The need for physical space, by companies, might be ending soon, as the development of a new generation of a wireless network is, on the rise.
This was revealed by innovation experts, at the Fast Company Innovation Festival, held in late 2019.
One of the strong points of discussion at the festival is the 5G network, which, may someday, cause businesses the need, to abandon their physical office spaces.
What will be in place is, holographic meetings, rather than physical interactions, between coworkers.
The capabilities of the 5G networks are beyond mobile devices.
From video streaming, to cloud computing, the 5G wireless network, will make these, cheaper and faster.
What this means is that entrepreneurs will have the ability, to execute their operations, to full capacity, anywhere they are.
The extensive adoption of the wireless 5G network will bring about, more working partnership, among entrepreneurs, thus, creating virtual business communities.
Theodore Schachter, Chairperson of Advertising and Marketing at FIT, had said that 5G networks are going to create a world of nomads.
With this improved wireless technology, the retail industry has the leverage, of improving customer data.
“It will allow the brick-and-mortar experience to, finally, compete with the Web and online experience”, Schachter stressed.
5G will enable stores and retail outlets, to have useful insights, about the shopper.
However, there are warnings that the increased access, to customer’s data, might start another Facebook-like data privacy scandal.
Michael Caralis, Director of Public Sales and Operations, at Verizon, referred to 5G as, “the fourth industrial revolution” and it will tailor the production process, for retailers.
With more features added to technology, entrepreneurs can drive, beat down the cost, thus, making things easier, for consumers.
“The network will be faster, than our brains”, Michael said.
Featured Image: networkworld
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