5G is the fifth iteration of wireless technology that promises increased data transfer rates, decreased latency, and superior connectivity. This technology is expected to drive digital transformation across various industries, enabling new use cases and revenue streams. However, the full potential of 5G will only be realised after some time. It will require businesses to navigate the three horizons of 5G business building explored in this article.
Horizon 1: Evolving Existing Business Models
The first horizon of 5G business building involves evolving existing business models. This consists in taking advantage of the increased speed and lower latency of 5G to 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.
To navigate this horizon, businesses must identify use cases that can benefit from 5G technology. They must also develop partnerships with other businesses and technology providers to create innovative solutions that leverage 5G capabilities.
Horizon 2: Creating New Business Models
The second horizon of 5G business building involves creating new business models. This involves identifying new revenue streams and use cases 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).
To navigate this horizon, businesses need to identify the gaps in the market and develop new solutions that leverage the capabilities of 5G. This will require collaboration with other businesses and technology providers to create unique ecosystems that support these solutions.
Horizon 3: Enabling Disruptive Business Models
The third horizon of 5G business building involves enabling disruptive business models. This involves using 5G to 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.
To navigate this horizon, businesses need to deeply 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. By evolving existing business models, creating new business models, and enabling disruptive business models, companies can leverage the full potential of 5G to drive innovation and growth. However, this will require collaboration and partnerships with other businesses and technology providers and a willingness to take risks and invest in new technologies and business models.