Trends in Technology

The Role of 5G and the Internet of Things in Creating a Winning Business

September 23, 2020 by Bobby J Davidson
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The world is no longer a stranger to the Internet of Things (IoT), and it is well known. When harnessed, it allows companies to maximize their business value. Smart 5G and IoT-connected businesses will be leading the charge to fight climate change through reduced carbon emissions. The future is 5G, and the technology boasts such enormous potential that it will drive innovation and greater efficiencies in all business areas, whether it is in manufacturing or design.

The rapid advancement and development of 5G technology have given businesses food for thought as they can adopt the Internet of Things by embedding software, sensors, and other technologies in their physical assets to exchange data across systems and devices all over the internet. One area that this technology is expected to play a massive role is in helping companies decrease their carbon footprint.

Fighting Food Wastage

A UN report has claimed that nearly 30% of the food in the world today is either wasted or lost between the farm and the fork, which is estimated to be worth $750 billion! Globe Tracker, a Danish company specializing in monitoring refrigerated and shipping containers, has offered to monitor and control equipment failures and power loss remotely as containers travel around the world.

They manage to do this by transmitting real-time tracking data from refrigerated containers and its sensors, which is shared with their customers and throughout the supply chain. This prevents spoilage and load loss, with nearly 1.3 billion tons of food that would otherwise be wasted, are saved.

5G Is Powering the Fourth Industrial Revolution

There have already been ripples of the potential of 5G technology felt everywhere, which grow stronger because of the impact of smartphones and 4G. These technologies have revolutionized the way we consume, communicate, and live. With 5G technology, the Fourth Industrial Revolution is well on its way as it comes outfitted with superpowers like lightning-fast response times, speed, and capacity.

Faster and more reliable connectivity will allow industries to transform their business and manufacture products in smarter ways digitally. The advantage 5G has is that it is a software-defined network that will replace the need for using cables as it will operate solely on the cloud. This will result in faster response times, which is going to be a gamechanger for a world that is dependent on the internet.

Making the Roads Safer

We have already seen its influence on how it has become crucial now to develop safer and more intelligent vehicles. Statistics paint a gruesome picture when it comes to road accidents and crashes, with an estimated 1.35 million lives lost per year and nearly 50 million injuries all over the world. There is hope that 5G will reduce collisions and injuries on the road by connecting intelligence between various moving objects and moving with their speed.

The rise of Advanced Driver Assistance Systems (ADAS), like adaptive cruise control and forward-collision warning systems, has already had a major impact on reducing road injuries. These benefits are expected to grow exponentially when all vehicles are connected and sharing information with other cars and everything around them on the road.

How 5G Will Dominate the Coming Decade?

It is predicted that in the next five years, 5G technology will transform the world we live in. There are going to be nearly 2.6 billion subscriptions for 5G that will cover over 65% of the world’s population. At the same time, the number of cellular IoT connections is going to grow as well and will reach over 5 billion worldwide.

McKinsey reports that if businesses and policy-makers get it right, the economic value that will be generated by IoT globally will generate an eyewatering sum between $4 trillion to $11 trillion a year by 2025. Like most massive shifts in technology and the economy, this will be a massive opportunity for adopting new technologies and moving your business forward.

Hyper-competitor and globalization, along with customization and personalization, are the main drivers of digitalization with technological maturity. Everyone can see that there is a wave of momentum in the market that will result in more opportunities for enterprises and raise concerns. As you manage more data that is sensitive to your production, focusing on improving security measures will become a top priority.

Apart from that, enterprises will also be facing increasing pressure to reduce their carbon footprint and improve work safety. In short, industries and enterprises must work together to do better and more with less. The first step will be to embrace the ideas and technology of the Fourth Industrial Revolution that will give access to insights and data for optimizing your business.

Adopt 5G to Survive in the Market

There is also a stream of thought that claims 5G is going to be the pivotal factor that governs success or failure for businesses. Failure to adopt and integrate 5G will see downtimes and inefficiencies affect production, which will result in losses worth millions of dollars. In addition to this, you will also risk falling behind your competition and become obsolete in your industry.

The biggest question facing mankind in the next decade is how to deal with climate change. Nowadays, a winning organization is defined by its capability to reduce their carbon footprint. Here is where technological advances play a massive role because adopting a smarter, and more connected business model will bring about energy efficiency as a direct consequence.

It has been predicted that digital technologies like 5G and the Internet of Things (IoT) will reduce global emissions by around 15% to 2030, which will be critical in taking the fight to climate change.