Five Key Sectors That Will See A Transformation With 5G Technology

 

By Mr. Preetham Uthaiah, EVP - Marketing and Strategy, Saankhya Labs

The Covid-19 pandemic has resulted in a long lockdown, which has spurred a digital transformation in the economy. Education has gone truly digital with the advent of online classes and exams, doctors are providing consultations online, meetings are being conducted via video conferencing platforms and even international trade exhibitions have shifted to online webinars and events. As a result of this digital transformation, internet usage has surged extensively putting immense pressure on existing communication networks. A reliable and robust 5G communication network can help industries maximize this digital transformation. The SLA’s (service level agreements) and QoS (quality of service) that need to be met for some of the time-critical applications can be accommodated using 5G technology with some of its advanced features such as ‘Slicing’ and low latency communication that ensures that real-time communication happens without getting affected by the traffic loads.

Here are some key sectors that are bound to benefit from a 5G driven digital transformation -

1. Healthcare

The healthcare industry will immensely benefit from 5G networks. With increasing use of online consultations and tele-medicine, a reliable and faster connection is critical to effectively deliver remote healthcare services. The low latency and faster speeds which are a main feature of 5G will help in time critical telemedicine applications such as remote surgery and remote patient monitoring etc. Hospitals also transmit large amounts of patient data including large files like CT Scans and MRIs. Some hospitals like King’s College Hospital, UK; Sinchuan University Hospital, China and Samsung Medical Centre, South Korea are installing private Enterprise 5G solutions to support their IT networks.

2. Agriculture

In this emerging technological world, scientific farming techniques are being used to boost productivity in farms. These include use of Agri-IoT sensors for soil monitoring, water management, smart irrigation, crop health monitoring, drone-based farm management etc. Deployment of 5G networks will provide added benefit to manage these drones and get real time data from the sensors by effectively using the 5G networks

3. Construction

The real estate sector, which has for long been known for its offline operations, is set to transform itself with the advent of 5G technology. In its new avatar, virtual property tours using AR/VR technologies, as well as 3D printed models of homes will be a reality in aiding digital marketing and sale of properties. Powered by stable and fast networks with lower latency, 5G will also ensure the smooth functioning of various stages of the design process to include 3D architectural visualization and collaborative meetings with various stakeholders.

4. Auto

5G brings with it unprecedented speed and connectivity to make autonomous, or self-driving cars a reality. An autonomous car is expected to produce up to 25 GB data per hour. Current networks will not be able to handle such large volumes of real-time data. 5G networks will allow faster-than-ever communication and real-time data processing between vehicles, networks, infrastructure and even pedestrians.

5. Manufacturing

The manufacturing sector is becoming more and more autonomous. High speed connectivity is needed to monitor and direct robots working on the factory floor. Additionally, many factories are becoming more “smart” with IoT sensors being installed across the factory, sharing real-time updates to a central server. 5G technologies can provide network characteristics that are vital for the manufacturing industry. This technology will allow for increased flexibility, lower costs, and smaller lead times for layout changes and alterations at the manufacturing units, factory floor production reconfiguration etc. Large organizations like Worchester Bosch, Siemens, Ford Motors etc. are deploying enterprise 5G networks to streamline their operations. 5G is poised to aid manufacturing/production operations, helping them become more efficient, while also refining security and reducing maintenance and operating costs.

Hailed as an upcoming tech revolution, 5G promises advantages that will touch every aspect of our lives, from healthcare to education to products and services we buy and beyond!

3 Mahindra Financial Services Companies Recognised as India’s Best Workplaces 2020 by Great Place to Work Institute

Three companies from the Mahindra & Mahindra Financial Services sector, a leading provider of diversified financial solutions in rural and semi-urban India, have been recognized among India’s Best Companies to Work 2020 by Great Place to Work®️ Institute (GPTW).

Mahindra Insurance Brokers Ltd. ranked 10th, Mahindra Rural Housing Finance Ltd. ranked 19th and Mahindra Finance ranked 25th in the largest workplace study in India, representing the voice of more than 2.1 million employees across 21+ industries. According to GPTW, the companies earned this recognition for creating a Great Place to Work for all and excelling on the 5 dimensions of building a High-Trust, High-Performance CultureTM – Credibility, Respect, Fairness, Pride and Camaraderie.

Ramesh Iyer, VC & MD, Mahindra Finance and President, Mahindra Financial Services Sector said, “We are extremely delighted that three of our companies feature among India’s Best Workplaces 2020. We have always laid great emphasis on creating a high trust and high performance culture. Engaging with employees, respecting them, encouraging collaboration and inspiring them to go the extra mile to contribute to business, is what makes us a great place to work.”

Mahindra Finance was also ranked the 6th Best Large Workplace in Asia 2020 by Great Place to Work® Institute earlier this year.

Great Place to Work®️ Institute, is the ‘Global Authority’ for creating, sustaining and identifying High-Trust, High-Performance CultureTM. Considered the ‘Gold Standard’ in Workplace Culture Assessment, Great Place to Work®️ identifies Best Workplaces solely on the basis of Employee Feedback and quality of People Practices in an organization. No jury or individual can influence the results of the assessment.

About Mahindra & Mahindra Financial Services Limited

Mahindra & Mahindra Financial Services Limited (Mahindra Finance), part of the Mahindra Group, is one of India’s leading non-banking finance companies. Focused on the rural and semi-urban sector, the Company has over 6.8 Million customers and has an AUM of over USD 10 Billion. The Company is a leading vehicle and tractor financier, provides loans to SMEs and also offers fixed deposits. The Company has over 1,300 MMFSL offices and reaches out to customers spread over 3,70,000 villages and 7,000 towns across the country.

Mahindra Finance is the only Financial Institution from India to be listed on the Dow Jones Sustainability Index in the Emerging Market Category 2019. Mahindra Finance has been ranked 25th on the list of India’s Best Companies to work for 2020 and ranked 6th on the list of Best Large Workplaces in Asia 2020 by Great Place to Work® Institute.

The Company's Insurance Broking subsidiary, Mahindra Insurance Brokers Limited (MIBL), is a licensed Composite Broker providing Direct and Reinsurance broking services.

Mahindra Rural Housing Finance Limited (MRHFL) a subsidiary of Mahindra Finance provides loans for purchase, renovation, construction of houses to individuals in the rural and semi-urban areas of the country.

Mahindra Asset Management Company Private Limited (MAMCPL) acts as the Investment Manager of Mahindra Mutual Fund. On 29th April 2020 Mahindra Finance divested 49% stake in its wholly-owned subsidiary, MAMCPL to Manulife Investment Management Singapore Pte Ltd to form a 51:49 joint venture.

The Company has a Joint Venture in the US, Mahindra Finance USA LLC, in partnership with De Lage Landen, a subsidiary of Rabo Bank, for financing Mahindra vehicle’s in the US.

The Company has recently formed a Joint Venture in Sri Lanka, by acquiring a 38.2% stake in Ideal Finance Ltd. This JV will focus on providing a diversified suite of financial services to the Sri Lankan market.

Is LPOs set to ramp up headcount in India?

The global slowdown is keeping the legal process outsourcing (LPO) sector in India extra busy these days. With the sudden surge in business in the LPO space in the last one year, firms such as Pangea3, UnitedLex and Legal Circle are looking at ramping up headcount in the entry and mid-management levels over the next few months.

The turmoil in the financial services sector globally is driving more legal outsourcing to India both in the corporate and litigation space. Gurgaon-based UnitedLex’s vice-president HR, Rakhi Sharma, said, “We plan to hire 700 professionals in the next few months to keep pace with the work coming from the US and the UK.”

The firm has seen a significant jump in the number of outsourced projects over the last few months both in the corporate and litigation space. Bankruptcy filings in the US have gone up in the last couple of months raising demand for lawyers in India.

“Legal work related to bankruptcies in the global market has increased ,” said Pangea 3 Vice President Legal Services Antony Alex, adding that the law firm is set to recruit around 500 lawyers by the end of 2009. This includes campus placements across several law schools in the country.

Legal Circle, the LPO subsidiary of Delhi-based law firm Fox Mandal Little, too, is gearing up to ramp up headcount to take advantage of the booming time. “The demand for LPOs is on the rise and we have seen increased number of queries from the US to do litigation support from India,” said Fox Mandal Little managing partner Som Mandal.

According to research firm ValueNotes, the entire legal outsourcing industry in India reported revenues of $225 million in 2007, and is expected to generate revenues of around $640 million by the end of 2010. The sector reported a rise of over 200 per cent in revenues in the last 12 months.

Times of India