To capitalize on 5G's potential, small businesses need to step up their adoption of digital solutions. More than 70% of small businesses worldwide have accelerated their digital transformation in response to COVID-19—but only 4% have achieved the highest level.
The steps to realizing 5G small business opportunities include:
- Digitizing business processes. No more pen-and-paper solutions. Every process—including customer relationship management—should migrate to a digital solution. Digital solutions do not just help with daily operations; they also help small businesses track long-term trends and devise long-term plans.
- Moving to the cloud. Using cloud-based customer relationship management tools and related business systems will help small businesses access processes whether they're in the office or on the road.
- Securing data. Digitizing data is a powerful way to maintain a competitive advantage—but it can also leave businesses vulnerable to cyber attacks. Small businesses are increasingly the prime target for cyber criminals, and they need to understand the costs of doing business digitally and ensure that sensitive data is safeguarded.
- Exploring advanced technologies. Small businesses can boost revenue and productivity by using augmented reality apps and advanced data analytics. Figuring out which technologies will deliver the desired return on investment is also key.
You can seize the potential of 5G small business opportunities faster by partnering with managed service providers that have invested in cybersecurity and other enabling technologies. These partnerships give you access to advanced technologies without having to reinvent the wheel or spend money on labor and expertise that might not be readily available. A managed service provider can help small businesses move processes to the cloud, implement stringent cyber security protocols or help you ready your digital infrastructure for 5G.
5G will revolutionize business. Laying a foundation now will help you unlock the potential of 5G and stay connected with your customers.
Learn how Verizon can help you pounce on 5G small business opportunities.