Virtual Reality has the Potential to Increase Business Agility and Flexibility

Reports of spectacular developments in technology are routinely emerging in the media and this is expected to be the new normal as innovations transform our lives, as we move into the digital era. These developments can be classified into two types “ one that touches our lives directly, and the other that touches our lives indirectly.  By far, the most popular technologies in the landscape are AI, ML, AR and VR. Among these VR and AR find widespread applications in businesses globally, after having conquered the interest of consumers with gaming. This is primarily due to the virtually endless functionalities it promises. This also explains the fact that in less than two years from now, the total revenue of the VR industry is expected to touch a staggering $20 billion.

Innovations are the edge that makes inventions better, and virtual reality is proving to be the cutting edge that businesses are actively seeking. VR has limitless potential to increase the flexibility and agility of enterprise, here is a look at five different scenarios among other possibilities.

1. Prototyping

VR is regarded as a game changer for businesses that design products. Rather than manufacturing prototypes and conducting tests on the products to check the materials, threshold value, design specifications and product requirements, the use of VR has reduced the risk, time and costs associated with product design. Businesses can now try out every conceivable design through VR before moving into the business end of the design. VR offers great agility and flexibility in the product design process by virtue of this ability to check out various iterations.

2. Improved customer satisfaction

While holograms are not regarded as pureplay VR, but more of Mixed Reality, the use of VR applications that permit prospective customers to walk through home/apartment construction designs offer greater options to customers. This, in turn, results in enhanced customer satisfaction. A prospective buyer who gets to see the mock-up premises through VR apps will get a feel of the appearance and décor of the apartments/home. This gives the prospect the opportunity to seek changes or accept the plans without changes. This results in lesser buyer dissatisfaction after purchase.

3. Training

Training new hires for tasks often involves different kinds of induction training after selection on the basis of requirements. However, the number of candidates who do not require any induction training on recruitment is considerably lower. This is because of the various options and courses available, which result in different standards among candidates. This mandates the need for training/advanced training. Depending on the nature of the tasks and the skills involved, technical training on equipment and machinery may sometimes be prohibitively expensive, in addition to the risks involved. VR offers great promise in training individuals for surgical intervention, thereby cutting down on the risks involved and improving outcomes with greater experience.

4. Increase conversion rates in tourism and hospitality

The tourism/hospitality sector is under a period of competitive stress from OTAs that are eating into market share, by offering enticing deals. Many iconic hotels have turned to virtual reality to offer differentiators to customers in an effort to win back the patrons. The VR apps permit prospective customers to walk through hotel locations at tourist spots and get a virtual feel of the attractions at a destination. This addition of value to clients is helping visitors to make decisions on booking accommodation after having experienced creature comforts and amenities virtually’.

5. Evaluating performance in sports

In addition to aiding training, VR offers sportspersons a powerful tool to evaluate performance and bring in changes to the manner in which a particular sporting activity is pursued. This could be the posture, the extent of swing, or the cut of a pugilist. With VR it is now possible for sporting personnel to understand their weakness and work on improvements without having to be a part of the competition to understand performance. Training for the big day can now be carried out safely in practice sessions without losing the actual game.

Virtual reality has undergone a transformation over the years and will continue to change in the future. Businesses that comprise the 48% of early adopters and an early majority in technology adoption have proven to be successful when compared with the late majority and laggards. It is only a question of time before VR apps find their way into a large number of business applications “ both clients facing and internal facing apps. The stage is set for innovation to take charge in the transition to digital transformation and businesses that choose the right technology, partners, and solutions will find it easier to compete in a world where Customer Experience is the new battleground for competitors.