5G is coming soon. Do you have a 5G IoT strategy?
At this moment, major telecommunication companies like Verizon and T-Mobile are erecting 5G cell towers.
Apple has announced that production on 5G iPhones will begin this September. Samsung has announced the manufacture of Qualcomm’s new 5G compatible chipset. The exact impact that 5G is expected to have on the economy and society at large is not yet understood, but one thing is for certain: it will be a game changer.
Experts predict that 5G will usher in a new era in automation and IoT technology, as low-latency, higher speeds and greater on-device intelligence will enable companies to create innovative products, services and business models. The latest prediction indicates that 5G will power an estimated $12.3 trillion in goods and services by 2035.
Even so, a recent Barclays study shows just 15% of business decision makers are thinking about how they will utilize this new technology.
If you have not yet planned for how 5G might impact your business, here are some recommendations on where to start.
Get Up To Speed on 5G
5G is the 5th generation mobile network, the new global wireless standard. Cellular providers have already started making it available in certain cities in the US, with half of all cellular customers expected to be on 5G by 2024. 4G will start to phase out by 2025.
Here is an overview of what 5G will offer:
Low-latency. This means near real-time data to power automation and Critical IoT (time-critical device communication).
Speed. 5G will be around 10x faster than 4G. Data transfer of less than 20 milliseconds will be standard
Higher bandwidth. Support will go from 200 mbps with 4G to >1gbps
Lower costs. Battery life will extend and technology will be more affordable
This will translate to three major use cases for companies:
Enhanced digital experience (streaming content, augmented reality, multi-user connectivity)
Critical IoT (autonomous vehicles and drones, healthcare)
Mass-machine communication (industrial machines, cities and smart homes)
These use cases will have a huge impact on a number of industries, most notably those that need real-time data and immediate reaction time to work effectively. Consider the following emerging trends as examples:
Agriculture could gain improved crop yields and quality thanks to environmental sensors and automated farm equipment
Shipping and Logistics will have increased real-time access to GPS location, route optimization and environmental conditions at lower costs
Autonomous vehicles will fully mature
Smart cities will improve quality of life through analytics and automation
AR and VR technology evolves to create compelling experiences in entertainment, gaming and retail
Manufacturing takes a leap forward with lower-cost automation, connected field devices and efficient floor production.
Real-time health monitoring and alerts to improve health and save lives
If you work in any of these areas, opportunity is there. Fortune favors the bold.
Build your 5G IoT Strategy
Now that you have examined the possibilities for your company, build your 5G IoT strategy. What opportunities can you leverage for your customers? Are there new business models that could emerge in your industry? What technologies may be required to adapt?
To answer these questions, consider holding a Design Thinking workshop with key stakeholders and customer experts. Design thinking is a collaborative approach to product development that integrates the needs of people, the possibilities of technology and the requirements for business success. Use it to identify critical pain points for both customers and operations that can be resolved through the use of 5G. Create journey maps. Prototype concepts and test them. Model the overall experience to inform your future state IoT strategy.
Test and Upgrade your Systems
Once there is a vision in place, work to upgrade your IT system infrastructure to be forward compatible with 5G. This means investing in an architecture that can provide increased capacity and performance, and ensuring that security infrastructure does not cause a bottleneck. Evaluate where 5G chipsets are needed. More customers using more connected devices at faster speeds means more data and exponential increases in system requests. Cloud computing is a must. If you currently have mobile applications integrated with IoT products, test the experience on 5G devices as soon as possible.
Engage the Right IoT Partners
Once your 5G strategy is created and your infrastructure has been evaluated, engage with the right companies to guide you and move you forward. This includes device OEMs, app developers (like Outside Source), and cloud engineers.
The deployment of 5G enabled devices will only grow exponentially from here. Early adopters will be positioned to make gains in their market and be leaders in the new frontier.
