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5G. You probably heard about the many conspiracy theories saying Covid-19 was caused by the 5G networks. 5G is the newest generation of cellular networks. It is not only an upgrade of the existing 4G network in terms of speed; 5G is transforming the world as we know it.

5G enables many different opportunities for business and may completely change the workings of whole industries. Besides improving mobile broadband – 5G is up to 100 times faster than 4G -, 5G enables massive machine type communication and critical real-time communication. Massive machine type communication connects machines through the Internet of Things (IoT). Real-time traffic management and connectivity between home devices are applications that can now be improved because of 5G. Critical real-time communication enables consistent responses in real time through 5G’s high reliability and ultra-low latency. This is important for enhanced responsiveness in autonomous cars and remote surgery in the healthcare sector.

As you can see, 5G will play an important role in many different industries. McKinsey researched how 5G could be deployed in the mobility, healthcare, manufacturing and retail industries and found that these four sectors alone could boost global GDP by $1.2 to $2 trillion by 2030. While this seems very promising, technology is not there yet.

Since 5G is still evolving, there are also some concerns. Most of them are related to security issues. IoT can connect millions of devices, which could lead to more vulnerabilities and breaches in security points. Also, the increased speed and volume of 5G might give difficulties in monitoring security. Some people even have health concerns, even though it was proven that 5G radiation will not affect health.

I however believe 5G can lead to many great opportunities, especially in healthcare and mobility, and increase efficiency and reliability in these sectors. I really like the quote of KPN: “4G connected people, 5G connects all of society”. In what sector do you think 5G can play an important role?

Sources:

https://www.overons.kpn/en/kpn-in-the-netherlands/our-network/5g

Click to access making-5g-pay.pdf

https://www.mckinsey.com/industries/technology-media-and-telecommunications/our-insights/connected-world-an-evolution-in-connectivity-beyond-the-5g-revolution

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The world has been up-side-down since Covid-19 started almost one and a half years ago. To control the pandemic, having almost no personal contact and interaction became the “new normal”. The government demanded a lockdown, events got cancelled, schools were closed and companies introduced remote working.

Because of the “new normal”, companies had to rethink aspects of their business as consumers now mainly had to rely on online channels. And companies had to respond accordingly. This led to an exponential increase in new digital technologies and a digital transformation in many different sectors. Companies that were affected by the lockdown had to think in the digital direction to stay competitive in this new business environment. But also digital companies quickly developed and expanded with new digital services that helped to reduce face-to-face interactions. Examples of these digital technologies are delivery services, video conferencing services and cloud computing.

The pandemic arrived so unexpectedly. Since it affected millions of companies – or should we say almost the whole business world – so quickly and severely, companies also quickly had to respond with digital transformations. Research shows that due to Covid-19, the adoption of digital technologies is increased in speed by several years. According to McKinsey, the digitization of customer and supply-chain interactions and of their internal operations have accelerated by three to four years. In addition, the share of digital-enabled products in their portfolios has increased speed by seven years.

The same research also found that most of these digital transformations are there to last – even when everything goes back to the “old normal”. Changes that happened because of Covid-19, such as remote working and changing customer needs, are believed to stick as the pandemic evolves. And this of course has important implications for businesses. What do you think this means for businesses?

You can read the articles in the sources for more information and the other results of the McKinsey survey.

Sources:

https://www.mckinsey.com/business-functions/strategy-and-corporate-finance/our-insights/how-covid-19-has-pushed-companies-over-the-technology-tipping-point-and-transformed-business-forever

https://www2.deloitte.com/us/en/insights/topics/digital-transformation/digital-transformation-COVID-19.html

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