The Impact of 5G on Business
By GICG Team - May 2021
There has been quite the buzz on 5G technology lately and about its imminent arrival, although interestingly, we have slowly already been introduced to 5G technology, for example, at the 2018 Winter Olympics in South Korea, when they beamed live videos on giant screens on buses. Now, major service providers around the world are competing to become the first to launch infrastructure that supports this technology as being a leader in this disruptive technology will be a game changer.
One of the biggest upcoming focus will be on how to educate people and businesses across varying industries on the capabilities and benefits of 5G and how it will influence the way of doing business. There are talks spanning faster internet, shortened facilitation of data gathering and analysis, machinery malfunction detection in early stages, enhanced inventory management, improved remote health wearable devices, and so much more. As GICG is a group company, we find ourselves enticed to learn about how this very technology will influence the various business functions our partners are involved in:
- Marketing: the online platform will become more crucial than ever, with improved internet technology more customers will turn to online platforms, ads can be presented on more trendy digital surfaces and promotional tools, such as holograms, augmented reality tools will be incorporated into business strategies to allow campaigns to become realities, market research will be improved by the ease of data collection, marketers will be encouraged to discover new ways of message delivery and become more interactive with consumers.
- Human Resources: with 5G allowing the usage of artificial intelligence (AI) in the workplace, the opportunities are boundless. Higher quality communication will be facilitated through a single platform promoting efficiencies, facilitation of the process of network slicing will eventually boot employee productivity, ease of remote working with the elimination of slow internet connections and buffering video conferences, process automation will boost employees’ productivity and morale, and that is just scratching the surface in the human resources industry.
- Recruitment: recruitment online will be advanced due to better connectivity, low latency, and the introduction of new recruitment platforms, and incorporating virtual reality during interviews is now a possibility.
- Finance: transformation of the way banks are run with the collaboration of 5G technology, digitalization of banking, processes such as data and money transfer will be easier, credit checks and investment trades will be much smoother, the empowerment of mobile banking, new means of communication with customers, customer database management will improve the overall customer experience, fraud transactions will be detected and prevented more quickly, automated wealth management services could provide advice and recommendations, and competition between financial sector institutions will intensify.
Most importantly, 5G technology is pushing people and businesses to not only think bigger, but to dream bigger, and we at GICG are eager to explore the opportunities. Experiencing the future has never felt so exciting!