Here are ways for businesses contemplating investments in eXtended Reality (XR) tech to decide what fits their corporate strategy best.
For many, social networking platforms have elevated the way both individuals and brands interact with one another, and eXtended Reality (XR) represents its next frontier.
The rise of augmented reality (AR) and virtual reality (VR) is offering hyper-realistic experiences, enhancing the way we communicate, interact, and immerse ourselves in virtual worlds.
On the corporate front, we have seen industries such as healthcare institutions embracing immersive learning environments and recreating extended realities for medical procedures. Medical students can now enter a virtual world that is exclusive of geographical location to hone their technical skills while eliminating any risks of mishaps.
As the business landscape continues to digitalize, it is evident that advancements in optics, machine learning and cloud technology continue to change the way we interact. Consumer readiness has been reimagined, and experiences powered by AR/VR that were previously inaccessible publicly have now been comfortably adopted by digital natives.
Yet, corporations still struggle to understand how such immersive, hyper-realistic XR tech (including the elements of the metaverse) can be relevant to them in adapting their business strategy to the evolving digital economy.
Many firms are tempted by the profitability of adopting new interactive technologies such as immersive and spatial computing, but businesses should take a practical approach to launching these initiatives.
While this may not boil down to the specifics, such as placing a financial or numerical figure on revenue or percentages on customer experience metrics, it is crucial that the criteria used to track impact are tangible to the human experience.
For example, implementing technologies that can create virtual showrooms may make sense for real-estate firms to help boost sales, but less so for a finance company, where a visual offering may not be as necessary to close a deal.
Careful evaluation will help organizations realize if and how such technologies fit into their current business plans.
After adoption, what next?
For most, adopting technologies such as AR/VR may not require a complete overhaul or a full transformation. Some examples include how those in the automotive industry are leveraging virtual motor shows, or how gaming companies are building online worlds to finesse user experience and build even more interactive platforms.
Embracing these technologies using a digital acceleration approach can help businesses assess their current value while ensuring they are ready to evolve their present capabilities.
Building on existing technology infrastructure to develop new initiatives in an iterative manner will allow organizations to understand its potential implications. This means a lower-risk approach while staying agile as they discover each technology’s specific uses and how they work in tandem.
Successful implementation will significantly advance the way businesses and consumers interact with each other and the environment. As companies progress after the initial stages of adoption, it is essential that its uses are closely monitored, assessed, and improved over time to suit the changing business landscape.
Feeling is believing?
Within industries such as healthcare, gaming, and education — where there is the strongest need to connect with consumers — adoption of AR/VR and immersive technologies will only grow.
For example, AR allows firms to create both an immersive experience and track user behavior more closely compared to traditional websites. Where personalized customer experience is key, user actions and attention that are captured continuously in real time using spatial computing will open doors and power virtual dimensions that would not have been possible before.
So, as new technologies continue to facilitate the merging of digital and physical layers, the growing interconnectedness will enable extraordinary capabilities and next-level experiences.
There is no doubt that feeling is believing. Businesses should remain open to exploring how these technologies can work, navigating the complexities of what adoption can mean for them as they seek to innovate.