How 5G Communications Supercharges Enterprise Gains from IoT and Sensor Networks
As “Maverick” Mitchell (Tom Cruise) said in Top Gun, “I feel the need — the need for speed!”. Today, smart factories are adopting 5G Private Networks. One of the biggest benefits it to fulfill firms that mimic “Maverick” — with today’s IoT sensor networks, firms can wait 20 milliseconds or more to see results from data analysis. 5G gives firms immediate — 1 millisecond — access to key variables. I will discuss how “knowledge synthesis” serves as a tool to understand the economics of IoT and how network effects within firms and between firms are likely to be supercharged once 5G is added to IoT. Once firms combine these two factors, 5G communications and IoT, they drive firms to extend IoT far more widely. At Scania, the Finnish truck and mining vehicle manufacturer, only 1000 of 10,000 mining vehicles are currently connected to wireless networks. This is changing quickly. One motivation is Scania’s hope to become a provider of connected vehicle services, where customers will subscribe to analytical reports that will help them improve preventive maintenance, optimize the coordination among groups of vehicles, and identify new services that they can sell to customers. In terms of new services, this would be an extension of Scania’s value chain beyond direct sales of vehicles. Moving in this direction would change Scania’s business model to a product-as-a-service model very much like Rolls-Royce, Michelin and FANUC. This presentation will examine why linking 5G and IoT will make Tom Cruise a ‘happy hot gun’. It will also explore how other firms like Mercedes, Ford, Daimler Trucks, Scheider Electronic, and BMW are beginning to link IoT and 5G. I hope to include a short video of Maverick to start the talk.
Robert B. Cohen PhD
Senior Fellow at Economic Strategy Institute
Robert Cohen is an economist and senior fellow at the Economic Strategy Institute. He directs a study of the impact of cloud computing, machine learning, AI, smart factories and 5G on the U.S. economy. At the present time, this analysis suggests that intelligent software services will reshape the economy in ways that have parallels with the way that electricity and the internal combustion spurred productivity growth in the Twentieth Century.
Dr. Cohen’s research has received support from Cisco, the Berggruen Foundation, the Ewing Marion Kauffman Foundation, Brocade Communications, and the OECD. As a consultant, Dr. Cohen provided market analysis to Lucent, the European Commission’s Communications Directorate, United Nations’ organizations like UNIDO, UNCTAD, and ECLAC; the U.S. Departments of Commerce, Labor and Housing and Urban Development; and the Senate Banking Committee.
Dr. Cohen belonged to the FCC working party on HDTV and was a member of the NSF JTEC committee to study Japan’s policies for HDTV. He also worked on the MIT Auto Project.
Dr. Cohen has been Associate Professor of International Business and Finance at New York University Business School, Associate Professor of Finance and Economics at York College of the City University of New York, and Senior International Economist at the Futures Group.
He was on the steering committee of the Open Grid Forum, on COMNET’s board of directors and on UNIFORUM’s planning committee. He developed New York State’s first technology strategy when he worked at the NY Urban Development Corporation (now the Empire State Development Corporation) and chaired the state’s High Technology Council. With William Schrader (later CEO of PSINet) and Richard Mandelbaum, he created NYSERNet, New York’s part of the U.S. Internet.
Dr. Cohen served as executive director for the TM Forum’s Enterprise Cloud Leadership Council. He is a past president of the Forecasters Club of New York.
He holds an M.A. and Ph.D. in economics from the New School for Social Research and a B.A. from Swarthmore College. He is an author, co-author, or editor of four books. His books include: Changing the Face of the Internet. Virtual Worlds and the Information Economy: Impacts on European Policy, Jobs and Industrial Competitiveness; Nontariff Barriers to High-Technology Trade (lead author); The Multinational Corporation: A Radical Approach – Papers of Stephen H. Hymer (lead author); and The New North American Order (with Clyde V. Prestowitz and others).
End-User, Government, Enterprise, OEM
5G Communicatons, IoT, smart factories, knowledge synthesis, speeding up data analysis, infratructure for manufacturing, connected services and new business models
CxO, VP / Director, Middle Management, Technical, Business Line Management
Expert, Advanced, Intermediate, Beginner
Manufacturing, Telecom, Industrials, Automotive
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