Digital reality is definitely changing the way businesses are interacting with their customers, potential customers, and their employees as well. The power of virtual reality and augmented reality is taking the world by storm and is assumed to be the future of business activities, especially manufacturing and production. However, although the digital reality is seen as future technology, it is already having significant impacts on business. These are some of the ways through which both AR and VR can be applied in business.
- Designing New Products
Consider creating a new product and how much time it takes to achieve different innovations and style. All these aspects must be included without distracting the functionality of the product. Manually, this is a complex process that takes both time and energy. However, with virtual reality, businesses can actually visualize the entire product model without building the actual product. The automotive industry is already using this technology to see the features of the car before building the actual vehicle.
- Optimum Utilization of Financial Resources
Getting finances to run a small business is not a simple aspect, especially for companies that have not been able to establish themselves in the industry. With that in mind, small business organizations have to maximize available resources such as opting for asset finance for the smooth functioning of the business. There are 2 main kinds of financing on the market for companies: debt and equity. Debt could be a loan that has got to be paid back typically with interest, however, it’s usually cheaper than raising capital because of tax write-off issues. Equity doesn’t have to be compelled to be paid back, however it relinquishes ownership stakes to the shareholder.
Augmented reality and virtual reality are being used in various manufacturing processes to eliminate errors in production, thereby minimizing the wastage of resources. Companies have incorporated digital reality to enhance their manufacturing process hence increasing production capacity with very few resources.
- Business Marketing
AR advertising is the new form of marketing where hundreds of companies have been using various games to create awareness of their products and services. Pokemon GO is one of the augmented reality videos that has been used by hundreds of companies to advertise their products. Most of the companies were offering discounts and coupons to customers who showed interests in AR videos. Some companies have gone to an extra mile of creating their own interactive experiences to attract new customers.
- Improving Business Efficiency
Digital reality is currently being used to determine the areas that can be enhanced within the businesses to improve business efficiency. Most of the manufacturing companies are testing scenarios, workflows, and processes to determine the points of weaknesses within the system. Conducting hundreds of scenario analysis only works to improve the system, which is a critical role in enhancing efficiency in business processes. One of the benefits of scenario analysis is that it does not only improve operational efficiency but also helps in coming up with the best product.
- Employee Training
Statistics indicate that more than 40% of employees with sub-par training leave their jobs within the first year. Therefore, there is a great need for employee training to increase retention. However, AR and VR are handy training tools that can be used to equip employees with the necessary skills hence increasing employee retention. Virtual reality can be used to try out new skills virtually before they can be put into the real test. Employees can learn hundreds of skills, virtually gaining skills and understanding every step of the manufacturing process, which helps in eliminating anxiety and employee turnover.
- Helping Consumers
The emergence of online business has brought a considerable number of challenges to the customers. It is hard for clothing buyers to determine whether that shirt or browse will fit them. Most of these challenges have caused many customers to be reserved, thereby not making purchases. However, augmented reality has come up with a solution that can help customers to try clothes, jewellery, and glasses. This technology brings an overlaying image of a customer taken through the smartphone camera. This technology has helped customers to make the right decisions when buying products on the online platform.
- Showcasing Consumer Products
With increasing business competition, organizations are looking for various ways that can give them an edge over their competitors. Marketing through social platforms and using influencers is not enough. Showing customers what the company is selling seems to be a better marketing strategy. Most of the companies than appreciate digital reality are already showcasing their products to customers using virtual reality. For example, a furniture store is showing how customers how a particular sofa will fit into their houses.
- Reinforcing Business Teams
Traditional employee seminars have proved to be very useful in improving camaraderie between employees. However, digital reality has changed everything, and it is now simple to reinforce business teams and to enhance their relationships. Employees don’t have to travel for the seminar because they can easily engage in a VR simulation or trying to navigate through a haunted house, which increases cohesiveness between teams.
These are some of the benefits and applications of digital reality in business. This is just the tip of the ice-berg because both augmented and virtual reality are expected to have considerable impacts in business over the next few years. If you are interested in taking your business to the next level, you should incorporate digital reality in your company.