Tangoe, an order, invoice, inventory and expense management solution, says enterprises should map out a strategy for integrating 5G into their business and offers three steps orgs can take now to mitigate risk of out-of-control spending related to integrating 5G.
The number of 5G connections is projected to grow 217%, from roughly 10 million in 2019 to more than 1 billion in 2023, according to IDC. The technology is poised to deliver fast speeds and latency. 5G will also allow businesses to take advantage of the Internet of Things (IoT), connecting even more smart objects, Tangoe says.
As businesses deploy more 5G connections within an organization, not only will they need to invest in hardware and infrastructure upgrades, but they also will see an increase in bandwidth consumption and associated expenses, according to Ian Runyon, Vice President, Product, at Tangoe.
“5G is a shiny new offering, and enterprises will be tempted to go all in with this technology to reap the benefits it promises,” Runyon said. “The challenge is that without a proper strategy in place, businesses will incur unplanned consumption costs and could quickly see their spending spiral out of control.”
To avoid budget overruns and burgeoning cost structures as a result of 5G, Tangoe advises companies take the following steps for integrating 5G ASAP:
- Understand existing inventory. Before developing a plan to roll out 5G, it’s important to track and manage existing IT assets. As new technology proliferates, the only way to maintain control over spending is with complete visibility into inventory.
- Identify cost savings. It’s undeniable that 5G will require a level of investment in new devices and infrastructure, but as businesses are planning this investment, it has an opportunity to find cost savings by optimizing existing expenses and removing redundant or unnecessary technology.
- Take a strategic approach to deployment. Mitigate potential risk by starting with a plan for a deliberate and strategic 5G roll out. Based on where the technology adds the most business value, determine where it makes sense to slowly start introducing the technology within the organization.
“There’s no doubt 5G promises a bounty of opportunity for the enterprise,” Runyon said.
“But with great power comes great fiscal responsibility, so organizations that strategically plan and manage the plethora of new infrastructure and devices the technology will bring will ultimately be successful — and following these three steps is critical.”
To learn more, visit the company’s website.