June 18, 2020
Many think that the value of virtual reality and augmented reality lies somewhere between gimmickry, science fiction and experimenting with digital twins and avatars. All this makes the technology at least somehow sexy – but what about its profitability and benefits in companies?
As with any major technological evolution, the first thing to do is to invest. And the reality is not bad at all: large and medium-sized companies that are well positioned digitally usually already have a strategy for the use of immersive technologies. A study by IDG Business Media GmbH from 2019 shows that almost half (48%) of companies with 1,000 or more employees already use virtual reality (VR) and augmented reality (AR) in productive operation. Of the smaller companies (up to 999 employees), it is 30%.
But companies that have not yet used VR and AR often fail not only because of the small budget that is available. Other barriers are safety concerns and the view that the technology is not yet mature. Often companies simply lack knowledge and the necessary experience. Some want to go barefoot on Mount Everest, so to speak. First of all, it is important to know the packing list for the ascent and to have a tour guide – i.e. partners who will help you to get an overview in the still very confusing market. Especially due to the Covid-19 crisis, it is also a big challenge for many entrepreneurs, for example, to have a virtual event take place in such a way that it creates experiences and engagements that even top the analog format – for example with VR glasses.
Maren Courage
… is a trained actress and photographer and founded together with Oliver Autumn in 2016 the VR Business Club, according to the company, Germany’s largest dialogue and matchmaking platform on virtual reality, augmented reality and mixed reality based in Potsdam.
AR and VR are no longer rocket technologies. In addition to very project-specific and programming-intensive developments for special applications, there are now also platforms for standard application scenarios. These make it easy for the user to create their own VR and AR applications based on existing data and content in-house without any programming knowledge.
However, the added value of the technologies is not only in the event sector. As a result of the so-called SparX think tanks (workshop formats of the dialogue and matchmaking platform VR Business Club, note.), six main areas of application of VR and AR in business could be identified: In recruiting &employer branding, in training, in the area of assisted reality, occupational safety and the communication of product portfolios, processes can already be sustainably optimized, time saved and significant ROIs achieved today. For example, Boeing has used AR to provide technicians with instructions for wiring diagrams of aircraft in their field of vision. As a result, the production time for wiring is reduced by 25%, productivity is increased by 40%, and error rates are eliminated. And not to forget: the greatest added value of the technologies is probably an ideal one. Because the intuitive and emotional experience with VR corresponds to an authentic user experience adapted to the zeitgeist.
Guest commentary: Maren Courage
Opinions expressed by Forbes Contributors are their own.
