In this blog, we will explore the growing trend of the Metaverse for businesses and how it can benefit organizations in a variety of industries while addressing some questions we've seen pop up quite frequently. With technology advancing so quickly, it's no surprise that some of these common questions around the Metaverse need revisiting to account for new developments in the ecosystem. So, let's dive into them!
What is the metaverse for businesses?
With the emergence of the Metaverse for business, it's important for companies to understand why they should focus on the corporate Metaverse and how it differs from the traditional Metaverse.
Historically, the Metaverse has been closely associated with gaming, where players are fully immersed in their virtual environments. This immersive experience makes gaming much more enjoyable. Similarly, as with other technologies, the Metaverse has started to make its way from the consumer world into the corporate world. Although we are still in the initial stages, businesses' adoption of the Metaverse is rapidly gaining momentum. Companies are finding ways to leverage this technology to enhance the experiences they offer to both their employees and customers.
Surprisingly, we are also seeing the Metaverse being used in areas that we may not have anticipated, such as in higher education and even in hiring processes. Organizations are starting to use the Metaverse as a safe way to assess the skills of potential employees, especially for highly skilled work that may be considered dangerous, such as welding. This allows for an accurate assessment without any risk to the employee.
In essence, the Metaverse is a mixed-reality environment that is accessed through virtual reality goggles. It enhances or replaces our interface with the world, and this is why it has so many potential use cases.
So from a business perspective, how does the Metaverse work for me?
It really depends on what your business does when it comes to the Metaverse. For some, it might be prudent to take a wait-and-see approach and evaluate how it will influence their business. Will there be any significant changes in how they engage with customers or employees through this technology? On the other hand, some industries might benefit from the more rapid adoption of the Metaverse and should start thinking about it right now.
In many industries, such as the service and manufacturing industries, there are quite a few use cases where the Metaverse can have an immediate return on investment. For instance, remote support and the ability to scale labor by having senior individuals at the office support junior field staff through immersive technology can greatly enhance efficiency and productivity.
How can companies better understand what the metaverse is?
So how can companies, both large and small, better understand what the Metaverse is? I think it starts with trying it out. It's one of those things where it's very difficult to get your mind around until you've experienced it once. That might be as simple as going to one of the virtual reality arcades that exist in many urban centers, where you can play a game, live through a simulation, or an experience in virtual reality.
This will help you quickly understand what the Metaverse means. Once you've experienced it, you can start thinking about how it impacts your business. Will it influence my business or my customers and suppliers? Based on the answer to that, you can start building strategies, which will depend on the industry you're in.
How can companies develop strategies around the metaverse today?
But the strategies won't come unless you're intentional about immersing yourself and getting a sense of what this is and then making intentional decisions about whether it's significant for your business or not. I guess that leads to the last point.
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Think of fashioning your approach around customers. We often get asked how to use the Metaverse for new business opportunities. Many are early in this game, but large brands like Ralph Lauren are already creating mixed-reality Metaverse immersive experiences where you can shop for their products. Even large realtors and auctioneers like Sotheby's are trading in Metaverse items like non-fungible tokens (NFTs) and have virtual auction houses. We can learn from these trailblazers and quickly adapt their learnings to our own businesses. We don't all need to be leaders in the Metaverse space, but we shouldn't fall too far behind. Once we learn from these initial lessons, let's jump on board and immerse ourselves. It's important to start now to stay relevant. If you have any questions, contact us, we'd love to keep having conversations about this.
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