Redefining the idea of work has been a long-term goal of “humans”, and there has been much work and progress in this regard. From implementing different versions of the digital workplace and remote work to creating software that can allow multiple people to connect simultaneously via live audio and video.
There is more that can be achieved! We are slowly being drawn to a future where one will be present in a business meeting while waiting for a flight in the airport. One might be on a train and be virtually present in an event 12 twelve time zones away. People will be able to attend seminars while being in the comfort of their homes.
The difference with what is currently in use will be that it will involve more than just the eyes and ears. It will be a more surreal experience. That is no longer the future; it is now here. Many people know it as the metaverse.
What Is The Metaverse?
Novelist Neal Stephenson was the first to use the term “metaverse” in his 1992 novel Snow Crash, although the main concept had been mentioned by some other authors and scientists before then. In the novel, Neal Stephenson visualizes a world existing in virtual reality where people explore using digital avatars of themselves as a means of escape from a dystopian reality. It is so ahead of its time that some of the elements mentioned and predicted in this novel, such as virtual reality equipment and digital currencies, exist today!
The word metaverse, which in itself is a combination of the words ‘meta’ (which means beyond) and ‘universe,’ denotes shared, immersive virtual worlds where human beings can work, live, transact, and socialize. This world is made possible by a workable combination of virtual reality (VR) and augmented reality (AR). Right now, it is generally considered the next phase as regards the evolution of the internet, seeing as it blurs the distinction between the physical world and the digital world.
Innovation drives growth in markets, and many businesses have been born as a result of being innovative in providing services in the business world. The metaverse will affect the business world emphatically because there are many use cases and, ultimately benefits it can accrue if applied correctly. The benefits are just too numerous to count at the moment.
Ways By Which the Metaverse Will Impact Businesses in The Future
Below are several ways the metaverse will impact businesses in the nearest future:
Improvements in Business Training
AI, in conjunction with immersive tech such as augmented reality (AR), extended reality (XR), and virtual reality (VR), is already having a substantial impact on e-skills training and development, and this is a good thing for businesses.
However, many predict that there will be consequences. The predictions are that this novel process will disrupt 23 million jobs, which at the moment, is worth $1.5 trillion to the global economy, by 2030.
Nevertheless, the application of these immersive technologies in the metaverse environment bridges the gap between theory and practice is a generally agreed fact, so why not implement it?
In all fairness, the pandemic was responsible for companies going remote. Even after, most businesses continue to operate in a remote or hybrid work module. However, while remote work and virtualization have many advantages, one significant disadvantage is they induce fewer communication and interactions among colleagues.
The Metaverse might actually be the key to maintaining both ends – restoring communication without jeopardizing the remote or hybrid work modules.
Studies have found that when colleagues work remotely, collaboration (or the potential for it) shrinks. The dearth of real-time in-person conversations impedes interaction and communication, and Metaverse could undoubtedly aid in this endeavor by forming enhanced VR workplace processes and environments to encourage employee interaction and chat, boost collaborative activities, and others.
Improved Engagement and Marketing
Gone are the days of print advertisements, with technology (again) setting a pace for how businesses interact and engage potential clients. Nowadays, engagement is about connecting with the customer, convincing them to enter your world, and allowing them to interact with your product.
However, with the metaverse, all of these (marketing and engagement) will be redefined. The metaverse will improve the shopping experience by providing an exclusive and lucrative space for businesses to properly communicate with their target audience. This shift will necessitate a more in-depth examination of digital insights and traffic.
This virtual world will require businesses to develop much more innovative strategies to reach a more niche target audience best suited for your business, from advertisement stats, refined SEO, and successfully profiling virtual avatars and their buying patterns.
With the metaverse, businesses will need to be flexible and employ a continuing digital change strategy to stay ahead of new developments and uncover all possible opportunities.
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