The fifth-generation mobile technology is here and it claims to be more promising than any other generational shifts that we have seen in mobile technology yet. However, most businesses tend to be ambivalent towards 5-G and its effect on their business. They don’t see it making any drastic change to their business or helping them do something they can’t already do with great efficiency.
A lot of this confusion has to do with the scattered manner in which 5G has been brought to the market and promoted. On one hand, some companies are already providing 5G services, and on the other hand major specifications of 5G are still under development.
However, contrary to popular belief, 5G could change the world of communications as we know today. Not only is it energy efficient, but far greater in terms of speed and capacity. It’s economic and social benefits could be extensive, manifold and extremely fast-paced. Businesses need to prepare themselves to a world driven by 5G as well as bring about the much-needed alterations in their business as well.
Similar gap exists in case of other emerging technologies as well. The possibilities that new technologies offer is mostly overlooked due to ignorance and lack of understanding of these technologies by conventional businesses. They do not see these technologies as bearing any direct consequence on the future of their business. Artificial intelligence and quantum computing face a similar ignorant attitude on part of businesses.
Even if they do see eminent changes upcoming, they choose to adopt the conventional path of waiting for the market to change and the new market to emerge and then adapt to the conditions. However, such an approach can turn to be fatal in this case. Studies suggest that if businesses do not warm up and kick off change, there will be a gap created in the market that would enable new players to emerge and disrupt the existing system to a degree that survival for conventional businesses could become impossible. Most evident example of such disruptive players is Netflix and other OTT platforms in the entertainment industry that has almost broughta stand still in the conventional cable TV business.
Furthermore, the application of 5G technology is bound to create a more connected and consolidated world and that go beyond traditional supply chains and existing borders. In such a scenario, it is advisable to have a 5G strategy worked out for your particular business and these are some of the first steps you could take-
- Create a 5G strategy- What are the anticipated benefits of 5G. How can they help in the growth of your organization? In what ways will they alter the market? What place will your organization have in that changed scenario? What are the plausible threats you can foresee? What steps can you take to insulate yourself from those threats. These are a few questions you could ask to prepare for a 5G world. Once worked out, you could figure out budgeting and start working in that direction.
- Transform your IT- Most companies would need to radically transform their IT operations in order to adapt to a wireless data driven world, or even sustain in one. If you deal with sensitive data and information, cyber security should be an utmost priority and should be addressed at the earliest. Making your organization well-protected from cyber threats would give you the space to work on internal transformations without having to worry about security of existing data.
- Educate your employees- If there exists a ga between the organizational and its employees, most efforts can go to vain. Bringing about necessary change without educating employees on the need for such change would be a stupid mistake. Employees need to be educated not only on the rationality of the changes being brought about but also on the larger changes that 5G technology is bringing and how to understand them better.