Startup entrepreneurs are fueled by ambition. They often want to grow as quickly as possible, and that means relentlessly marketing the business and flexibly adapting to new information. Growth hacking depends on your ability to make changes to your marketing and sales strategies on the fly, gradually inching closer to a “perfect system.” And at the center of that system is a solid conversion optimization strategy.
Simple in theory but complicated in practice, conversion optimization is a cornerstone of modern digital marketing. It’s broadly discussed, widely accepted as important, and constantly researched in new light.
Despite all of this, conversion optimization remains poorly understood and inappropriately executed by startup entrepreneurs everywhere.
So what are people getting so wrong about this otherwise solid strategy?
What Is Conversion Optimization?
There’s nothing inherently wrong with conversion optimization. On the contrary, it’s a practical necessity if you want to generate leads and sales on the web.
Conversion optimization is a collection of different tactics all intended to maximize your conversion rate. Your conversion rate is the number of people who eventually “convert,” or achieve some meaningful goal on your website. For example, this conversion may be purchasing a product, filling out a form, downloading a whitepaper, or even watching a video.
By changing the layout of your landing page, improving your offer, and tweaking visual elements of your work, you can gradually increase your conversion rate. That way, if you maintain a steady stream of traffic, you’ll eventually land more paying customers – and if you increase your traffic stream simultaneously, you’ll achieve tremendous overall growth.
Sounds straightforward, right? So what are startup entrepreneurs getting so wrong about this strategy?
The Missing Link
Spend a few moments searching for information about conversion optimization or listen to an entrepreneur’s webinar about how they were able to double their conversion rate. What types of advice and insights do you see?
Chances are, you’ll see a lot of people claiming that a handful of simple tricks are all it took to boost a conversion rate. For example: “After changing our ‘Submit’ button from green to red, we instantly saw 30 percent more conversions!” or “All we did was change the font size, and our conversion rate tripled.”
These stories get a lot of attention, as well they should. In many cases, these results are impressive, and we have no reason to doubt their validity. But there’s a problem with what they imply and how they’re interpreted.
Essentially, what we have is a persistent echo chamber in the world of conversion optimization. There are dozens of influencers and thousands of individuals claiming that they all have the “one weird trick” responsible for making your conversion rate explode, especially now that artificial intelligence is given more credit than it deserves.
Why is this a problem?
For starters, there’s no surefire way to increase conversions – at least not with some minor aesthetic tweak like changing the font or the color of a button. Changing a button from green to red might double the conversion rate of one business by half it for another business. Or it might not have any measurable effect whatsoever.
Additionally, these articles typically underestimate the role that experimentation plays in conversion rate optimization; it’s not necessarily about brainstorming the perfect setup or following inspiration from someone else’s work. Instead, it’s about constantly AB testing and experimenting with new approaches to see what sticks.
The downstream effects are:
- Entrepreneurs overestimating the ease of conversion optimization. First, all these articles make it seem trivially easy to practice conversion optimization. A marketer writes about how in 20 minutes, they were able to tweak their landing page enough to double their conversion rate – but in practice, things are rarely this smooth or straightforward.
- Fixation on minimally impactful changes. Many of these types of articles focus heavily on very easy, small-scale changes that can presumably boost your conversion rate. And there’s a reason for that – they want things to look easy so they can get a lot of attention. Content doesn’t get popular if all it does is tell you that you need to work hard. But the downstream impact is that entrepreneurs tend to overestimate the significance of minor aesthetic tweaks.
- Prioritization of specific changes, rather than a general approach. It really is true that changing the color of a button or the placement of an image can boost your conversion rate. That’s not a lie. But these changes, individually, don’t make for a good conversion optimization strategy. For that, you need to have a good high-level strategy, focused on ongoing experimentation and improvement.
Reliable Tactics to Increase Conversions
You’ll likely see minor changes to your conversion rate when you do things like tweaking the copy and changing your fonts. But you’ll see much more of an impact on your conversion rate by changing the “big-picture” items related to your landing page.
- The funnel. Where is your traffic coming from, and who are these visitors? If you aren’t attracting the right demographics, any positive influence on your conversion rate will be minimal, and you’ll be missing out on the true potential of your strategy. You need to focus heavily on securing a strong flow of traffic and filtering that traffic so only the most qualified people end up visiting your landing page. With better, more qualified visitors, your conversion rate will be higher – no matter what colors you choose to use.
- The offer. Conversion is typically an exchange. People pay money to receive a product, or they volunteer their personal information to download a whitepaper. An easy way to increase your conversion rate is to make that offer more attractive in some way. Can you offer a free gift to complement the purchase? Can you write a more compelling whitepaper? If you gave away a $1,000 Amazon gift card in exchange for a name and an email address (assuming you could make yourself seem trustworthy), you could achieve a conversion rate nearing 100 percent. Your job is to figure out what the right balance is, and what type of offer will be most appealing, given these demographics and circumstances.
- The conversion flow. How easy is it to convert? An attractive, well-designed landing page is nice, but if it’s a pain to get through the checkout process or fill out your forms, you’re going to lose your audience. Improving the “conversion flow” is critical to your success.
- Follow-ups. Conversion rate isn’t just about who completes this action the first time they visit your page – it should also be about securing more conversions in the future. A good follow-up strategy, like remarketing, can help you capture some of the potential conversions you initially lost.
Subjective Conversion Optimization Strategies
Of course, none of this is to say that minor aesthetic landing page tweaks can’t be helpful. There are many other, smaller variables to consider, including:
- CTA placement.
- Images and videos.
- Reviews, ratings, and testimonials.
- Trust badges.
The point is to spend more time focused on bigger, more impactful changes and experiment, rather than assuming what will work.
What Are the Takeaways?
So what are the key takeaways?
For starters, don’t base your entire conversion optimization approach on the findings of an anecdotal article on the internet. The tips these marketing influencers provide may very well be based in reality, but they may not have the same benefits for your company, and they may not have as much of an impact on your conversion rate as other, higher-level changes.
If you want to achieve more conversions and make your business successful, you need to have the right philosophy related to conversion optimization. You need to be willing to make changes and run experiments regularly to inch toward perfection. And you need to spend much more time on big-picture changes than minor aesthetic tweaks. Do that, and you’ll be in a much better position to get the conversion rate you want.
Will AI dominate in 2021? A Big Question – ReadWrite
In 2020, AI had rapid transformations and unexpected developments along with excellent innovations. We, as humans have entered into the most digitalized era of all times.
Due to the pandemic of coronavirus, technology has become the central focus like never before. Internet and social media witnessed a tremendous boost as well. No doubt but the COVID-19 brought about massive success to most technological fields.
Will AI dominate in 2021? A Big Question
With progressive developments and advanced modifications in technology, Artificial Intelligence needs no introduction. This groundbreaking technology has been so promising for the past several years and is moving at an advanced pace.
We are Captivated by Artificial Intelligence
Agreeing with the fact that the technologies are captivating us completely with their interesting innovations and gadgets. From Artificial intelligence to machine learning, IoT, big data, virtual and augmented reality, Blockchain, and 5G; everything seems to take over the world way too soon.
Keeping it to the topic of Artificial Intelligence, this technology has expanded its grip on our lives without even making us realize that fact. In the days of the pandemic, the IT experts kept working from home and the tech-grounds kept witnessing smart ideas and AI-driven innovations.
Artificial Intelligence is also the new normal.
Artificial Intelligence is going to be the center of our new normal and it will be driving the other nascent technologies to the point towards success. Soon, AI will be the genius core of automated and robotic operations.
In the blink of an eye, Artificial Intelligence can be seen adopted by companies so rapidly and is making its way into several sectors. 2020 has seen this deployment on a wider scale as the AI experts were working from home but the progress didn’t see a stop in the tech fields.
For the year 2021, Artificial Intelligence is expected to level up to a great extent and is going to deliver phenomenal AI implementation.
Artificial Intelligence in 2021
Even if we talk about the days before the pandemic, AI and ML were already causing drastic changes and widespread disruption in all sectors and industries. Now after the whole year that is passed in the quarantine, in 2021 — we are expecting everything to resume back to normal.
Artificial intelligence and related technologies are going to be the biggest key components that would be impacting almost every sector. Yes, this impact is definitely going to be highly positive so we don’t have to look at the darker side — yet.
With the passing of time, AI would become a key trend that will reshape our home, personal, and work life. This can be pretty alarming right away but soon you will find the advantages that AI will bring.
-The global artificial intelligence software market is estimated to grow speedily in the coming years and would reach up to $126 billion by 2025, a recent report reflected.
In this article, I will show you the impact of Artificial Intelligence on the whole world. With the below-written trends, you will be able to gain an insight into how Artificial Intelligence is reshaping every sector.
It is predicted that whoever leads artificial intelligence in 2030 will continue to rule the world in 2100.
Trends in Artificial Intelligence for 2021
Will AI dominate in 2021? It is the hottest topic and the biggest question running through everybody’s mind.
Artificial Intelligence is going to bring a huge change in the industry and in almost all sectors. We are looking forward to seeing Hyperautomation in every field. This is basically the idea of embedding everything with the automated processes. The repetitive tasks must be done with automation.
AI-powered solutions will help businesses a lot over here and would help these businesses to be redefined. Intelligent technologies will also reshape workplaces with phenomenal capabilities.
AI-driven dynamic operating models:
Most industries are going to adopt Artificial Intelligence for data-driven strategies and to come up with smart technologies and solutions. Due to the pandemic, almost every business has witnessed a loss. Now, everybody is pretty clear that their future plans need to be smoothed out, via Artificial intelligence.
Also, Artificial intelligence is going to bring rapid changes in decision-making as well. Companies look forward to saving their time and cost both and this would be enabled by using the AI.
Autonomous operations for increased efficiency:
In almost every sector, management looks for options that can help the company to be efficient and more secure than ever. AI will bring a boost and the businesses will implement the technology to bring autonomous operations on the stage that will enhance efficiency and the processes will get simplified.
Multiple technologies will play a significant role and the AI will become the center of the activities. Taking care of all the operations and making them more simplified and enhanced, AI will play a vital plank.
The field of Artificial intelligence engineering is on the rise. People look forward to pursuing their career paths in the niche of AI to get a secure job future. CEOs and IT leaders of the company are looking forward to deploying new artificial intelligence systems that are maintained and more simplified.
AI is also becoming the core of education and we are going to witness a huge change in the education field knowing as the personalized learning in the form of ML or machine learning. Companies are also going to go for robust engineering strategies to enhance performance.
Convergence of AI into AIoT:
The AI and IoT are turning old concepts into the new concept of AIoT — and it’s on the rise. The internet of things and artificial intelligence are being combined to come up with a newer form of technology. Adding AI into the IoT would help the AIoT to complete the tasks and to learn the data without the involvement of humans.
AIoT will be a lot more defined and will dominate the tech industry. Up to 21% of homes will become smart homes in 2021. AIoT will also be able to adjust in the cities and buildings.
Another amazing concept is brought about by Artificial intelligence and the technology of the internet of things. Edge-AI is the technology of moving the decision-making process seamlessly and the provision of secure and analyzed data is the responsibility of edge AI as well. This is the pure blend of edge computing and artificial intelligence.
With the help of edge-AI, the smart devices would use AI algorithms and edge computing to come up with the data processing. This will be deployed to every smart gadget and device including mobiles, laptops, drones, robots, self-driven cars, and cameras, etc.
The total cost of AI:
Earlier, it was considered as only the tech giants can use the AI technology but now the startups and the small software initiatives can also look out for the deployment of Artificial intelligence. It is now more accessible to all the companies and they can use the tools of their choice along with the frameworks.
The projects that are powered by AI and ML are expected to grow tremendously. The companies are looking forward to integrating AI into their systems and making their processes go seamless.
Explainable AI is going to be in the trend of 2021 and is going to dominate for sure. The explainable AI would help the data scientists to create trust across all the companies and the merchandise that are dealing with the AI and ML projects. The model explainability will also be kept in front of AI experts.
The biggest artificial intelligence vendor, Google, has also offered the development tools and frameworks revolving around the concept of explainable AI. We are looking forward to seeing some more interesting projects that are based on the explainable modules of AI.
Quantum computing on rise:
If we say AI is here to stay — then it would definitely not be wrong. As we can see that along with AI, quantum computing is also on the rise. Here AI will combine with the quantum theory that revolves around the concept of computer technology and its principles. Both the technologies together are going to bring drastic changes.
With the increased demand for computer science and technology, artificial intelligence and quantum computing are the most thriving technologies of the industry.
AI as the service:
The demand for AI is rapidly increasing. People are looking for the experts of AI and the professionals who can create custom AI projects so this is indirectly helping the artificial intelligence experts to rise in demand. These professionals are working to provide IT services as well.
Artificial intelligence will continue to thrive for a very long so if the students are going to opt for this career field, they are definitely going to land a bright future.
Artificial Intelligence will continue to dominate the world in 2021. It will soon take over every sector and industry and will continue to thrive.
How Do We Innovate in a World of Slowing Growth? – ReadWrite
Millions of would-be startup entrepreneurs, software developers, and other innovators are struggling. They want to create new products, design new technologies, and introduce the world to new heights of productivity and wellbeing. But we’re entering an era of slowed technological growth – at least in some ways.
How Do We Innovate in a World of Slowing Growth?
Innovation is at the heart of any thriving economy. New technologies mean new companies, new jobs, and new opportunities for all existing companies – not to mention a higher quality of life for everyone involved (in most cases). But if our rate of innovation is unsustainable, where do we go from here?
Are We Really Slowing?
First, let’s explore the idea that innovation is slowing down – because it’s not a foregone conclusion. There are strong signs that innovation is slowing in some respects, but other experts have argued that many of these forms of deceleration are temporary.
For starters, productivity growth in the United States has been slowing consistently over the past few decades.
In the 1950s, American productivity was increasing by more than 3 percent each year. By the 1980s, that rate of increase had fallen to 2 percent, and today, the rate of increase is less than 1 percent annually.
What accounts for this slowing over the past few decades?
There are several potential factors. For starters, research-centric universities like MIT and Harvard were getting more funding and more attention. Major corporations like General Electric and Ford were investing heavily in R&D departments.
And technologies originally developed during World War II (often to fuel the war effort) were commercialized and distributed, with widespread access to them for the first time.
Some experts have suggested that the lack of innovation is a direct result of a lack of investment. If we invest more heavily in R&D in corporate departments and universities alike — we’d be able to see better results.
But this doesn’t necessarily stand to reason; our R&D spending is, collectively, many times higher than it’s ever been before. And yet, the productivity rate growth remains.
Is technological innovation to blame? How can that be?
Others suggest that this is the inevitable effect of technological innovation, which we would see in any society of intelligent beings. Major breakthroughs in technology function like low-hanging fruit; they’re relatively easy to brainstorm, and it’s only a matter of time before they get developed.
Once developed, breakthroughs increase our capacity and make other “low-hanging fruit” technologies easier to think up and develop. From the 1700s through the 1950s, we saw the development of technologies like the steam engine, running electricity, nuclear power, and of course, the internet.
What’s New in Tech?
But now that we’re here, the low-hanging fruit is no longer available. Scientists and researchers are spending all their efforts making our existing technology better – not necessarily coming up with something new.
We’re developing quantum computers as a kind of last area of research for computers, since we’re already pushing up against the boundaries of physics as we know it today.
We’re coming up on some hard limits of human knowledge.
Our model of physics is relatively unchanged since the 1980s. We haven’t made many major advancements in fields like chemistry for decades. And Moore’s Law, which once practically dictated the pace of improvement for transistors — is at its end.
Are we on a tech plateau?
That said, there are some arguments that we’re merely on a temporary plateau. The idea is that, sooner or later, new technology will come along to help us ascend to new heights, opening the door to other technological developments. For example, next-generation artificial intelligence (AI) could make it possible to solve problems that are currently unthinkably hard to address.
What about rates of productivity growth?
There’s also the argument that slowing rates of productivity growth are actually because of innovation, not due to a lack of it. When innovation happens quickly or occurs in an unexpected direction, it can disrupt the economy in such a way that interferes with GDP growth.
For example, when the internet began to encroach on the territory of newspaper companies, it shrunk the profitability of an entire industry.
Directions for Innovation
So how do we continue to innovate in an era with slowing growth?
There are a handful of important possibilities to note:
- “First principles” thinking. One of the most important avenues for progression is going to be “first principles” thinking. In other words, we need to return to the ground level and rethink some of our longest-standing assumptions. When it comes to innovation, we tend to upgrade various components of an existing system or machine. For example, cars haven’t fundamentally changed in many decades; every component of modern cars is superior, in some way, to older variants, but we’re still working with an engine and four wheels. First principles thinking would encourage us to start from scratch, reimagining what a “car” is from the ground up and challenging our previous assumptions.
- Lateral expansion. We could also attempt to innovate and expand laterally. Admittedly, this doesn’t qualify as “innovation” in the purest sense. Rather than inventing something totally new, you’ll be entering new, previously unexplored territory. That could be something as simple as reaching a new target audience with your digital advertising strategy, or as complex as introducing a new industry to a developing country that currently lacks it. Existing technology is highly advanced, but not all people of the world can access it equally. New audience targeting, geographic expansion, and cost cutting can all help us progress in this area.
- Combination and repackaging. In the past decade, most of our best “innovations” have been novel ways of combining and repackaging other existing technologies. For example, the pinnacle of modern technology is, in many ways, the smartphone. But even Apple’s first-generation iPhone didn’t introduce many new features; calling, texting, emailing, and browsing the internet were all already in existence. They just weren’t packaged together conveniently. Since then, we’ve seen many new phone models, but the upgrades are relatively minor, such as more detailed cameras and slightly faster processors.
Supporting Further Innovation
Innovation doesn’t typically happen in a vacuum. It most often happens in dense teams, with strong leaders, and the backing of tons of interested investors and supportive partners. In other words, our best innovators need support.
So how do we, collectively, support further innovation and growth?
- Investment. One straightforward method is to pour mor money into research and development. With more investment, scientists, inventors, and developers can do more. Of course, there are some limitations here; our R&D spending is higher than ever, yet it’s not giving us a steady conveyor belt of new technologies.
- Risk. Culturally, we need to embrace risk and rethinking long-standing structures and systems. It’s a risky move to rethink our concept of a car from the ground up, especially if you’re starting a brand new company to do it.
- Public recognition. We also need to recognize that innovation is slowing and behave accordingly, as consumers. The most recent iPhone isn’t substantially different than the previous generation; perhaps we can throw our enthusiasm behind more novel, innovative presentations.
- Political theories. It’s also worth noting that people from different political backgrounds have different ideas for tackling this issue. For example, some could suggest the best solution is to foster a truly free, capitalistic market that naturally encourages entrepreneurs. Others may believe that more government control and investing could develop ideas that a free market may not support.
Toward the Next Generation of Technology
The human thirst for innovation and growth is unquenchable, so if we’re currently in the middle of a technological slowdown, the optimistic view is that this is only temporary. We’ll continue making iterative progress in areas that can continue progressing and eventually stumble upon a major breakthrough that forces us to reconsider everything we used to know.
However, if we’re going to find that new technological breakthrough, and support a healthy economy while we wait for its arrival — it’s important that we recognize this slowdown and foster innovation in any way we can.
Productivity increases may have slowed, but they’re still increasing – and that should give us plenty of momentum to keep growing for decades to come.
Image Credit: susanne jutzeler; pexels – thank you
B2B Growth in the Light of Digital and 5G Era – Middle East Market – ReadWrite %
The telecommunication industry in the Middle East and North Africa (MENA) region grew moderately between 2010 and 2014. Increased revenues resulted in a 1.2% compound annual growth rate (CAGR) in 2014. The market flourished even when compared to the American and European telecom industries.
B2B Growth in the Light of Digital and 5G Era
Notably, most operators have invested in mainly the fiber and mobile markets (4G and 5G). The industry’s revenue is anticipated at 1.7% CAGR, which amounts to $7.1 billion. This rapid growth can be ensured by deploying innovative digital transformation and technologies.
The Telecommunication Industry in MENA Region
MENA Telecommunication market growth in B2B, especially in the context of their ongoing Digital Transformation and the preparation of 5G network and new services deployments.
The MENA Market Trends and Forecasting
By 2025’s end, the MENA region will mark its stellar achievements in the telecom sector. This will be done with digital revolutions and the integration of new technologies and services—the data provided below spells out the telecom industry’s potential milestones by 2025.
There were 375 million mobile users in the MENA region in 2017. This amounts to 64% of the total population. It is projected to increase to 69% (459 million unique mobile subscribers) by 2025.
Mobile Operator Revenues
The revenue generated from mobile users was $68 billion in 2017. Trends and forecasts show that this will become $78 billion by 2025. The operator capital expenditure (CAPEX) from 2018-2020 is $34 billion.
In 2017, smartphone connections were 49%. This percentage will be 74% by 2025’s end.
Telecom Market in the Digital Transformation Era
Evolving Core Telecom Market
- A great demand for data.
- The decline of voice revenue due to the high demand for over-the-top media services.
- A challenging regulatory environment.
Growth in digital services
- Growth in B2B (Business to Business) services such as IoT, cloud, cybersecurity, and megaprojects (E.g., smart cities).
- Growth in B2C (Business to Consumer) services such as digital across entertainment, digital lifestyle, and emerging services.
- Growth in areas like mobile financial services (MFS), digital advertising, and e-commerce.
- Deployment of new access technologies (E.g., 5G, Fiber, Edge, NB-IoT, LTE-M).
- Network virtualization and digitization of front-end and back-end.
- IT full-stack modernization and Exchange-to-Exchange (E2E) orchestration.
Changing Consumer Behaviors
- Demand for a seamless customer experience.
- Increasing demand for digital interactions across the customer journey.
- Evolution of enterprises powered by Industry 4.0.
Internal efficiencies and transformation
- Enhancement of efficiencies and agility with Robotic Process Automation (RPA), analytics, and AI.
- Optimization of operating models and process re-engineering.
- Culture change and talent acquisition/ re-skilling for new capabilities.
Industries that will be impacted by 5G
5G technology will ensure the efficient control of energy and power production. Furthermore, it will be used to process tower monitoring and remote transmission. It will also improve security.
Manufacturing 5G use cases are tied to the mission-critical concept of factory automation (the processes that must happen in extremely tight time frames to ensure revenue stability without any loss).
In this industry, 5G will also enable abilities like real-time production inspection and assembly line maintenance.
5G will facilitate remote telesurgery and patient monitoring. This will enable doctors to provide care from afar. The network could help augmented reality (AR) and virtual reality (VR) applications.
5G will improve smart cities’ prospects, including transportation, smart buildings, and smart metering.
Thanks to 5G, the emergence of vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I) is growing faster than expected.
Enterprise concerns regarding 5G and Internet of Thing (IoT)
1. IoT Use and Cases
IoT is associated with a positive investment profile. It is a key driver of the fourth industrial revolution. However, a surprising number of enterprises are still unconvinced about it.
40% of enterprises cite poor understanding of its benefits and use cases as a concern, the joint-top answer. IoT’s game-changing potential may be lost if these basic concerns are not addressed.
2. Immature Strategy
While the 5G investment is set to catch up with IoT spending over the next two years, doubts surround its readiness and relevance. 34% fear that 5G is immature, while 32% believe it is not relevant to overall technology and business strategy.
This is instructive since Telecommunications, Media and Technology (TMT) providers position 5G as much more than just a better mobile connection. Findings suggest that 5G has yet to punch its weight as a driver of strategic change.
3. Security and OPS
Both 5G and IoT will give rise to a new horizon of connectivity endpoints. While this can help catalyze new value propositions and closer customer relationships, it may also open the door to new cyber threats. Tellingly, this ranks as the highest concern for both technologies.
Enterprises also struggle to see how both technologies integrate with legacy systems or function with other emerging technologies.
Select 5G use cases for enterprise and B2B
Here are the three main pillars in which 5G might affect the use cases for KSA:
- Mission-critical utilities –water active grid & energy active grid
Global electricity demand is growing at a tremendous pace. To manage this demand, new technological solutions such as smart grids and virtual power plants have emerged.
Virtual Power Plants (VPPs) are connected entities that optimize energy flow through the entire network. VPPs help owners gain maximum profit while keeping the electric network’s balance at the lowest cost available. Typically, they combine several types of resources.
Semi-Autonomous vehicles: Fully autonomous, self-driving cars may not be a reality just yet. However, semi-autonomous vehicles with intelligent driving systems installed by default will take to the highways in 2021. And by 2022, 100% of the new vehicles shipped by OEMs will have smart telematics and other connectivity systems.
New Solutions for vehicles: The greater state of connectivity will result in multiple new technological innovations and business models. These include new fleet management solutions, in-car payments and connected commerce, remote diagnostics and OTA updates, predictive maintenance, usage-based auto insurance, and more.
Smart Street Lights: A connected system that manages street light schedules, combined with LED lights, can decrease energy costs by up to 77%. This will generate a positive ROI in four years.
Connected CCTV Systems: They can streamline more data in real-time to ensure better monitoring of traffic conditions and public safety. For example, smart streetlights equipped with a video camera and/or gunshot detection sensors can deliver real-time information to officials so that they can respond faster.
Intelligent Parking: Smart parking stations can send 5G data about free parking spots and pricing straight to the driver’s onboard vehicle system. Such solutions can reduce traffic congestion by 8% and generate $93,700 in monthly revenue per parking space.
Connected Traffic Lights: New real-time traffic management systems can emerge and deliver a greater level of control over traffic flow in response to specific demand levels. The integration of 5G will allow for the creation and deployment of traffic strategies in response to real-time conditions like rush hour and congestions.
City managers could also use other strategies to prioritize public transport and optimize the overall traffic flow to reduce stop-start driving. This will reduce pollution.
How can 5G contribute to MENA operators?
1. Customized Pricing
Most providers offer multiple pricing plans with different data limits and other features. One plan might have low set-up fees and high overage charges, while a second offer the inverse.
When evaluating their options, most companies choose a standard plan rather than requesting a customized offering. This is because they lack insight into their connectivity needs and usage patterns.
Without this information, they often pay for unnecessary features, such as a data-volume allowance that far exceeds their requirements.
2. IoT Solutions
Solutions that are easy to adapt must be implemented. Real-time data analysis and the provision of rapid actions to changing needs will drive various sectors. Considering the MENA region and KSA landscape, smart cities, health care, and energy will be the leading sectors.
3. New Products & Services
With the enhancements of 5G, businesses will further change their working traditions. Virtual offices, holographic communications, and real-time live translations might easily become part of the new business environment and customer services. As Saudi is a service-oriented country, some of the new solutions could easily be monetized.
4. Smart Cities
Due to the government’s investments in improving the nation’s quality of life, there is vast potential in the adaptation of these services with a particular focus on security.
This article concludes that introducing the 5G network with digital reforms will create many opportunities for the MENA Region. It will assist investors and the telecom industry. Furthermore, it will lead to economic growth potent enough to enable the region to compete with the rest of the world.
Additional sources you may wish to read:
GSMA – The Mobile Economy Middle East and North Africa 2018
Ericsson, NGMN, TechRepublic, Tech Pro Research, ZDNet, CNET
TM forum Analysis, And Press Releases of Telco Op.
Additional Links on this Subject from ReadWrite:
- As Oil Flags, Middle Eastern Capital Flowing to IoT, Smart Cities
- Big Data in the Telecommunications Ecosystem
- Are Telecoms Being Overlooked in Smart City Deployments?
- Not Just Connectivity, Telecom Must Leverage the Most of IoT to Deliver Value-Based Services
Top Image Credit: jo kassis; pexels