5G can pump up business productivity, particularly when combined with other technologies. Retail businesses, for example, could provide customers with personalized in-store experiences, letting them safely and instantly access product information through augmented reality (AR) applications on their mobile devices. Because 5G's attributes include reduced latency and increased bandwidth, both of which are essential for a smooth AR experience, the emerging network plays an important role in enhancing the customer experience. Providing that experience virtually frees employees to manage parts of the job that aren't so easily automated.
Retailers could also give store managers better insight into inventories by placing tracking chips on products. With 5G-powered mobile edge computing, inventories could update in near-real time. With such technology, employees may no longer have to check back stockrooms to verify inventory, and customers could be immediately directed to what they're looking for.
5G business implications could also include visibility into the supply chain. Wireless product tracking could provide accurate near-real time location information, and with greater clarity into the supply chain, businesses could respond to changing market demands with increased agility and speed. As Deloitte notes, government agencies could leverage 5G-enabled supply chain improvements to optimize the delivery of lifesaving equipment, such as ventilators, personal protective equipment and testing equipment, to the areas where it's needed most.