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There has long been endless discussion, debate, and controversy over whether the metaverse appears to be a real solution for business. However, there are notable cases supported by real results showing that companies have successfully benefited from virtual world solutions.
A great journey of metaverse implementation starts with a step-by-step approach. This includes the development of so-called metaverse-powered applications – digital twins, interactive platforms or decentralized smart contracts. By creating one metaverse-powered app, companies ensure it’s worth further investment. For example, Boeing has up to 40% improvement in the quality of certain aircraft parts and systems by using digital twins. So now the company can scale up and evolve into a business metaverse ecosystem creation.
Related: The Metaverse Is The Future Of Business. Here’s how to prepare.
What are the metaverse related technology applications?
Internal logic, user-engaging content, and a robust infrastructure… it takes a lot of time and effort to develop a well-thought-out metaverse. At the same time, optimization of business processes and high performance of teams are immediately needed. Such applications are based on metaverse technologies and operate as part of a potential business virtual ecosystem.
Digital Twin: Digital twins are virtual copies of the company’s products. Their main feature is the ability to test functionality and study performance issues. This helps to gain valuable insights and come up with the next improvements for the original physical product.
Renault Group sees digital twins as an essential part of their vehicle development process. They use 3D copies of cars to run immersive simulations and check literally every part of the future car – from design to engine performance. In addition, digital twins of vehicles undergo certain virtual car crashes and road driving scenarios. That makes it possible to move an ideal virtual car prototype to the production stage.
Interactive Platforms: A web-based business space provides a wide variety of applications for businesses, establishing an efficient production workflow and improving marketing and sales efforts. It also helps to organize educational business activities, namely competency-based training, hard skills quizzes and competition games to improve employee performance.
Henkel actively uses a proprietary interactive learning platform to help the team keep its skills up-to-date and thus improve the company’s performance. The Henkel Learning Hub includes more than 4,000 educational modules dedicated to presentation training, remote leadership, and agile working methods.
Decentralized Smart Contracts: With these digital contracts, companies can automate the workflow of contract execution. Powered by blockchain, they ensure safe and clear processes of various transactions.
Thanks to smart contracts, Home Depot has created an efficient supplier management system. Transparent communication and improved supply chain visibility led to better relationships with suppliers. This led to time savings previously spent discussing invoice management issues.
Different companies, different reverse solutions. But to the extent that they are implemented, these apps can emerge in one big business ecosystem that covers all business needs.
Related: What You Need to Know About How the Metaverse Will Affect Business
3 steps for successful development of metaverse ecosystems
Innovation is important, but even more important is how a company approaches these emerging technologies. By gradually and smartly embracing new technology, a company becomes sophisticated and high performing. So consider the following to create a business ecosystem powered by the metaverse:
1. Define a way to get business improvements
Check the current state of affairs and observe the most critical challenges facing a company today. Next, consider all possible metaverse-related technology solutions: digital twins, interactive platforms, and smart contracts. Go for the one that perfectly pairs the company’s existing capabilities with metaverse power.
2. Reach your first result and move on
By including just one metaverse-related technology solution, it is possible to evaluate whether this particular one will positively impact your business by optimizing processes. If the entire effort proves effective, scale up.
3. Connect all metaverse assets and build an ecosystem
Create an interconnected solution: a metaverse ecosystem to meet the needs of all business units and establish an efficient workflow. Connect all metaverse-related technology solutions and manage business processes from a broad perspective.
A good example that shows how a gradual approach to the metaverse benefits a company is Mars, which created digital twins to avoid overcrowded packages. The technology allowed the company to observe the production lines from a bird’s eye view. This enabled line production managers to monitor performance in online mode and control the filling process.
After getting great results using virtual twins, Mars decided to scale up. The company is focused on creating the “Factory of the Future” – an advanced platform. It will include automation and AI features that will help with issues such as waste reduction, water management and greenhouse gas emissions.
Related: Increase your brand equity online by venturing into the metaverse
The world is changing and digital solutions seem quite useful. They offer many tools for automation, performance improvement, and insight discovery. As evidence, 71% of technical leaders consider the metaverse to be helpful and bring real positive change to the business.
So, what makes the metaverse so worth it? As one of the types of business ecosystems, the metaverse helps to save costs and establish efficient workflows within a company. While it’s not always about 3D, it’s more about immersive experiences and user-generated content. That leads to building a strong community around a particular company.
