The impact of wireless technology
Most growth and the evolution of numerous sectors within societies today can be attributed to wireless technologies. Each sector improves according to the abilities of the wireless network technology available at the time. The latest in the wireless technology saga is expected to bring about even more improvements than ever.
5G is an innovation many years in the making. The fifth generation of wireless technology is delivered to the industry with high expectations:
- Lightning-fast speeds;
- Low latency;
- Increased bandwidth;
- Increased network coverage and so much more.
Countries and companies worldwide are optimizing their infrastructures in the anticipation of 5G rollouts. For major industry players such as telecommunication networks and electronic gadget manufacturers, the availability of 5G networks may pose an opportunity to improve on prepaid and postpaid services already rendered.
For start-ups/small business owners, however, the impact may be more certain and significant.
How can start-ups revolutionize their future with 5G?
5G networks are expected to revolutionize the way start-ups operate. However, many of the potential capabilities of 5G are simply that – potential capabilities. There’s a great deal of uncertainty surrounding the dynamics in which 5G networks will function, as well as the extent of the technology’s benefits.
An Accenture survey of approximately 2,000 business executives in 10 countries corroborates this uncertainty. There, nearly three-quarter of the survey pool needed help imagining the capabilities of 5G networks. While a few expressed excitements, maintaining that the industry would grow dramatically, more than half held contrary opinions. In general, those that doubt believe that the technology won’t improve their functionality by great margins.
Despite these uncertainties, start-ups can, in fact, benefit from the availability of 5G. Here are some ways through which star-ups can take advantage of the technology:
1- Improved day-to-day work functionality
The most apparent benefit of 5G to start-ups is the improved functionality of day-to-day work tasks. 5G speeds are up to 100 times faster than 4G/LTE. Add low latency and increased bandwidth, amongst other advantages, and 5G networks will aid start-ups in completing their work tasks quicker and more efficiently.
Lapses in connection, buffering, and other horrors ascribed to previous wireless networks will be a thing of the past. This means information, files, and community projects can be carried out with ease as
2- Greater possibilities for remote teams
A remote team can save a start-up thousands of dollars in operational costs. The availability of 5G networks makes this even more feasible and effective.
Remote workforces have increased steadily over the last few years. A Vodafone survey involving 8,000 employees and employers worldwide showed that three-quarter of the pool had shifted to flexible working options. Of the surveyed companies, 61% believe that this has increased company profits while 83% believe it boosts creativity in employees.
The expected 5G speeds will be minimal lapses in communication across different platforms. Conference voice and video calls will be carried out seamlessly. This will eliminate breaks in the relevant information needed to push team productivity.
3- Adequate preparation/optimization for 5G technology
In the Accenture survey, more than half of the executives maintained that 5G services will not improve their functionality by reasonable margins. Following this conclusion, one can assume that some – if not all – of them may not prepare for 5G operations. This is a grave mistake.
If prominent businesses do not adequately optimize their technology for 5G, service gaps will be created and these can easily be filled by start-ups. Such disruptions have unsettled major industry players in past – for example, Netflix and Uber – creating opportunities for start-ups to thrive.
The two biggest challenges associated with 5G networks are availability and uncertainty. While several countries speed towards 5G, there are several that are yet to enter the race. Even in countries where 5G already exists, it’s only available in select cities. It may be years before 5G is available on a broad scale.
The challenge of uncertainty stems from the fact that a great deal of what we know about 5G technologies is theoretical. There’s no guarantee that 5G will revolutionize technology – only speculation. For companies that have spent large sums adapting their technologies to its capabilities, this uncertainty is daunting. The same is true for those that are yet to take the leap.
In the end, we’ll have to wait and see just how it all pans out. But the benefits are more likely than not.