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General business engagement
Metaverse was among the top trends of 2022 and continues to gain popularity beyond the gaming community. It will undoubtedly remain a priority for technical innovation and investment in 2023. Technologies such as AR, VR, IoT, 5G, blockchain, and cloud computing are fueling the next industrial revolution that will dramatically impact the future of business.
Numerous companies in industries ranging from education and healthcare to retail and manufacturing are already leveraging enterprise blockchain, cryptocurrencies, artificial intelligence, virtual reality, and NFTs. The technologies associated with the Metaverse have started bringing significant benefits and are gaining much attention in the business world.
Metaverse and Enterprise Metaverse definition
The definition of the Metaverse today is the gradual merging of the digital and physical worlds, the environment where the distinctions between our digital avatars and our physical selves are blurred. It is a world where we are surrounded by information and smart devices, interacting with data for work, education, entertainment, and more. It is a dynamic, open, and interoperable space.
An enterprise metaverse, by definition, is a metaverse that provides business growth opportunities for an enterprise. Its main goal is to connect people in a single virtual workspace, and digital twins are its foundation. Digital twins can be used to create a detailed virtual representation of any physical object, from specific items or assets to complex industrial environments, which can be extensive, such as roads, rail lines, factories, buildings, and warehouses. Once they are modeled, sensors and IoT connections can be used to bring them to life and synchronize them with the real world.
What are the advantages for business?
The most crucial advantage is a global reach. The Internet has helped companies overcome the long journey to customers and new markets that are geographically distant. The Metaverse can quickly and efficiently connect people from all over the world. In just a few minutes, you can arrange a business meeting with the digital avatar of your business partner from another continent.
New ways of interaction
Moreover, customers and businesses can connect, communicate and participate in a new way that meets modern challenges. Not long ago, for example, pandemic restrictions severely affected the events industry when concerts, sports games, festivals, conferences, and other events were forbidden for a long time. Mass events in the virtual world do not depend on such restrictions - concerts, fashion shows, and conferences are already actively held in the Metaverse.
You can already find agencies offering the organization of weddings and parties in a virtual environment.
The MICE industry is expected to continue expanding its presence in the Metaverse. Soon, many hotels will sell virtual meeting rooms and standard services, generating new revenue.
Digital workspace and employees training
Even though some companies are trying to bring their employees back to the office after the pandemic, the overall trend towards remote working is only increasing.
Companies don't need to rent an office and pay for its maintenance, and employees cannot waste time and money on getting to the workplace and back home - these are just the most obvious benefits of remote work.
With the Metaverse, the office comes to you wherever you are, and you can set up your virtual workspace the way you like it. The Metaverse enables employees to be constructive and productive, even when they're thousands of miles away from their workplace.
In the Metaverse, you can meet with colleagues, have group discussions, give presentations, and communicate through personalized avatars that make you forget that you are not in a real office.
Moreover, the Metaverse is an excellent environment for employee training. Any training materials and content can be easily created here, as well as simulations of dangerous situations that allow professionals such as firefighters or police officers to practice skills without risking their lives.
A beneficial digital tool that can perform basic calculations, remind you of appointments, translate texts from different languages, transcribe your speech, find needed information and do everything a regular secretary or personal assistant can do. The digital assistant is available 24/7 and never gets tired or takes a vacation or sick leave.
And although such assistants already exist in the real world, the metaverse environment greatly expands their capabilities and allows you to create any digital appearance for them.
Remarkable marketing opportunities
Metaverse allows companies to create their world representing their brand in a way that no video, traditional advertising, words, or images can do. Each world can be unique and create a comprehensive experience for the customer. Customers can interact with a digital copy of your product before they buy it, for example, by checking how the piece of furniture they want to purchase fits into the interior of their house.
Hotels can offer virtual tours that allow guests to experience their services, see the breathtaking sunset view from the terrace of a suite and even hear the sound of the ocean waves.
With the metaverse technology, you can conduct activities that are difficult or impossible to implement in reality, such as organizing a party on a yacht for potential customers from all over the world, where you can impressively present your new product or service.
Before launching it into production, you can test a new design or product on your target audience in a virtual space.
Such tools are priceless in terms of competition, gaining customer loyalty, and saving your time and money.
How soon will the Metaverse be fully launched?
Although the Metaverse is not fully implemented yet, and in 2023 the process is unlikely to be completed, it will have a profound and lasting impact on industries and businesses before it reaches its full potential.
With the start of 2023, virtual reality, augmented reality, and digital technologies will be more intensively integrated into our lives. They will firmly take their place in many businesses and industries. Understanding how things work is vital for successfully embracing new opportunities the Metaverse offers.