Virtual reality (VR) is a groundbreaking technology that has been making waves across multiple industries for the past decade, including the business sector.
In recent years, businesses have begun to incorporate VR technology into their operations to enhance their processes, customer experience, and employee training.
This has been particularly useful in the wake of the pandemic, with the widespread adoption of remote work and the need for alternative ways of conducting business.
VR has the potential to revolutionise business operations by creating a digital environment that mimics real-life experiences and offers new and exciting ways to interact with customers, employees, and business partners.
In this article, we’ll discuss the future of VR in business and its potential applications.
What is virtual reality?
Virtual reality is a technology that produces computer-generated simulations of a three-dimensional (3D) environment facilitated by specialised hardware such as headsets and controllers.
In essence, the technology principally allows users to experience a computer-generated environment that mimics real-life experiences. It does so by tracking the user’s movements and adjusting the simulated environment in real-time to directly reflect those movements.
In practice, users wear a headset or goggles that create a 3D world, often with accompanying sound and motion, which gives the illusion of being in a different place. This has become increasingly popular in gaming, but its potential for other applications, including business, is enormous.
What is augmented reality?
Augmented reality (AR) is another technology that creates an interactive experience by superimposing digital content on the real world. AR, unlike VR, does not create an entirely new environment but rather augments the existing one. AR is more accessible than VR because it can be experienced on a smartphone or tablet.
What is virtual reality in business?
Virtual reality in business refers to the use of VR technology to improve business operations, enhance customer experience, and improve employee training through immersive experiences.
These immersive experiences allow customers to intuitively interact with products and services or simulate real-life scenarios for training purposes. In turn, businesses also get to save money and time by reducing the need for business travel whilst facilitating remote work.
Impact of virtual reality on Business
Virtual reality has the potential to transform the way businesses operate by providing new tools and capabilities that were previously unavailable. Businesses can create immersive experiences that enable them to connect with their customers, stakeholders, and employees in new and innovative ways.
How does virtual reality change business?
Using AR/VR, businesses can construct a virtual environment that enables customer service agents to interact with customers in real-time, regardless of their location. This not only reduces costs but also augments the customer experience by making it easier for consumers to obtain the assistance they require quickly.
What are the business benefits of virtual reality?
Virtual reality offers a wide range of business benefits, including:
1. Competitive advantage
By adopting VR technology, businesses can gain a competitive advantage by offering their customers and partners a more engaging and immersive experience. Virtual reality can help differentiate a business from its competitors and attract new customers.
2. Enhanced training and education
It doesn’t come as a surprise how much VR has improved human resource practices in the industry.
The HR specialists prioritise the long-term improvement of employee productivity, training, and development. VR takes training and continual professional development to the next level of interactivity. Imagine how much easier it would be if employees could virtually experience all the situations described in the employee handbooks, for example, conflict resolution.
Similarly, virtual reality-based training can be a game-changer in terms of how students interact with educational materials when they are simulated in the virtual world. Universities and educational organisations are discovering ways to incorporate virtual reality into any study field, from biology to history, although the process is gradual.
3. Increased efficiency in remote work & virtual working
Traditionally, individuals must be physically present to experience a given work environment, site, or facility, but with the ability to conduct virtual excursions. However, with VR, businesses can offer anyone (employees, collaborators, experts, etc.) the impression of being on-site without requiring them to travel. This capability has a transformative influence on the time and money typically spent travelling to a location.
4. Virtual conferences and meetings
Virtual reality can be utilised to create virtual conferences and meetings that enable participants to interact with each other in a more immersive and engaging way. Thus, reducing the cost and time required for physical travel and enabling remote participants to participate in a more meaningful way.
5. Better data visualisation
Virtual reality can be used to create 3D visualisations of complex data sets that can be explored and manipulated in real-time. Businesses can integrate VR into their research and data analytics processes by curating immersive data boards.
In fact, gathering data and showing research results doesn’t have to be all about numbers. In some instances, it’s much easier to see the results using images and videos.
6. Enhanced customer service and engagement
Virtual reality can be deployed to create immersive experiences that enable businesses to communicate with consumers in novel ways. By utilising VR, businesses are able to create interactive product demonstrations, virtual showrooms, and other experiences that engage consumers and foster brand loyalty.
7. Time efficiency
Employees can utilise technology to complete the majority of their tasks in a more expedient manner. For example, instead of creating unique training materials, employees can simply prepare everything in virtual reality and adapt their training plan to the target audience.
8. Reduced business travel
In the past, experiencing a certain work environment, site, or facility, required physical interactions. Virtual tours, on the other hand, allow organisations to give anyone (workers, collaborators, specialists, etc.) the impression of being on location without having to make travel arrangements. The time and money often required to visit a location can be drastically reduced with such a capability.
Also read: Key challenges faced by virtual teams and how to overcome them
Uses of virtual reality in business groups
Now that we have discussed the impact of virtual reality on business and the benefits it provides, let’s take a closer look at some of the uses of virtual reality in business groups.
Prototyping and design
Virtual reality enables designers to create digital prototypes and simulate different variations of their designs through an immersive experience. This makes it easier to identify errors and make necessary changes since designers can get a real-world feel of the design before the product is physically created.
Use in employee training
VR makes it possible for workers to practise tasks and abilities in a simulated setting, which is safer, more affordable, and more effective than conventional training techniques.
For instance, in a virtual setting, medical students can practise difficult procedures, and customer service agents can practise dealing with challenging clients. This may improve their abilities, self-assurance, and performance at work.
Promoting tourism with virtual experiences
Virtual reality has opened up new opportunities for the tourism industry. Tourists can now explore different tourist destinations from the comfort of their homes through cost-effective and immersive ways to promote tourist destinations and attractions.
Therefore, allowing people to experience different cultures, traditions, and attractions virtually. For example, hotels can offer virtual tours of their rooms, and museums can offer virtual tours of their exhibits, providing an engaging and interactive experience for visitors.
Providing educational training programs
VR provides a unique opportunity for educational institutions to provide engaging and immersive training programs for their students. They can practise different skills and concepts in a virtual environment, enhancing their learning experience.
For example, engineering students can practise building structures in a virtual environment, and language students can practise speaking and listening skills with virtual tutors.
Promoting the “try before you buy” concept
Businesses have a special chance to give customers a “try before you buy” experience thanks to virtual reality. For example, customers can use virtual reality to try on clothes or test drive cars before making a purchase, making for a more interesting and immersive experience as a result, which can boost both sales and customer happiness.
Advertising
Virtual reality offers a new and innovative way to advertise products and services. Brands can create immersive and interactive experiences that allow customers to engage with their products and services in a unique way.
For example, car manufacturers can exploit virtual reality mechanisms to showcase their cars in a more engaging and interactive way. Similarly, fashion brands can use virtual reality to create immersive fashion shows.
Examples of companies using VR
Virtual reality has already been incorporated into many firms’ operations. Here are a few instances:
IKEA: Before making a purchase, buyers may visualise furniture in their homes using the virtual reality software IKEA Place.
Ford: To give customers a more immersive experience with their automobiles, Ford simulates the driving experience using virtual reality.
Marriott: Using virtual reality, Marriott offers consumers virtual tours of their hotels, giving potential guests a fun and participatory experience.
Walmart: Walmart trains staff members with VR in a variety of responsibilities, such as managing crowds during Black Friday sales.
L’Oreal: To provide customers with a more engaging and immersive shopping experience, L’Oreal uses virtual reality to let them try on various makeup products before making a purchase.
Future trends in VR for business groups
Virtual reality is still a relatively nascent technology, and its potential uses in business are continually evolving. As technology becomes more advanced, businesses can expect to see more innovative ways of using VR to gain a competitive advantage.
One future trend is the use of VR in remote work. We predict that VR will be more innovatively employed to create virtual office environments that simulate the experience of working in a physical office, helping to improve communication and collaboration among remote teams.
Conclusion
In conclusion, virtual reality is set to revolutionise how businesses operate and compete in the market. It will, therefore, offer numerous benefits, including increased efficiency, enhanced training, and improved customer engagement. These benefits will help businesses gain a competitive advantage, reduce costs, and create innovative marketing strategies.
As technology continues to evolve, businesses can expect to see more innovative ways of using VR coming to improve their operations- whether in employee training, customer engagement, or advertising.
Overall, virtual reality is a game-changer that businesses can no longer afford to ignore.
Growth Academy Asia brings forth VR technology that provides virtual business staff with an opportunity to learn in real-world scenarios, interact with their co-employees, participate in virtual training and more.
Check Out Related Series: What Is Virtual Reality Training? | Challenges of virtual teams | Virtual Working | VR Soft Skills Training
Co-founder and Managing Director
Stuart Harris, co-founder of Growth Academy Asia, has a vast background in corporate events and learning & development. As co-founder and managing director at Team Building Asia, Stuart has developed a large network of international clients over the past 20 years and brought an innovative perspective to the more traditional elements of team building, which lead to the founding Growth Academy Asia. With GAA, he aspires to disrupt the L&D industry with the immersive VR organisational and leadership programmes.
