Category: Featured News

There has been lots of buzz around the topic of 5G for some while now, and it looks like we’re finally starting to see it emerging. As the end of 2019 becomes the year the long-awaited launch of 5G mobile technology takes place, it’s time for businesses to get excited.

In today’s world, we have an abundance of small businesses and entrepreneurs all looking to launch products and services never been seen before. It’s those within these industries that are said to benefit from 5G more than anyone, with many expecting 5G to become the business game-changer we have been waiting for.

How Can 5G Help Small Business?

The introduction of 5G could have many practical benefits for a large array of business. One of the main wow factors is that 5G offers a substantially faster download speed, meaning that those using it will be able to download videos at speedier rates, as well as being able to upload HD and 3D videos much faster than ever before.

No longer will users be sat watching the clock while that 30-minute-long HD video downloads! This introduction immediately allows more time for businesses to spend doing other promotional activities.

Document sharing

Businesses which rely heavily upon online data and sales will possibly have to share large documents, which take longer to upload. With the introduction of 5G, document sharing will be done at much faster speeds, sending important documentation all around the world much quicker.

When everything is sped up, this improves the overall efficiency of a company’s processes. This should result in more capacity to take on other tasks and the need for fewer resources. In theory, this should save costs and increase revenue as a positive result.

Encourage remote working

As jobs become more reliant on the internet and constantly involve travel, many businesses are becoming familiar with mobile working. Introducing it has been tricky for some, with worries about employees’ connections and speeds when not working in the office.

With the additional capacity and speed that 5G offers, this could make it much easier for entire teams to start working from locations.

Several people could all be connected to their head office systems yet be based remotely around the country.

Staff development

Business owners, entrepreneurs, and employees are going to witness the business industry moving at a much faster speed than it did previously. As businesses will take on more advanced processes and technologies, those who want to excel in business will see themselves wanting to develop their learning too.

Companies will start to move much faster, opening up opportunities for more time to be spent on product development and business growth plans, as time allows. With the faster pace of a business’s future, this is going to encourage those who want to take up online learning to grow their skills. There are many online courses which can be accessed at any time with huge flexibility, training employees, and business owners further in subject areas like Business Analytics. You can take a look at this website for more details.

Which businesses will benefit the most?

Most businesses will reap the benefits of a faster, more capable network, but there will always be certain industries that will gain exceptional opportunities. The ones mentioned below may be the ones set to experience potential growth from the introduction of 5G:

Healthcare:

It’s possible that when 5G is fully rolled out, it could bring on the introduction of the ‘Remote Surgery.’ 5G could be set to make a huge difference in how healthcare is provided, giving access to millions of people in a remote location.

Some of the most advanced telecom equipment manufacturers have already been working with medical specialists and doctors to look at testing 5G-compatible prototypes. These include possible touch-sensitive gloves which can be connected to remote robots.

 Marketing and media:

The biggest aspect of marketing that 5G is tipped to assist with is virtual reality: creating those out-of-this-world virtual experiences. Virtual reality sits within the future of marketing for many businesses, offering customers the chance to see or experience something without physically being there. Think of travel companies, sharing holiday experiences, or clothing companies, letting you browse items that aren’t in physically in front of you.

For news and broadcasting:

News sharing is all about speed, in which 5G is said to help national and local broadcasting companies with expanding how they gather news via mobile. In this aspect, the news really will travel faster.

Bottom line

It might seem like we are living in an already highly connected world, but this is nothing compared to what 5G can deliver. The arrival of 5G will not only stimulate the rise of start-ups, entrepreneurs, and small businesses but will start to make significant differences in how existing businesses are run.

Businesses should start to see increase efficiencies, faster access to resources, and reduced costs. This alone makes 5G a fantastic launch for SME’s.

Most importantly, this faster mobile technology will be able to empower a whole new range of tech applications, that potentially hasn’t even been planned yet. The world is set to see more advanced than it has ever experienced before, and it’s predicted to be an exciting time for all.

Being a leader in any field of business isn’t easy, but when it’s a technical or mathematical field, the job becomes ever so much more complicated. To be a successful data leader in today’s highly data driven business economy takes certain qualities and, according to experts, the following attributes are shared by every one of them.

The Right Education

Leadership is often an inherent trait, which can be further nurtured into maturity through training and experience, but that alone isn’t enough when it comes to data leaders. As it’s a highly technical and mathematical field at once, the right educational foundation is extremely important, without which, none of one’s leadership skills will amount to anything in the industry.

An online statistics master’s program developed by Michigan Tech has been formulated with exactly this aspect in mind. It further sharpens the analytical and technological knowledge of a data professional to prepare him with the skills that the industry demands.

When someone has the skills to solve actual, work problems in the data business, on the basis of his/her education and experience, it’s a sign of a future leader in the making. Without a proper understanding of how the business works and how to solve its various problems, leadership cannot succeed.

Those that have an undergrad degree in any field of statistics or mathematics, should certainly check out an online statistics master’s program to further prepare themselves, should they wish to take up more responsibilities down the line.

Understanding the Business Outside the Core Work

There is actually a significant difference between work and business, which a veteran business leader understands all too well. We have already discussed the importance of the knowledge base for being a data leader, but that’s the work, not exactly the business.

Of course, without a leader understanding the work, he/she cannot ever hope to tackle the business that surrounds the work, but the two are not one and the same. Therefore, it is not a real mystery as to why business leaders are often the ones with both the technical knowledge and a deep understanding of the trade that the company conducts.

An additional course in business management, or significant experience with the business aspect of the data industry is once again, a common trait for most data leaders.

The Data Culture

The data culture is hard to define without practical examples, but consider it to be similar to building any other kind of work culture in an office environment, but predominated with a push towards encouraging agility, fluidity, innovation, strategic alterations and more from any member of the team.

A leader opens up opportunities for every data professional under him/her, so that they can approach the leadership with new ideas, algorithms, processes, analytical techniques or just totally non-technical improvement suggestions. The old saying about two heads are better than one is quite true in this sector and a good data leader maximizes the available pool of intelligence, experience and human analytical power at the company’s disposal.

Recognizing What is What

As the job of the data scientists, statisticians and analysts of the world primarily involves making calculated predictions, a data leader is only successful when he/she is able to seclude actual facts from hypes without basis.

A team cannot be expected to calculate the estimated total value of the autonomous vehicle industry by 2020, if the key leading figures in the team are unable to determine what’s hype, what’s hyped fact, and what’s pure fact. Erroneous predictions may ruin businesses which rely on such estimations, and that in turn will ruin the analysis and data research firm as well.

In all honesty, no data leader can be 100% accurate all the time, but given how far we have come in terms of predictive Ai utilization in detecting trends and making predictions, accuracy is expected. Even then, AI is at its nascency, which is why data leaders are the ones with the big brains to figure out what even they cannot.

Data Leaders are Naturally Good at Formulating Meaningful Questions

No survey or questionnaire would be able to provide any meaningful insight, if it wasn’t carefully designed to ask the right questions.

Each and every one of the questions should be designed in a way that the answer manages to satisfy any one or multiple criterion’s of the findings that the data is supposed to provide. In other words, there should be a clear connection between what is asked and what the goal of the survey is. It is easy to lose track of the goals sometimes and get sidetracked with some of the questions, as different goals are often so closely linked to each other.

The Relationship Between the Data and the Commerce

This is once again, one of those scenarios where the surveys and questions must have a clear connection with the business aspect of the company. Are the goals of the current surveys and analytical reports beneficial to the client in any way? Even if it is beneficial, is the investment necessary to conduct the survey adequately proportional to those benefits?

Data analysis needs to have a good ROI for clients, or there would be no point, and successful data leaders realize that fact quite well. They are often found to engage as much time in figuring out the most beneficial datasets, as they do in interpreting them.

Finally, it should be mentioned that irrespective of the nature of a business, if there is no vision in sight, the effort is wasted. Therefore, the clever data leader utilizes their resources carefully to only gather the data that would be, or at least could be relevant, instead of gathering huge data sets that have no apparent connection to the ongoing projects or future visions of the team.

It’s a wastage of valuable resources, which further diminishes the return on investment, making it a fruitless endeavor. Managing resources is after all, a core part of every successful business and the data business is not an exception either.