5G: What Does it Mean for Your Business?
The era of 5G is upon us. Let’s look at what that means.
There have been four generations of technology standards for broadband cellular networks. But the fifth will be a gamechanger for small businesses. 5G’s more reliable, lower latency service offers several benefits to smaller firms including: enhanced customer experience (CX), higher productivity and easier recruitment. Let’s explore each in greater detail.
What Exactly is 5G?
You’ve likely heard of 5G before, as many cell phone providers began offering it back in 2019. While still in its beginning stages, the technology is growing quickly. Recent estimates predict that 5G networks will carry 1.7 billion subscribers by 2025.[i]
5G stands for the fifth generation of wireless technology. It offers more bandwidth and greater download speeds than its predecessors. 5G can also connect with many different devices simultaneously, resulting in faster, more efficient, and more unified digital experiences for both customers and businesses.
Better Customer Experience
5G will allow small businesses to offer better digital experiences. Media downloads are significantly faster in 5G than 4G, meaning customers can stream video or download documents without lag time. 5G will also make immersive presentations and augmented reality increasingly commonplace, which will allow products or services to be showcased in a more dynamic way.
Higher Productivity and More Efficient Collaboration
Small businesses can use 5G to achieve productivity gains. The technology supports more connected devices, which certainly can impact worker output. Siloed workers become more connected. Duplicate efforts are streamlined. And manual processes are automated, leaving more time for creativity and strategic planning.
Enhanced Mobility and Easier Recruitment
Over the past two years, work has changed dramatically. The remote work stigma has crumbled, and it’s now normal for companies to have an entirely remote team. Naturally, this has had a major impact on hiring. Recent data shows that the Great Resignation is alive and well, with half of all workers currently looking for new jobs.[ii] Many employers have wisely seen the writing on the wall. They are beginning to recruit beyond their immediate region to get ahead of the competition. The rise of 5G will accelerate this trend. More businesses will find it feasible to support remote work and will expand their talent pools accordingly.
Embrace the 5G Future
Sir Arthur C. Clarke once said, “Any sufficiently advanced technology is akin to magic.” He certainly could have been talking about 5G. With its ability to improve CX, productivity and recruitment, the technology can deliver great things for the economy – nowhere more so than with small businesses that are savvy enough to realize its full potential.