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5G and IoT
technology strategy:
preparing your
business

Author: Adam Kimmel

Developing a 5G strategy is a critical part of doing business in the Internet of Things (IoT) era. Business leaders face tough decisions about acting on 5G developments. If you have not already, it is time to incorporate a 5G integration plan into your existing business strategies.

A sound strategy covers budgeting for the investment, the business challenges that 5G will address, and how your company will implement automation, artificial intelligence and big data analytics into your business operations by way of 5G. A holistic 5G and IoT strategy also covers how to educate stakeholders to ensure a successful deployment.

The benefits of 5G preparation

5G is the most transformative network innovation in recent history. The hallmark attributes of 5G—high bandwidth and low end-to-end latency, in particular—are promising, but the benefits are expected to go well beyond more productive employees. Widespread access to fast, reliable internet can open new doors for distributed and remote workforces. 5G can also enable the connectivity needed for real-time remote collaboration and applications utilizing virtual reality and augmented reality.

Several industries are already exploring the potential outcomes of 5G preparation. Reliable remote internet is great for people who work at home, but it is also an invaluable asset for specialists who do fieldwork—particularly those who visit remote and potentially hazardous sites like substations and power plants. 5G could be deployed to help first responders and public officials direct and deliver safer emergency response, and it can enable IoT devices to support such applications like predictive maintenance on the factory floor. For healthcare workers, whether they work in state-of-the-art medical centers or in temporary vaccine clinics, 5G could offer ultra-fast, ultra-low latency mobile communications and enable essentially real-time access to important data.

There is little doubt about what 5G can do—but you have to be prepared to leverage its power.

Essential components of a 5G and IoT strategy

To realize the benefits of the next generation of network technology, you need a robust 5G strategy. This plan should outline how you will:

  • Create a 5G investment strategy to budget for any new infrastructure
  • Define the specific business challenges that 5G and IoT will solve
  • Implement automation and artificial intelligence in factories and throughout the supply chain
  • Use big data to drive quicker, better-informed decisions
  • Onboard critical stakeholders to the improvements

Once you have developed your 5G investment strategy, you must decide whether your business is ready to implement it.

Assessing 5G readiness

Knowing whether your company is ready to adopt 5G can be difficult. The proper 5G preparation tactics can help your organization integrate 5G more smoothly.

By determining where you are in the transformation journey, you can understand how and when you can deploy 5G. Readiness is measured in five stages:

  1. Start. Identify new endeavors to grow, scale and transform your business—and the partners that can put you on the path to transformation.
  2. Adapt. Add flexibility and adaptability to your systems and processes to propel innovation across your organization.
  3. Elevate. Collect data at scale, then use it to drive better decisions and outcomes.
  4. Innovate. Improve your organization's agility by leveraging real-time insights.
  5. Disrupt. Use ultramodern technology to create unique experiences, propelling innovation once your business reaches a new equilibrium.

The next steps toward 5G and IoT

5G is a truly transformative technology, but defining and implementing a 5G and IoT strategy is a process, not an action. As you chart your course, you might need expertise beyond what you have in-house. A managed services partner can help you assess your readiness and give you the insight you need to to develop the 5G investment strategy that is right for your business.

Learn more about Verizon's 5G strategy solutions.