Benefits of 5G For Small Business Owners
Date : Aug 03, 2021
Author : DR Armed Zayed
Categories : Business Tips
If you want to learn the opportunities and benefits of 5G presents to small business owners, you’re in the right place.
The advent of 5G connectivity is just over the horizon. It’s not a rumour anymore, and leading network providers are gearing up to deploy their offerings.
You probably know about the perks this next-generation network presents to end consumers. But what about businesses? What will business owners gain from this new generation of wireless technology?
If you’re a small business owner, you must learn about the potential of 5G to future-proof your systems and stay ahead of the curve.
To help you, we’ve provided you with a list of benefits small business owners will enjoy when 5G becomes mainstream.
What is 5G?
5G connectivity is the fifth generation of wireless mobile network technology. It’s the upgrade of the 4G network designed to connect everyone and everything.
The technology brings three new things to the table: speed (wider channels), responsiveness (ultra-lower latency), and more bandwidth (ability to boost connectivity between devices). 5G’s high performance and improved efficiency can transform companies, connect new industries, and empower new user experiences.
Services that seemed futuristic like advance mobile cloud gaming, connected vehicles and traffic systems, and e-health are all now possible.
According to the latest Ericsson Mobility Report, the number of 5G smartphone subscriptions worldwide will blow past 500 million years this year and past one billion in 2022. This next-generation network opens the door to new opportunities for business, people, and society.
What Are The Key Benefits of 5G
Before we can dive into the benefits of 5G to small businesses, let’s learn about key features of this next-generation network.
1. Higher Speeds
5G’s speed is perhaps the most discussed feature. It features a data speed of up to 10 Gbps, representing over 100x improvement over the current 4G LTE technology. This increased speed means new exciting possibilities for consumers. You can now download a movie that usually takes several minutes in just a few seconds.
2. Lower Latency
One thing new networks try to address is latency. Latency is the time a signal takes to travel from the source to the receiver and back. 5G networks come with reduced latency than 4G LTE, with signal travel time cut down to less than five milliseconds. Lower latency is critical for modern business operations. This is true, considering the rise in the conference and video calls amidst the COVID-19 pandemic.
Advancement in 5G technology makes the network more reliable than its predecessors. As such, issues like interrupted connectivity and dropped calls will decrease significantly. This increases the practicality of 5G in critical businesses like data storage and healthcare.
Industries That Can Benefit from 5G
The transformative power of 5G extends to several industries, including:
5G networks represent a new frontier for healthcare. Edge computing combined with 5G’s high speed and low latency can boost the utilization of AI and big analytic to stream health data in real-time. Also, it can pave way for remote surgery, which relies on high-quality, media-rich diagnostic images.
2. Media and Entertainment
Broadband made moving movies, games, and TV to the cloud possible. But 5G takes this a notch higher. It allows consumers to bring a richer media experience to their screen anywhere, anytime. You can enjoy streaming 4K videos and immersive VR on devices connected to a 5G network. This introduces new opportunities for communication services providers, cloud services providers, and even content creators to make more money.
In the transport sector, introducing 5G can allow the collection of real-time data and analysis through car sensors. Alternatively, it can make businesses, stock management, logistics, and fleet control more efficient and cost-effective. The next step is the introduction of driverless cars that can take users to different destinations quickly and safely.
With the help of 5G and IoT technology, farmers can optimize and manage various agriculture operations, including crop growth monitoring, livestock health management, and water management. Farmers can use these technologies to gain real-time data on crop conditions and automate other agriculture operations. Therefore, increasing efficiency and profitability.
How Small Business Will Benefit from 5G
1. Remote Working
Today, most small businesses have adopted the concept of remote working since it presents them with several benefits such as increased agility, lower turnover, and improved scheduling. However, constant access to high-quality, reliable, and fast internet connections will improve these benefits even further.
5G connectivity will allow small business workers to gain greater access to remote working software. As a result, they can communicate and collaborate with co-workers easily and work more effectively.
But that’s not all! Tasks conducted on the network like file sharing on the cloud and online sales will become faster and hassle-free. Besides that, this connectivity provides businesses with the ability to adopt Virtual Reality (VR) and Augmented Reality (AR) during remote meetings to make staff members feel like they’re in the same room.
Overall, this seamless connectivity improves the integration and productivity of business while reducing overhead expenses usually linked with working in a traditional office.
2. Increase IoT Capabilities
5G networks offer up to 1000x more capacity than 4G. Thus, it creates a fertile ground for Internet of Things (IoT) development. Combined with IOT, 5G will revolutionize how wireless networks work.
Small businesses will gain more control over IoT devices, including printers, inventory control tools, shipping trackers, etc. And since many small business owners already have IoT devices in their offices, this seamless network will exponentially boost connectivity and speed between these devices. As a result, businesses can effectively harness the power of the Internet of Things.
In the end, small businesses can save on big utilities, create more efficient supply networks, and automate supply chain management processes.
3. Rural Innovation
Many countries around the globe, including the UK, US, and China, are seeking to take advantage of 5G technology to improve connectivity in rural areas. Therefore, offering people more opportunities to start, operate and grow businesses in rural locations.
For small businesses, this means they will reduce expenses and introduce new products to the market by working with local suppliers to deliver greater convenience, independence, and selections for buyers.
4. Makes Workers More Productive
Besides introducing new ways to work, 5G makes advancing small businesses easier. With its help, devices used at work can attain powerful, low-latency connections to the cloud, thus reducing their computing tasks. Hence, workers can use these devices like screens and batteries with increased bandwidth connectivity to the cloud.
Business owners can provide their employees with low-powered devices that run complex analytics to deliver premium services or utilize VR/AR to streamline workplace management and operations.
Lower latency and higher speeds will make conference connections more seamlessly than ever before. 5G will allow employees to make high-quality video calls on the go. These improvements will increase the productivity of business owners and employees significantly.
5. Network Slicing
5G’s network slicing ability allows operators to split a single physical network into two or more virtual networks. They can then customize these networks to distinct customer segments and services. Network slicing allows small businesses to create their private 5G network tailored to meet the specific needs of the business.
Apart from that, business owners can order and receive products and services from operators faster. They can adapt the products and services as demand shifts and evolves. Network slicing also provides SMEs with cybersecurity benefits. If one network gets compromised, the other networks will remain safe.
Ultimately, network slicing promotes a better user experience for businesses.
6. Cost Saving
5G connectivity can extend the battery life of laptops and other devices used in a workplace by up to 10x. Therefore, small businesses will see a reduction in the cost of hardware and IT infrastructure required.
The network signals shift from a hardware-based economy to a software-based economy. This shift will relieve businesses of IT maintenance and monitoring expenses.
Savings from reduced administration costs and other processes can filter throughout the company, and in the end, improve the bottom line.
7. Creates New Business Opportunities
It’s no secret! New technology often drives new ideas. 5G introduces small businesses to a new world of endless possibilities and opportunities that can help them create and offer new products and services.
5G offers you the ability to collect more data about customers and competitors and put it to work, so you can improve your business.
The network marks the first step in the transformation of the business model for many owners.
8. Bridging The Skills Gap
5G can improve the recruitment process of small businesses by assisting owners to recruit top talent who can take the enterprise to a new level. It achieves that through its advances in remote and video technology.
The network eliminates traditional recruitment barriers, helping companies spot and recruit the best candidates for the job.
With each deployment of new wireless technology, end-users usually enjoy many benefits. However, this time, businesses are the biggest winners. 5G networks will completely revolutionize how small businesses work and run via reduced latency, high speed, and increased flexibility.
Its reliability can help businesses meet the needs of their consumers and become more resilient, productive, and competitive. Leveraging the power and benefits of 5G connectivity is the best way for enterprises- irrespective of the industry- to stay future-proof.