The 5G—or fifth generation—evolution in mobile networks and telecommunications technology offers more than just increased transmission speeds. 5G also offers increased network capacity, low latency, real-time connectivity between devices, and a platform for new services. As the rollout continues in the US and around the world, this evolution can be a game-changer for a lot of businesses in every industry.
However, the 3G sunset brings complex challenges that require planning, capital investment, and new business processes in order to fully take advantage of the 5G technology. Financial institutions and retailers can be ahead of this curve and take advantage of industry-leading technology, services, and support by partnering with Burroughs.
What 5G Means for Your Business
From its ultra-fast speed and low latency to its capacity to handle more data and connections simultaneously, 5G will make communication seamless while also giving consumers the instant connectivity they want from their smart devices. 5G also further supports the development of the Internet of Things (IoT), where more data can be collected, sent, and analyzed, offering customers and businesses deeper insight into system performance and customer behavior. With the IoT market expected to grow to 75.44 billion connected devices by 2025, consumers will be looking for the retailers and financial institutions they frequent to be ready for the revolution.
For example, customers will expect new 5G-enabled devices to be in place to create a seamless cash management payment ecosystem, no matter where they are and when they need it. For businesses, if leveraged properly, the data and visibility that 5G facilitates can offer new perspectives on their business operations and new ways to service their customers. With over 65 percent of the world’s population expected to be utilizing 5G by the end of 2025, will your business be ready for what lies ahead?
Busting Common 5G Myths
Like any new technology, 5G has a learning curve that is fraught with a mix of facts and fiction. While the benefits to customers and businesses are just beginning to be understood, the same goes for the resources that businesses will have to employ in order to make 5G a reality for their operations.
One fear that businesses may have is that implementing 5G will require large capital investments that may make it unobtainable in the near term. However, because 5G is built on top of the existing 4G infrastructure, 5G-capable devices are already being put into service and are capable of using 4G networks until 5G coverage is complete. Businesses can therefore upgrade their devices logically and methodically just as they normally would. With experienced partners like Burroughs, they can identify the right devices, features, and support needed to enhance customer experiences without breaking the budget.
Similarly, many businesses may believe that 5G technology will only benefit telecommunications companies. This, too, is a myth because 5G has the ability to increase connectivity between any 5G-capable devices, enhance network speeds for everyone on the platform, and provide more real-time data that businesses can use to drive operational decisions.
While there will certainly be changes to operations and decisions that need to be made to fully integrate 5G into your business model, planning ahead for these upgrades and leaning on the experience of an OEM-agnostic and leading service provider like Burroughs can make the transition a smoother one.
How Burroughs Can Help Your Business Leverage 5G
Specifically for financial institutions and retailers, the 3G sunset can be a stressful time because equipment, software, and technology within individual locations and across a business footprint need to be evaluated for compatibility. On top of this, new features for employees and customers also require evaluation, and this change necessitates a thorough understanding of implementation requirements for industry-leading hardware, middleware, and software.
The implications to businesses of not acting now could be costly and lead to unpredictable failures, lengthy service disruptions, and long lead times on devices such as 5G-capable modems, resulting in an unwieldy cash management ecosystem.
Instead, Burroughs can provide your business with a holistic and comprehensive cash management and device platform, supported with 5G-ready devices and staff who are experts in the new features and tools available. In other words, Burroughs can help with every phase of the 3G sunset to 5G implementation, making the change to 5G an exciting one for your business.
Take the Next Step
Luckily, you don’t have to prepare for the new 5G economy on your own. Burroughs has a nation-wide network of 500+ experienced service technicians, access to the latest new and refurbished equipment from across the top OEM manufacturers, and account managers dedicated to scheduling your servicing needs. We can help your business transition smoothly into the world of 5G—before your peers have even begun to plan for it.