Technology is advancing at a faster pace than ever before. For small business owners, these advancements will have a tectonic impact on the way they run and scale their business. Generations of business owners in our state have found success in the traditional brick and mortar setting. Today, with accessible connectivity and the internet, small businesses are no longer dependent on just their local customers. Companies that were once limited to Main Street can now do business around the world.
Ready or not, 5G, the next generation of high-speed wireless technology, is coming. What is it? Jeff Lewis, President of Dallas-based VERTICOM, says that 5G “represents a technology pivot point equivalent to the introduction of the internet.” So, what’s next? There are a few crucial things for small businesses to know about 5G technology.
1. Lightning-Fast Speeds Are on the Way: Erik Ekudden of Ericsson has said that 5G will be “like having fiber in your pocket.” This level of reliability, speed and reduced latency will empower a revolution in technology that will pave the way for how thousands of smart devices will be able to communicate.
2. Hardware Planning: 5G technology will change the way businesses connect and the hardware they use to do so. Small businesses have historically operated in a tethered environment, tied to a broadband connection and central computer for storage. With 5G connectivity, wireless will be king and cloud computing will become the new norm for systems management.
3. The Internet of Things (IoT): 5G will power the next generation of connected devices, including the ones used in the small business setting and the ones that consumers wear or carry in their pockets. The high-speed and reliable connectivity provided by 5G will serve as the backbone for innovative concepts like Amazon Go, the grocery store of the future. Nobody quite knows the innovative capacity of 5G, that’s the exciting part.
4. Data Insights: The connectivity speed that comes with 5G will enable businesses to glean valuable insights on customer behavior, internal processes, real-time adjustments and efficiency improvements in the smart-business ecosystem. Picture an environment where retail supply can instantly and seamlessly communicate with a warehouse for restocking, allowing business operations to become more flexible, productive and cost-effective.
5. Streaming: Video enabled devices are the 800-pound gorilla of data usage. With 5G technology, all of these related systems will be improved for small businesses, including video conferencing capabilities, live streaming video for retail promotion, or lifelike product education in the sales environment. Streaming has historically been the enemy of connectivity…and that will be a thing of the past.
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Scott Dunaway is the Spokesman for theTexas 5G Alliance, advocating for the connectivity of the future. TX5G’s mission is to educate Texans on the exciting possibilities of 5G technology and the infrastructure that will be required to meet the demands of smart cities. The Texas 5G Alliance is a coalition of stakeholders that are unified behind the vision for a connected future in Texas.
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