. Digital twins are picking up steam for industrial and manufacturing sectors, using sensors to collect data and run video simulations of solutions before they are built. In entertainment, immersive experiences with augmented and virtual reality (AR/VR) or mobile betting boost the appeal of live sporting events, while creating new revenue channels. Beyond video, all parts of the business are becoming connected — analytical tools, queue management, software replacing hardware, asset tracking, beacons, cloud solutions — you name it. This massive spike in connected applications drives up business demand for 5G and advanced wireless technologies that make the move to digitalization seamless.
DISRUPT OR BE DISRUPTED
The enterprise shift to 5G reveals a familiar pattern in business — disruption. The 2020 business landscape has taught us a lot about disruption. Connectivity is now more important than ever as the coronavirus pandemic forces companies to rethink business models and ensure a more connected enterprise. Digital transformation strategies are being fast-tracked to build resilience and plan for the future. 5G change is inevitable and its disruption has begun. To be a leader in the next connected generation, companies must step up to the plate and recognize 5G as the gateway to a better business, bottom line and brand. When you look at your business, realize that digitization is everywhere and step up to the plate. Consider all of the applications, devices and machines that interact with your organization and look to 5G solutions to automate and stay ahead. For your bottom line, create a 5G strategy that prioritizes increased productivity and reduced costs. And for your brand, understand that connectivity in the 5G era will usher in a new wave of on-demand, digital customer experiences, which will directly influence brand perception.This article by Boingo CEO Mike Finley originally appeared on Forbes.com.