How Virtual Reality Is Becoming a Game Changer in the Business Landscape

The realm of virtual reality (VR) continues to experience growing momentum against the backdrop of artificial intelligence (AI) and machine learning (ML). Traditionally, virtual reality tools and the associated augmented reality (AR) were considered innovative tools only applicable in the gaming industry – now this technology is steadily disrupting the business landscape.

As mainstream adoption of VR technology becomes increasingly widespread, with both hardware and software solutions now seeing real-world applications, companies look to develop new opportunities wherein VR headsets can be used outside of gaming experiences and instead find their way into the corporate boardroom.

Virtual Reality in Business

While some companies have continued to rely on more traditional working models, including the return to the office, many others have pushed the boundaries to introduce more innovative solutions that would enable their teams to become more productive, promote employee well-being, and increase engagement among remote-only team members.

Employee Onboarding

Due to the dynamic business landscape, and seemingly tight labor market conditions, companies along with human resource professionals have looked at more sophisticated, and engaging methods for the employee onboarding process.

Research suggests that companies with an effective employee onboarding process typically see an 82 percent employee retention rate. What’s more, with a robust onboarding procedure, companies may experience a 60 percent increase in year-over-year revenue.

Combining AR and VR technology with the onboarding experience could help to create more real-world applications of work scenarios for new employees. Additionally, these tools help to create different environments for new employees and can be adjusted based on employee experience, role or position, and business scenario.

Training and Education

Continuous investment in employee skills is one of the biggest company benefits younger employees are looking for in potential employers. Using virtual reality, companies can create more real-world training experiences.

Additionally, for training purposes, companies can develop different scenarios wherein employees can showcase their expertise, or share their skills, resolve problems, and provide more real-world-like solutions that can be applied in their daily routines.

Customer Experience and Sales

American grocery conglomerate Walmart is currently using VR and AR headsets to help prepare employees for different customer interactions they might experience in their day-to-day jobs. As part of their pilot training program, VR environments are also used to teach employees valuable customer and sales skills.

The VR training program has seen employee satisfaction increase by 30 percent, with new recruits often scoring 70 percent high on tests after undergoing a simulated environment training experience.

Ultimately, this would mean that businesses could use VR and AR systems to create educational training exercises that are based on real-world scenarios. This could help employees learn better customer communication skills, and provide them with techniques to resolve customer queries quicker and more effectively.

Metaverse

Since the introduction of the Metaverse, artists have gone to great lengths to leverage possibilities provided within the virtual world. Through these connections, music artists can create more meaningful interactions with fans and other listeners, while further building more visually gripping live entertainment events.

Now companies can do the same, by leveraging opportunities within the Metaverse that help to put them in touch with their clients, or business partners. The Metaverse is still seemingly new to the business landscape, however, continuous investment in this technology has already managed to captivate a wide variety of users, with business and organizational leaders now seeing its full potential.

“Digital performances are pulling in millions of listeners and viewers every year, and with these events becoming a more frequent occurrence, artists can now easily premiere new releases within a modular environment, sharing creative expression and helping to marry both technology and music,” says Sasha Tityanko, Deputy CEO and Art Director at Sensorium Galaxy.

These events are steadily gaining significance, with Sensorium Galaxy experimenting with virtual concerts such as Intermundium, featuring British artist Carl Cox performing on October 27.

Data Visualization

Now, more than ever, data plays a vital role in business, as it allows organizations to make more informed decisions. Additionally, data has enabled companies to better understand consumers, and how consumer behavior changes as economic circumstances change.

Using virtual reality would put data to work, in real time. Instead of relying on numeric presentation of data sets, virtual reality would enable companies to see how adjustments to specific strategies i.e. marketing or sales, would impact their forward-looking goals.

Digital Marketing

AR and VR can help take marketing to the next frontier, it would enable marketing teams to see their efforts play out in a virtual world, before launching their campaigns. This could mean that marketers can now view content and messaging from a more personal level, and better understand the consumer point of view.

This would allow teams to save more time, and valuable resources on adjusting their marketing strategies to ensure they meet their desired target audience at the most convenient digital touch point.

A Virtual Business World

Experimentation of virtual reality creates a whole new lens through which organizational leaders and employees can view the world. This technology enables them to become more immersed in the customer experience, feel more present, and help employees make more informed decisions.

Virtual reality continues to push the boundaries of the business landscape, helping to make educational efforts more accessible to new employees, allowing teams to become more engaged, and creating a more connected experience between the real world and virtual reality.

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