Citing risk of out-of-control cost structures, Tangoe encourages businesses to understand inventory, identify cost savings and approach 5G strategically
Tangoe, one complete solution for order, invoice, inventory and expense management across telecom, mobile and cloud environments, urged enterprises to map out a strategy for introducing 5G into their business and offered three steps organizations can take now to mitigate risk of out-of-control spending related to the new technology.
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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. [1] The technology is poised to deliver vastly faster speeds and lower latency to help businesses run faster and more efficiently and enhance the capabilities of the workforce. 5G will also allow businesses to take advantage of the Internet of Things (IoT), connecting even more smart objects.
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.”
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To avoid unplanned budget overruns and burgeoning cost structures as a result of 5G, Tangoe advises companies to take the following steps today:
- 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.”
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