The 5G technology has generated plenty of hype and hoopla. One wonders why the 5G has created so much buzz all around - well, it is largely because this technology is touted to be smarter, faster and more efficient than 4G. No wonder, 5G is being talked about as a potential game-changer across the global marketplace.
It is now without reason that 5G technology is being talking about glowingly. The technology offers differentiators such as ultra-low latency, faster data speeds, enhanced reliability, wider network capacity, increased availability, etc. 5G has the potential to offer speeds up to 100 gigabits per second and is set to be as much as 100 times faster than 4G. The fact that the technology has generated a lot of excitement among businesses and technology influencers is easy to understand.
This fifth-generation technology brings so much to the table for the supply chain space. 5's impressive speed as well as its capability to manage volumes of data will have a massive impact on supply chain management. In fact, if findings of a recent survey is anything to go by, 5G subscriptions are expected to hit 190 million by 2020-end and touch 2.8 billion by 2025.
5G is poised to drive large-scale innovation in the supply chain space and this will be spurred by embracing technologies such as the Internet of Things (IoT), robotics, and drones across the supply chain. IoT technologies can help accelerate supply chain management by identifying chips, sensors, communication devices, cloud computing networks, and data analytics engines all working together to drive better decision-making.
5G will help businesses bring about better end-to-end visibility across their supply chains, drive real-time data-sharing among all supply chain parties as well as enable organizations to streamline operations and scale up production. Further, 5G technology is expected to ensure substantial cost-savings as well as peace of mind for various supply chain stakeholders. Logistics companies can make the most of the 5G technology as they can label, track, and record all shipments automatically and deal with issues such as lost cargo, misplaced items, etc.
5G also help optimize another key area of inventory and warehouse management, wherein its high-speed network ensures a more transparent and efficient process of collection, delivery, and archiving of goods and products. The technology can also optimize critical processes as well as drive remote maintenance and control. It can be also handy in ensuring seamless fleet management operations. Owing to reduced latency 5g enables real-time vehicle status updates, collision avoidance, leveraging emergency services in the event of an emergency, etc.
There is no doubt about why enterprises are potty about jumping on to the 5G bandwagon. But they cannot cold-sholder the pressing need to reinvent some of their existing data infrastructure and embrace analytics solutions suited to the task ahead. This will ensure that their supply chains are better positioned to take advantage of the new opportunities.
Given the evolving market landscape, there is a crying need for businesses is to work closely with all their partners as one virtual organization with shared information, shared processes, and shared decision support. Businesses that adopt such a collaborative approach will stay relevant and competitive over the long-term.
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