How Is the Metaverse Going to Change Business?
The new buzzword around town is metaverse, but what does that actually mean for businesses? Is it only something that social media companies need to be concerned about?
According to leaders like Apple's CEO Tim Cook, the metaverse is coming. He stated that life without augmented reality will soon be unthinkable. Whether that is a near-term or long-range prediction, companies should start paying attention.
What Is the Metaverse?
Metaverse is a general term used to describe a collective upgrade of the internet into a 3D virtual environment. This would be an interconnected world that reflects the kind of immersive experience you see in today's most advanced online games. The idea of connected 3D immersive worlds has been around for decades. Facebook, now Meta, did not invent the concept. Early examples like Adobe Atmosphere showed 3D interconnected online worlds with the ability to communicate with others as far back as the early 2000s. The metaverse is gaining serious attention now because technology has finally begun to catch up to the needs of such a world, including fast internet connections, immense processing power, and accessible 3D delivery for most PCs.
Microsoft has already announced a partnership with Meta to bring Microsoft 365 apps into the metaverse, creating an entirely new model for collaboration. Microsoft notes that 50% of Gen Z and millennials expect to do some of their work in the metaverse within the next two years.
How Does the Metaverse Impact Your Company?
Where to Advertise. When the internet was first introduced, companies did not immediately recognize its potential. Now, most businesses would not consider operating without a website. If the metaverse develops into a new 3D iteration of the internet, advertising and brand presence within virtual worlds could become just as essential. This may mean exploring metaverse-type advertising or even creating a virtual showroom.
How to Service Customers. As social media grew in popularity, companies realized customers used it to reach them. Seventy-nine percent of consumers expect companies to respond to a social media message within a day. Businesses built a presence on social platforms in response. The metaverse may represent the next step. If people begin spending significant time in virtual environments, they will expect to interact with businesses there just as they do on social networks today.
Employee Training. One of the most promising benefits of the metaverse is more immersive employee training. A virtual world could allow people to practice tasks, safely make mistakes, and build proficiency before applying skills in real situations. This could benefit everyone from healthcare professionals to forklift operators. The metaverse may not yet offer what your organization needs, but with the pace of technological advancement, it could very soon.
More Immersive Remote Team Collaboration. Virtual meetings became commonplace out of necessity during the pandemic. The next generation of online team meetings may take place in a virtual world. Microsoft is already working on bringing its apps into a virtual space. Adding avatars and an immersive setting could create a completely different and more engaging meeting experience for distributed teams.
Is Your Business Ready for the Next Digital Transformation?
What are your digital transformation plans for the next year? The next three years? If you are not sure where to begin, the team at Cyber One Solutions can help. Contact us today to schedule a technology planning conversation.