5G is the fifth iteration of wireless technology that promises increased data transfer rates, decreased latency, and superior connectivity. Businesses will need to work their way through the three horizons of 5G business development to help 5G reach its full potential.
Horizon 1: Evolving Existing Business Models
5G offers increased speed and lower latency that can enhance current products and services. For example, telecommunication companies can use 5G to improve the quality of their voice and video calls. Similarly, manufacturers can use 5G to enable faster and more efficient production processes.
Businesses must identify use cases that can benefit from 5G technology. Partnerships with other businesses and technology providers can create innovative solutions that leverage 5G capabilities.
Horizon 2: Creating New Business Models
Creating new business models involves identifying new revenue streams that were impossible with previous wireless technologies. For example, 5G can enable new applications in augmented reality, virtual reality, and the internet of things (IoT).
Leverage the capabilities of 5G to fill gaps in the market and develop solutions. To create unique ecosystems that support these solutions, partnerships with other companies and technology providers is essential.
Horizon 3: Enabling Disruptive Business Models
5G can create new markets and business models that were impossible before. For example, 5G can allow new applications in areas such as autonomous vehicles, remote surgery, and smart cities.
Businesses should understand the potential of 5G technology and its impact on different industries. They must also be willing to take risks and invest in new technologies and business models. This will require collaboration with other businesses, governments, and academia to create unique ecosystems that support these disruptive business models.
The three horizons of 5G business building offer a roadmap for businesses to navigate the challenges and opportunities of this new technology. Companies can leverage the full potential of 5G to drive innovation and growth. Get started with 5G today. Contact us at Access Tech where we can help qualify your location, provide you with 5G options, and help you utilize 5G specifically for your business.