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Benefits of 5G Networks for Businesses

There’s been a lot of talk going around about the imminent arrival of 5G technology and the effects it’s going to have on our lives.

When will it be fully released?

How will it affect me and my business?

How much faster is it than current networks?

These are usually the most common questions on most people’s minds. We can answer the first question right now: 5G is already here!

It’s not just the future anymore. 5G is here and it’s quickly making its way into our lives. By the end of 2019, there were over 10 million 5G connections across the globe, and this number will grow to 1.01 billion by 2023.

We can expect immense opportunities and benefits of 5G that businesses will capitalize on once it’s widely implemented. So, keep reading to learn how you can make the most of this technology.

How is 5G Different from Current Broadband?

The Fifth (5) Generation (G) of wireless mobile network promises greater stability, lower latencies for seamless response, more connections to devices, and faster speeds than ever before.

Speaking technically, 5G utilizes three radio frequency bands—low, middle, and high. Now the low bands are not that different from 4G connections. They’re the same in latency, speed and range. Mid-bands are on the rise and they’re currently in use around Europe. They’re around 30% faster than most 4G LTE connections, but it’s still not quite what we’re looking for.

The high bands are where the magic happens. These higher-frequency bands in the radio spectrum have a high potential to carry data but have shorter wavelengths. So, you get blisteringly fast speeds that are around 10 to 20 times faster than 4G, but at very short connection ranges. This means that 5G infrastructure will require more towers to work at peak speeds.

For the first time ever, wireless networks will be able to provide stiff competition and a viable alternative to wired networks.

All of this is exciting, but what are the benefits of 5G networks for businesses? Let’s find out.

Benefits of 5G For Businesses

According to a study by Qualcomm, 5G could support around $12.3 trillion worth of goods and services by 2035 in industries like education, retail, healthcare, transportation, entertainment and much more.

It’s still early days to tell how exactly the minds of the business world will make use of this technology because the possibilities are almost unlimited. However, there are a few benefits of 5G that we can point out that will forever change the market.

Faster Speeds

Yes, it’s obvious, but you can’t downplay the impact quicker broadband speeds will have for businesses. Files that previously took 15 minutes to download, will now be available within seconds. The productivity benefits from the high speed are endless.

It also opens the door for remote work. Where previously employees had to be in the office to get optimal broadband speed for their work, they will now be able to do the same work from anywhere with a 5G connection.

Lots of businesses today save their files on secure clouds. Uploading and downloading files from this server can be a real headache, especially since a lot of advanced business files are very large. Sharing these files with a colleague can be an even bigger problem if you have to do it online. This is why speed is one of the most obvious yet important benefits of 5G technology.

Greater Capacity and Coverage

The benefits of 5G broadbands are that they provide a lot of more capacity for multiple devices in the same area. One 5G cell tower will be able to handle hundreds of more devices than a 4G tower with greater reliability and speed (of course).

On top of that, 5G towers are about the size of a minifridge. This means that more of them can be installed in congested locations.

This is vital for businesses that rely on wireless connections to operate machinery, AI, and ensure security within their value chains. But the biggest advantage of bigger capacities will be to The Internet of Things (IoT).

Companies will be able to use IoT with 5G to connect and operate machinery to maximize efficiency with better integration and faster AI. 5G can allow companies to seamlessly manage their warehouse logistics with accurate real-time data.

For example, a company using smart shelves can set protocols for the technology to detect stock levels of certain products and to trigger orders automatically once stock falls below a certain level. This is only a simple case of what’s possible with the combination of IoT and 5G connections.

Lower Latency

This is sort of similar to having better speeds, but a lower latency refers to the time it takes for a data packet to be sent and received. Latency in 5G networks will be up to 400 times faster than 4G networks!

This will open the door to a whole host of possibilities. With video being the fastest growing form of media today, lower latency can help businesses establish better connections without glitches or lags.

Video conferencing will now be smooth and create better opportunities for remote work. It will also have a big impact on the way you interact with consumers. For example, doctors will easily be able to conduct remote consultations and receive real-time data while sitting hundreds of miles away.

AR, VR and 3D can now be used in more productive ways in business processes. Businesses can provide training to their engineers using virtual rooms without any risk, while interior designers could create sample virtual designs to show their customers.

A whole new world awaits, and its time you make the most of the benefits of 5G.

Conclusion—Prepare Early

Businesses need to prepare for 5G to make sure they can effectively integrate this technology and get ahead of the competition. Here’s what you can do:

· Set a budget for the initial investment. You will need to get 5G hardware as soon as it’s viable.

· Plan for AI and automation by working with engineers to rethink and redesign your operation.

· Upgrade your big data capabilities. 5G will cause a massive boom in big data, you need to be able to handle it.

· Educate the people in your company about 5G.

Finally, to really experience all the benefits of 5G networks, you need to be flexible and open to new opportunities. Innovation is swift; don’t miss out on it because you’re too rigid.