Is your brand ready for the 5G revolution?
Mobile technology has evolved by leaps and bounds. Together with mobile internet access, it revolutionised communication. With 4G, smartphones, apps and video streaming platforms wound their way into our day-to-day life. 5G is expected to bring trailblazing changes that will impact both industry and society. It is believed that 5G will revolutionise services and content. When paired with emerging technologies such as IoT, AI and ML, the service applications of 5G will be varied across industries and cater to the complex requirements of the digitally savvy customer. “Is your business ready for 5G” is the big question now.
The impact of 5G on business
5G goes way beyond network speed and bandwidth. Businesses need to be more agile to be able to exploit this technology and ramp-up to meet rising consumer awareness and expectations.*
Digital marketing strategies are already disrupted and set to undergo further change with metaverse coming into play. 5G is going to play a big part in enabling immersive experiences. The COVID-19 pandemic has modified consumer behaviour and their expectations from brands have changed. According to a Gartner Marketing prediction, by 2025, 20 per cent of B2C companies will leverage AI and ML to connect buyers with sales assistants at the crucial points of a digital transaction. Social commerce is expected to grow exponentially. It is expected that by 2026, 60 per cent of millennials and Gen Z will prefer to make purchases on social platforms than on traditional digital platforms. Millennials or Gen Y account for 23 per cent of the world population, and, in India, they are about 34 per cent or 400 million. With high purchase parity and significant contribution to economic growth, this generation has high expectations and spending power. Digital engagement of these customers with creative content enabled by 3D, high-res videos, 360 views and AR will soon become imperative.
The eventual global rollout of 5G will have a far-reaching cross-industry impact worldwide.
Players in the automotive industry will need to scale up a V2X (vehicle-to-everything) ecosystem consisting of both V2V (vehicle-to-vehicle) and V2I (vehicle-to-infrastructure) solutions, such as connected vehicle platforms, communication between vehicles and devices, such as traffic lights and parking sensors, and traffic planning systems. Reliable, high-speed communication between devices and low latency will fuel several transformative solutions in the auto industry.
Banks and financial institutions can offer completely new user experiences by jumping on the 5G bandwagon. With near-zero latency, payments can be ultra-fast at real time. Paired with IoT, 5G stands to make payments via wearable devices commonplace with multi-layered authentication for security. Exploiting 5G’s cloud computing and the availability of real-time data, AI and ML, banks can create personal banking assistants on the cloud. Big banks can compete with new age fintech by offering high-speed, robust and secure services.
5G can help manufacturers transform factories and production. Real-time connectivity with suppliers and customers creates a far more efficient and reliable supply chain. Using robotics and autonomous vehicles in assembly lines increases quality and efficiency and reduces production time. Manufacturers who see value in 5G will gain competitive advantage, side-lining those who are sluggish to respond to the imminent change. The agriculture sector is transforming with the usage of drones, AI and big data collection, all of which work well in conjunction with 5G. Precision farming, soil and crop monitoring, livestock monitoring, and smart irrigation can improve yield, create transparency and offer better returns. Farmers can gain deeper, meaningful insights, thanks to the availability of real-time data.
Healthcare is already undergoing a massive transformation: 5G is just expected to take it further. Hospitals can extend their services to include more reliable online consultations, and facilitate remote robotic surgeries and diagnostics, which is just the tip of the iceberg. Media and entertainment companies can enhance online gaming with AR and VR and share gaming data in real time. The retail industry is set to undergo a huge transformation in online commerce, with immersive online shopping, interactive trial rooms, storefront windows, and in-store navigation, to name just a few.
The 5G technology revolution is spurred on by low latency, extreme speed, and a high-frequency band, which enables rich user experience, scalability, and lesser interference. The ability to gather more data allows for deep insights into customer behaviour with analytics. The availability of 5G allows for immersive and connected experiences across sectors to accelerate business growth.
*For organizations on the digital transformation journey, agility is key in responding to a rapidly changing technology and business landscape. Now more than ever, it is crucial to deliver and exceed on organizational expectations with a robust digital mindset backed by innovation. Enabling businesses to sense, learn, respond, and evolve like a living organism, will be imperative for business excellence going forward. A comprehensive, yet modular suite of services is doing exactly that. Equipping organizations with intuitive decision-making automatically at scale, actionable insights based on real-time solutions, anytime/anywhere experience, and in-depth data visibility across functions leading to hyper-productivity, Live Enterprise is building connected organizations that are innovating collaboratively for the future.