Abstract

     Small- and medium-sized enterprises (SMEs) play a crucial role within a country’s economy considering that they provide a source of skills and innovation for entrepreneurship and their capacity for introducing, integrating and disseminating new technologies is incomparable. However, the world may be looking at an impending devastating recession delivered by the coronavirus pandemic. As governments intensify restrictions on business to halt the spread of the pandemic, the fear of the virus also reconfigures the very concept of business and the workplace. Therefore, there is a need for a greater focus on digital transformation considering that physical distancing requirements to curb the spread of this virus may become a cultural orientation for businesses and the workplace. A real digital transition is anticipated for small businesses with the 5G network technology. 5G network will not just be a technological connection but will affect different socio-economic sectors and will stimulate innovation in small companies. The goal of this paper was to carry out a literature review on the potential ways small businesses can leverage on 5G network for digital innovation. The paper proposed that small and medium businesses can leverage the 5G Mobile Technology through enhanced interpersonal communication, expanded remote work opportunities, innovative digital tools and supply chain efficiency. Finally, while many individuals and small business owners will profit from 5G technology some will work to undermine it. As a result, companies must keep this in mind when implementing 5G, or other new technology, and adjust their security protocols accordingly to remain secure.

Introduction

     Small businesses can expect a true digital transition with 5G (fifth generation of broadband data-networking digital communications technology) network technology (Tullberg et al., 2016). With an estimated annual growth rate of 97% and approximately 40% of the global population using IoT apps on a 5G network, the new mobile technology has the potential to generate a $251 trillion economic impact by 2025. This growth can be attributed to the fact that the 5G network will not only provide a technological connection but will also have an impact on various socioeconomic sectors and encourage small business innovation (Webb, 2016). The new technological link will make it possible to implement well-known initiatives, such as Smart City, Smart Company, and artificial intelligence in business (Zhu et al., 2016). Because of increased data transfer speed and reduced time between signal transmission and reception, the 5G network will redefine the role of connectivity and connections in global society, providing a new foundation for business innovation, particularly in small businesses. The goal of this paper is to conduct a review of the literature on the various ways small businesses can use the 5G network for digital innovation.

Conclusion

     The goal of this article was to establish a link between 5G technology and digital innovation, particularly in SMEs. The article began by establishing the context of the paper by summarising current knowledge and background information on the subject. This was accomplished by stating the purpose of the paper, the research question/problem, briefly explaining the methodological approach, and emphasising the study’s potential outcomes. Conceptual framework and synthesis were created to demonstrate the key relationships between the focal constructs (5G technology and digital innovation). This was done to aid comprehension of the conceptual framework. This paper contends that the implementation of 5G technology creates a platform for digital innovation in SMEs’ communication, remote working, supply chains, and marketing activities. This can simplify and improve the efficiency of work processes and operations within SMEs, resulting in increased productivity. 5G technology will create enormous opportunities for new revenue streams and will serve as the foundation for business innovation and development on a scale that companies in almost every industry have yet to fully explore.