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Leapfrogging your competitors with the Metaverse

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Amid much speculation about the metaverse and how it will evolve, Duncan Roberts, senior manager at Cognizant, explains the many ways companies can tap into its potential and why now is the time to get used to its capabilities. Find out if it’s a good time.

Originally dubbed “The Next Big Thing,” the Metaverse has recently been criticized by those who believe it’s aiming too high and falling short of expectations. However, the metaverse is still in its infancy, developing rapidly and is expected to only penetrate further into the technology space. and is projected to grow to US$1,528 billion by 2029.

Although in its infancy, companies can begin to derive value from the metaverse concepts and technologies today and will gain an advantage when their use becomes mainstream across their businesses.

The Metaverse has great potential for improving customer engagement and collaboration between employees and clients, as well as streamlining operations. From remote employees working together on projects to utility companies that can create detailed simulations and digital twins to remotely develop and test renovations and retrofits before they go live. There are endless possibilities to consider. Leverage the Metaverse to benefit your business operations.

Build stronger customer relationships

It is estimated that by 2026, about 25% of people will spend at least an hour a day in the Metaverse. This provides a great opportunity for businesses to meet and engage with new customers. Virtual and augmented reality (VR/AR) tools allow companies to virtually bring their products into the hands of consumers. This way, users can get a concrete idea of ​​the touch, feel, and scale of a potential purchase.

For example, instead of simply measuring furniture and spaces in your home to see if they fit, you can now virtually see what a room would look like with the product already in it. rice field. The convenience of seeing products virtually, rather than having to go through lengthy processes of measuring, purchasing, delivery times, and returns, improves customer relationships and, in turn, increases sales. Make product discovery an accessible, modernized, three-dimensional experience.

Show sustainability in AR

Consumers are increasingly focused on sustainability and as a result demand more from companies to demonstrate sustainability measures. The study showed that 72% of those surveyed indicated that brand values ​​influence whether they buy something. Companies therefore need to demonstrate to consumers that they are more sustainable and socially responsible, but displaying such information can be difficult.

The metaverse makes this easy. For example, you can visually present information about product origin, route to customer, and overall carbon footprint. This allows consumers to physically touch the information and obtain more detailed information if desired. In this way, companies can demonstrate the steps they are taking and establish themselves as environmental and social leaders.

Improving telecommuting

Since the pandemic hit, working from home has become the norm for many companies. However, there are issues such as less social interaction and more difficulty for employees to connect and work collaboratively with their colleagues. The metaverse helps alleviate these problems. Businesses can support staff remotely with virtual training and social interactions.

For example, Metaverse employees can experiment with digital twins, virtual representations of objects or systems, and apply their knowledge to the physical world. Spaces can be set up at real scale in the metaverse before it takes place in the physical world so that staff can familiarize themselves with them. This makes training sessions more in-depth and interactive, allowing workers who missed the original time to “replay” the sessions as needed.

Metaverse also sets itself apart from other online learning platforms by incorporating social interaction. This means employees learn from each other and remote instructors can guide new hires through an enhanced employee onboarding program.

A new level of maintenance

When a machine fails, a company can face huge costs, from production stoppages to the cost of dispatching specialized engineers to identify and fix the problem. However, you can avoid this by using real-time maintenance monitoring. By pairing IoT devices to create a digital twin, workers can instantly see the health of machines and whether a component is starting to fail. Combining this information with augmented reality allows engineers to diagnose problems and show field workers how to fix them, saving the company valuable time and money.

By displaying information in this visual way, you ensure that your machine and your workers are always working at their best. Management can be more proactive in managing physical capital by being able to assess in real-time which machines are running, where problems are starting to occur, and where parts need to be replaced or reassigned and the overall system becomes more efficient.

Next steps for companies

With so many ways companies can take advantage of the metaverse, it can be difficult to know where to start. The metaverse is evolving rapidly, and companies must take a pragmatic approach to the unregulated world of the metaverse if they are to be ultimately successful.

Businesses should start by identifying internal problems they can solve, or experiences they can improve in their existing ecosystems and platforms, and then identify how solutions in the metaverse can improve. This avoids investing in costly, inefficient and disjointed individual solutions. Businesses must also consider scalability and how each metaverse component works with other applications to create the best possible experience.

Perhaps the most important step for companies considering using the Metaverse is to put privacy, security, and ethics at the forefront. The Metaverse is still developing and regulation is yet to come. That said, it’s important for businesses to ensure they’re prepared for all potential issues that may arise as the metaverse continues to evolve and is readily adopted by more consumers.

Businesses that take advantage of the benefits that the Metaverse currently offers will create more efficient and attractive businesses. Ultimately, this will give you an edge over your competitors in the long run.

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