XR tech is a multi-billion dollar industry that is on the cusp of a revolution. There are key attributes that will transform businesses and the levels of interaction through the deployment of multiple proofs of concepts and pilot stages. To delve in further, we launched the VRARA Mumbai Chapter event on 19th June 2021.
Democratizing Mixed Reality Together
The virtual event was an incredible showcase hosting an open discussion with thought-leaders, innovators, and pioneers leading the vision to set the course for a new development frontier.
As extended reality technology develops rapidly, the industry experts weighed in on its adoption, emerging trends, and future.
The idea was to learn how companies are approaching this new spectrum. The event was powered and rounded off with the first-panel discussion about how the extended reality business ecosystem expands, its key aspects, developments, challenges and experiences.
Pradeep Khanna-Executive Director (VRARA APAC), moderated the panel wherein value propositions and insights were shared by Ashwin D’Silva (CIO of Accenture), Gulshan Purswani (Delivery Head of Robert Bosch Engineering& Business Solutions) and Manish Mehan (CEO& MD of TKE India) respectively.
Exploring the Future of XR in business
Extended reality (XR) is a new generation of technology that enables enterprise-grade capabilities. XR solutions are present to give you vital information while streamlining operational processes through a fully integrated set of applications and services.
Combining advanced processes, cloud technology, and a dedicated team of experts can help organizations achieve breakthroughs in security, manageability and productivity while creating extraordinary customer experiences.
“There are numerous opportunities to scale up and innovate when you integrate extended reality into your business strategy today.”
– Gulshan Purswani (Delivery Head of Robert Bosch Engineering& Business Solutions)
The integration process must be embraced wholeheartedly by organizations, which starts by defining new boundaries with XR. Then, led by an innovation strategy focused on maximizing customer happiness, it can lead to a shift in how your products and services are built, sold and consumed.
Embracing Tech Innovations
Imagine digital extensions of your physical organizations. XR can transform how you work, increase collaboration and give your team an edge in the ever-changing digital landscape. It is a real-time collaborative experience that puts businesses in direct communication with clients, stakeholders and customers.
“Companies are going phygital, and early adopters are integrating XR into different facets of the business. The most common uses of XR are visible in employee training, remote working and collaboration.”
– Ashwin D’Silva (CIO of Accenture)
The platform will help your company connect with new customers, expand your existing customer base, research market trends, measure customer satisfaction, and optimize marketing campaigns with accurate census data.
So, what does this mean for your company? It means creating a more personalized experience for your customers and employees through a streamlined workflow and seamless integration with existing systems and tools.
Imagine being able to deploy solutions in real-time across your company to maximize operating efficiency and reduce costs.
Efforts are to supplement services varying from how XR can help train employees to how companies can prepare customers about products or services.
Addressing the Challenges in XR space
XR is the future. There’s no doubt about that. What we lack now is turning all those futuristic ideas into something tangible. Several obstacles are standing between us and the world of tomorrow.
It’s not just a technological barrier. We need to develop new digital business models that could take advantage of the mixed reality revolution.
What are the challenges faced by companies for XR integration in their business?
To answer this question, we surveyed the panel of business leaders from different industries. We asked them if they faced any challenges integrating XR into their business and what kinds of solutions they were using.
“There’s a significant challenge that companies face for XR integration in their business- how to effectively communicate that the new solution will help them perform and facilitate their relationship with the current customers.”
– Manish Mehan (CEO& MD of TKE India)
XR expands possibilities for business strategies, but there are challenges and costs involved. Apart from the revolutionary aspect of the technology, the strategic integration calls for a thorough check on the financial management aspect for harnessing the potential of the technology.
The challenge for XR is how to fix issues that arise during its use regarding scalability, data circulation, investment potential, revenue streams, and security system integration into the business model itself.
With the increasing ability of companies to integrate remote work technologies, and XR, into their business, they must now assess whether their current processes or structures are suitable for achieving the XR goals.
Building the Future
Extended Reality is a solution that helps companies analyze and solve problems through the lens of cognitive computing. Companies are using it across several sectors, including education, healthcare, commercial real estate, and manufacturing.
Significantly few companies have gone the distance and created an eventual standalone XR solution for their business. But thankfully, some are trying and leading the pack. Here is a quick look at some of the biggest XR companies in the industry today:
1)Accenture is a prime example of showcasing XR as the hero of emerging tech. The company introduced the concept of virtual onboarding and a virtual walkthrough of the New York headquarters to extend the look and feel of the physical space.
2)TK Elevators is focussed on the experience centre where VR provides a simulation wherein testing of the operation of the elevators can occur, and its utilization understood better by the technicians receiving the necessary levels of training.
3) Robert Bosch Engineering& Business Solutions, in partnership with Rodovre Kommune, have developed the VR Bus Ride concept- a VR solution and a travel-based training game. The objective was to enable a set of identified students with pre-existing learning challenges to commuting independently using public transport.
The Bottom Line
It was a unanimous feeling that, at this juncture, VR & AR would function as growth drivers and radical new instruments for mainstream businesses. However, adopting XR technology has a high initial cost that may or may not be offset by revenue gains in the long run.
Companies must align their business strategy with the revenue goals and gauge the user experience metrics. It substantiates the need for embedding the tech into the workflow and leveraging it to reap maximum benefits.
It’s time to redefine reality through multiple perspectives to transform it into a truly multi-dimensional experience.
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