The 5G train is picking up speed, and you might need help getting on board.
As the 2020 Consumer Electronics Show wraps up its annual look at disruptive technologies in the pipeline, don’t take your eye off another technology revolution already on our doorstep. It includes an alphabet soup of acronyms – IoT, EGX, AI, VR and more – and it will change everything. How?
One word: speed.
You’ve no doubt heard jargon like the Internet of Things (IoT) and Edge Computing Platform (EGX). At its core, it’s about speed that will dramatically affect consumer goods, but also manufacturing and the enterprise environment. Think of the industrial advancements that have helped define our civilization throughout the past few centuries: the steam engine, electricity and the light bulb, and personal computers. Now we face the convergence of several technologies with possibilities nothing short of the next industrial revolution, what is rapidly becoming known as Industry 4.0.
Ready or not, this is happening now – and the implications for consumers and the enterprise are almost limitless. There will be many product opportunities and development, and it will revolutionize manufacturing, transportation and how both homes and cities are managed.
What will enable Industry 4.0 is 5G, which is ushering in a new era of wireless communications unimaginable even a decade ago. 5G delivers 1,000 times the bandwidth with at least 10 times the speed of 4G. It’s like warp speed compared to impulse engines. And even though the consumer side is only about two years into a 10-year transition cycle, most carriers are rolling out and marketing their 5G networks now. They don’t need to wait until everyone has a 5G-compatible phone. And neither does the enterprise side of the market.
Will you be ready to take advantage of it in 2020?
On one hand, enterprises should ask themselves how they can monetize 5G technology and maximize its benefits. Just as important, however, is cybersecurity. There are serious privacy and security concerns with the vast connections 5G networks will enable. This revolution is coming, but it needs to be secure. Enterprises, therefore, need to think not just about their business models, but also their security.
Forward-looking cybersecurity and business transformation services can assist your company in developing a business model that will leverage the new technology and keep it secure.
First, stay safe. All the monetary potential isn’t worth much if it brings your network down or leaves you exposed to malicious forces. With this new technology cresting ever higher, no one is really addressing how to make it secure.
Cybersecurity threats already are high, but with data capacity and transfers increasing 100- or 1,000-fold, extra vigilance will be even more imperative. Organizations need to understand the complexity of IT infrastructures and the challenges that arise with the implementation of new technologies and protocols. Your cybersecurity function should keep in mind on the impact security incidents can have not only on your revenue, but, just as important, your reputation.
There is also opportunity in leveraging 5G technology to your advantage. This already is a highly competitive market and the competition will only grow. How will you capitalize on it monetarily? What services will you need to create? How will it affect your operations? There are many variables and options to consider.
There are ever-changing customer needs, competitive forces, regulatory changes, shareholder demands and, of course, emerging technologies that can offer both disruptions and opportunities.
Whether it’s business-process redesign, new-product development or creation of a new business model, organizations can turn to management advisors, such as MorganFranklin to develop innovative solutions that help your business use the 5G revolution to its advantage. We will work with you to develop profitable and safe solutions that use the new technologies at your disposal to solidify and grow your standing in the market.
MorganFranklin understands the new technology as well as the challenges you confront. We provide a blend of experience and expertise – tailored to your company’s unique requirements – to successfully deliver, execute and manage your end-to-end business transformation and cybersecurity needs. Our multifaceted expertise and cross-functional approach help our clients reimagine the way they do business.