These days, business performance can be largely dependent on a quality internet connection. It can help power your communication, enhance your customer experiences, provide access to more tools and recourses, and help keep you at pace with big market competitors. However, for a lot of small businesses, it can be challenging to access the same level of connectivity as big enterprises, helping keep them on the back foot. Often this is due to limited availability, high costs, and the location of the small business itself. However, with the emergence of 5G, this could soon change.
Helping small businesses do big things
5G is the fifth generation of networking technology. With its faster speeds, higher bandwidths, and more reliable connections, it is expected to revolutionise the way we connect and communicate. In fact, a report from networking telecommunications company, Ericsson, projects that by 2025, 5G can generate 45% of mobile data traffic worldwide.
This is exciting news for small businesses since it can open up opportunities that were previously reserved for high-revenue organisations. In a survey from global insights consultancy company, PSB Research, 3,500 business analysts, key decision makers, leaders and tech specialists were questioned about the role of 5G in business moving forward. Eighty-two per cent of those surveyed believe that 5G can contribute to the growth of small businesses and increased competition, while 95% report that it can make businesses more competitive internationally.
A lot of this is due to the fact that small businesses can access innovations and tools that were previously unsupported by their business network. Let’s investigate the opportunities that they could soon leverage thanks to 5G.
What innovations can 5G help small businesses take advantage of?
Due to the events of the last few years, most businesses are likely set up for remote working, but 5G can help you leverage this in a whole new way. Its extra capacity can help you to set up remote or temporary sites in shorter timeframes. This is useful for areas where conventional internet providers may not be an option and helps keep your staff connected to established head office systems and processes. You also may be able to test and target new markets with temporary setups close to the targeted group, helping you make more informed business decisions.
No matter how remote your business is, 5G can help you access the same opportunities as urban organisations with improved connections for rural and remote communities. These scalable and effective connectivity options for rural businesses can facilitate growth in ways that may not have been possible before. With improved connectivity, you can focus on getting things done and looking forward to the future. It can also allow other businesses to help better connect and partner with rural suppliers, diversifying choices for their customers.
The Internet of Things (IoT) refers to a network of devices that are equipped with sensors, software and connectivity that can allow them to exchange data while interacting with each other and the environment. These devices can include anything from your mobile to your vehicle to your supply chain equipment. While it has been around for a while, it is often only been accessible by businesses with budgets large enough to account for the latest in network technology.
With 5G networks, smaller businesses can access internet connectivity options that make the use of IoT possible, and thus access its many benefits. This could include minimising maintenance costs with equipment condition alerts, optimisation of supply chains for better customer experiences, and the delivery of new products and services that help them to keep up with bigger businesses.
AR and VR
A lot of business innovations come in the form of better engagement and connection with customers. With the use of augmented and virtual realities (AR and VR) supported by a 5G network, customer experiences can be delivered in a whole new way. Applications and systems could be developed that alter and enhance the way customers engage with your business and help them to better visualise your offerings. Plus, employee training can be transformed by offering sessions in virtual, immersive environments that better prepare them for the real-life workplace.
There are exciting things happening in the artificial intelligence (AI) space that could fuel future innovation, along with 5G. With 5G supporting the large amounts of volume required to operate AI, a small business could leverage this innovation. This includes things like machine learning, process automation, and improved data analytics that can lead to better business decisions.
Keep pace with business innovations with TBTC Sydney North
At TBTC Sydney North, we have a range of business connectivity solutions that can help keep you connecting and innovating. We’ll get to know your unique goals, challenges and plans for growth so we can identify which tech solutions are the best fit for you. Plus, when 5G becomes available in your region, we can help you roll it out. Talk to us today, and let’s get connecting.