5G stands for the latest or fifth-generation broadband cellular networks, as the successor of 4G, 5G will offer far greater bandwidth than 4G. Along with this, the download speed it will offer is also far better than the current technologies, and it is expected to reach up to 10 gigabits per second. This is critical for the further development of heavy-computational industries like AI and IoT.
Before mobile phones were invented, wired telephones were the norm. Connectivity around the world was less and very costly. This slow and expensive method was transformed by the introduction of wireless technologies. Further ease and convenience were ensured when mobile internet became available.
The next step was to pick up the pace of these networks. Widespread demand led to the integration of faster internet connectivity within smartphones. Each step or what is known as “generation” in the internet connectivity provided better service to its consumers. Currently, 4G or fourth generation is the technology used widely around the world. The next step in these technologies is 5G.
5G is the fifth generation standard that telecommunication cellular companies began to deploy in 2019. It will serve as the successor to 4G technologies. In terms of features, 5G will offer far greater bandwidth than 4G. Along with this, the download speed it will offer is also far better than the current technologies and it is expected to reach up to 10 gigabits per second.
The applications will not only be limited to cellular networks but with such high speed and cutting-edge technology, it is also expected to be used as the primary internet connection for laptops and computers. 5G technology is considered to be one of the main steps towards new technologies in the Internet of Things (IoT). This will result in transforming the world into a new technological era through innovation and development, one step at a time.
5G, or the 5th Generation of mobile network, is one of the next-level technologies that is emerging in 2019. It is designed not only to do everything better than the 4G but to do more than any mobile network before it.
The prominent capability of providing faster connection and speeds will do more than just improve the mobile network; it will put futuristic technologies like Virtual Reality, Augmented Reality and the Internet of Things to better use. It holds the promise of uninterrupted network connection for personal use, as well as at a larger scale for executing corporate tasks.
Businesses of all sizes will be able to benefit a lot as 5G becomes common and gets implemented to replace current network setups in various companies. It is set to transform businesses by providing improved communication and enabling the use of cutting-edge technologies at a larger scale.
In this post, we’ll be looking at the following noteworthy advantages of how 5G will change businesses:
Enhanced communication
Better hiring & remote work performance
Increasing use of VR, AR, and AI
Better implementation of IoT
Greater cloud usage
Enhanced communication
Communication is the great enabler. It accelerates processes and backs up successes. Effective communication ensures accurate information is exchanged in a timely manner which can make a huge difference for a business.
According to Qualcomm, 5G is capable of delivering data speeds up to 20 Gbps. That is incredible for a wireless mobile network. Suffice to say that 5G will work wonders for companies that do not use, or deprived of, fiber optic for their internet and networking requirements. 5G will change that.
All communication, from sharing files over emails, uploading large amounts of data on servers, responding to clients, and customers will see visible improvement in terms of speed as well as uninterrupted connectivity.
Besides higher speeds and more reliable connectivity, 5G will further make video conferencing better and a seamless experience. The same benefit is expected with the streaming of high-resolution videos as well.
Enhanced overall communication will benefit businessgrowth in the long run.
Better hiring and remote work performance
Around the world, companies are progressing beyond the traditional process of face-to-face interviews for hiring new talent. While conventional hiring methods remain relevant, 5G will strengthen businesses’ efforts for remote hiring using telephonic and video interviews.
With improved seamless network connectivity, (especially at places where mobile networks become weak) companies will benefit from 5G’s ability to provide stronger network connectivity and support for a larger variety of devices.
Additionally, remote workforce and programs of companies are bound to strengthen and will become common, especially with companies with multiple offices. As stated earlier, enhanced communication will improve efficiency for data exchange as well as for video conferencing and streaming.
Increasing use of Virtual Reality, Augmented Reality and Artificial Intelligence
Uses of VR and AR are moving beyond the realms of gaming and other entertainment. Businesses have begun using immersive experiences for better customer engagement and retention. Experiences delivered through VR and AR do a number of things:
Companies can recreate and deliver real-world experiences
Customers understand your commitment to serve them
These technologies use a huge amount of data to create 3D graphics to emulate real-life locations and events. They will benefit from the lowered latency (or lag) in recreating such experiences wirelessly.
More companies will be able to make use of VR and AR to dynamically provide presentations and work on problems using interactive immersive experiences on more portable devices. And all this without risking physical harm.
This has a positive cascading effect on app developers as well. More coders will feel encouraged and motivated to work on developing VR and AR applications serving a variety of purposes leading to new business opportunities in these domains.
In the last one year, a lot of importance has been given to AI, especially by the mobile industry.
Qualcomm, for instance, is one of the leading mobile chipset makers in the world and has been working on developing mobile processors that deliver dynamic performance depending on a person’s usage patterns.
Such companies are putting a lot of effort into machine learning and AI. Of course, 5G is designed to leverage and widen the capabilities of AI, especially in mobile devices.
Better implementation of the Internet of Things
One of the biggest benefits of lowered-latency with 5G is to be seen in the IoT-enabled devices.
IoT refers to those devices that can be connected to the internet or to a local network like Wi-Fi and interact with one another and to a centralized source for improved functionality. For example, voice-assisted lighting systems where lights can be dimmed using a voice command.
With latency reduced to insignificant levels, IoT devices can be used more and in a better way. With 5G, such devices will be able to communicate faster, more reliably, and exchange more data than ever before.
An underlying benefit of 5G is to empower more and more companies to use trendsetting technologies to enhance their businesses, regardless of their scale and size.
Greater cloud usage
With all of the above, the use of data storage on cloud will increase. Cloud storage is already a sought-after way of storing data as it reduces dependency on physical servers, thereby, keeping the need to have physical storage to a minimum.
5G is expected to bring increased efficiency to several business operations and some will be directly experienced wherever the internet, mobile network and supporting devices are concerned. And some will be the resulting benefits like the increasing use of modern technologies like VR, AR, AI and IoT.
It is one of the most talked-about topics currently, giving rise to a lot of discussions both online and offline. Individuals and companies that are relying on 5G to make their work better are tirelessly looking forward to using it.
How does 5G work?
The technology works by the use of higher frequency radio waves than were used by the previous versions. This, however, comes with its own set of issues. The biggest being the short range of these waves. Since this a cellular network, the geographical areas that are served by a single tower/antenna is known as a “cell”. At high frequencies there is a shorter physical range, which means that the cell will be smaller and hence more antennas will be required than were required for 4G.
Tradeoffs still exist if a compromise is made on download speed and service area. Though the cells are smaller, the process of the cellular devices connecting to the antenna and moving on to the next antenna as the device moves is still the same. The advantage that 5G technology has over 4G is that per square kilometer, 4G was only able to support up to 100,000 devices while in 5G technology up to 1 million devices will be supported per square kilometer.
Latency is also considerably improved when it comes to 5G technologies. On average around 30ms is observed for devices within a cell. Devices near the towers report around 10-20ms. However, this is only short ranged right now it is expected to improve as the technology develops.
Edge Computing is another technology, which will be deployed using the services of 5G. Coupled with 5G, servers will be computed closer to the end-users. This will not only reduce the latency issues but due to the increasing number of IoT devices, it will ensure that only the relevant data is sent to the cloud quickly and precisely.
Commercial applications of 5G
One of the biggest applications that 5G will have is in Supply Chain Management. Quick connectivity and fast processing will allow parts to be monitored more effectively and ensure smoother integration and data transfer. With the vastly advancing and developing world of automated vehicles, real-time data is required to make the entire system work. This will be possible with 5G technologies. It is another step towards the successful integration of Smart Cities.
The communication will be carried out between the vehicles and the city-wide infrastructure like traffic lights and sensors to ensure smooth operations. Another major application is in the field of Energy. Smart Grids require information to be transferred extremely quickly to ensure the equipment remains safe. This along with the seamless flow of information grid to grid or even generating stations will ensure safety and connectivity.
5G technology is at the core of automation. Every industry that has moved towards automation or is in the process of doing so will be including 5G technology in its portfolio. From high tech industries like parts manufacturers to industries like farming, 5G is the future that everyone will have to adopt. Sensors equipped with 5G technologies provide data that is used to further improve the techniques which are being deployed.
Increased use of Artificial Intelligence (AI) and machine learning also require quick data transfer and great potential is seen in this regard. With the introduction of remote therapy in the health sector and due to the complications such as COVID, which makes physical presence unfavorable, 5G technology can chip in. This will also connect rural areas to big cities in the sense that patients usually have to travel many kilometers for better health services. This gap will be bridged through the successful integration of the new technology.
The fascinating thing is not that 5G exists in the future to come, 5G will open doors not only for communication but innovation. It keeps up with the pace at which technology is evolving and how it demands faster processing.
IoT has a big role to play in the further advancement of the human race and 5G will be a major part of this initiative. From automated vehicles to smart grids all the way to smart cities, successful integration of these technologies in parallel will add to the ease and convenient lifestyles that humans have dreamt of achieving.
A platform business model generates value by enabling interactions between people, groups, and users by leveraging network effects. Platform business models usually comprise two sides: supply and demand. Kicking off the interactions between those two sides is one of the crucial elements for a platform business model success.
A marketplace is a platform where buyers and sellers interact and transact. The platform acts as a marketplace that will generate revenues in fees from one or all the parties involved in the transaction. Usually, marketplaces can be classified in several ways, like those selling services vs. products or those connecting buyers and sellers at B2B, B2C, or C2C level. And those marketplaces connecting two core players, or more.
A network effect is a phenomenon in which as more people or users join a platform, the more the value of the service offered by the platform improves for those joining afterward.
In an asymmetric businessmodel, the organization doesn’t monetize the user directly, but it leverages the data users provide coupled with technology, thus have a key customer pay to sustain the core asset. For example, Google makes money by leveraging users’ data, combined with its algorithms sold to advertisers for visibility.
In an asymmetric businessmodel, the organization doesn’t monetize the user directly, but it leverages the data users provide coupled with technology, thus having a key customer pay to sustain the core asset. For example, Google makes money by leveraging users’ data, combined with its algorithms sold to advertisers for visibility. This is how attention merchants make monetize their business models.
The wholesale model is a selling model where wholesalers sell their products in bulk to a retailer at a discounted price. The retailer then on-sells the products to consumers at a higher price. In the wholesale model, a wholesaler sells products in bulk to retail outlets for onward sale. Occasionally, the wholesaler sells direct to the consumer, with supermarket giant Costco the most obvious example.
A retail business model follows a direct-to-consumer approach, also called B2C, where the company sells directly to final customers a processed/finished product. This implies a business model that is mostly local-based, it carries higher margins, but also higher costs and distribution risks.
A B2B2C is a particular kind of business model where a company, rather than accessing the consumer market directly, it does that via another business. Yet the final consumers will recognize the brand or the service provided by the B2B2C. The company offering the service might gain direct access to consumers over time.
The term “crowdsourcing” was first coined by Wired Magazine editor Jeff Howe in a 2006 article titled Rise of Crowdsourcing. Though the practice has existed in some form or another for centuries, it rose to prominence when eCommerce, social media, and smartphone culture began to emerge. Crowdsourcing is the act of obtaining knowledge, goods, services, or opinions from a group of people. These people submit information via social media, smartphone apps, or dedicated crowdsourcing platforms.
While the term has been coined by Andrew Lampitt, open-core is an evolution of open-source. Where a core part of the software/platform is offered for free, while on top of it are built premium features or add-ons, which get monetized by the corporation who developed the software/platform. An example of the GitLab open core model, where the hosted service is free and open, while the software is closed.
Open source is licensed and usually developed and maintained by a community of independent developers. While the freemium is developed in-house. Thus the freemium give the company that developed it, full control over its distribution. In an open-source model, the for-profit company has to distribute its premium version per its open-source licensing model.
The freemium – unless the whole organization is aligned around it – is a growth strategy rather than a businessmodel. A free service is provided to a majority of users, while a small percentage of those users convert into paying customers through the sales funnel. Free users will help spread the brand through word of mouth.
A freeterprise is a combination of free and enterprise where free professional accounts are driven into the funnel through the free product. As the opportunity is identified the company assigns the free account to a salesperson within the organization (inside sales or fields sales) to convert that into a B2B/enterprise account.
In a franchained businessmodel (a short-term chain, long-term franchise) model, the company deliberately launched its operations by keeping tight ownership on the main assets, while those are established, thus choosing a chain model. Once operations are running and established, the company divests its ownership and opts instead for a franchising model.
Gennaro is the creator of FourWeekMBA, which reached about four million business people, comprising C-level executives, investors, analysts, product managers, and aspiring digital entrepreneurs in 2022 alone | He is also Director of Sales for a high-tech scaleup in the AI Industry | In 2012, Gennaro earned an International MBA with emphasis on Corporate Finance and Business Strategy.
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