The metaverse has the potential to change how we shop, travel, work, exercise and in fact touch every nook and corner of our lives. According to a survey of 5,000 US consumers and 1,000 US business leaders by PwC, 50% of consumers call the metaverse exciting, and 66% of executives report that their companies are actively engaged.
Those companies are building proofs of concept, testing use cases and even generating revenue from metaverse environments or (more commonly) the underlying technologies. 82 percent of executives expect metaverse plans to be part of their business activities within three years.
With such a huge amount of attraction towards metaverse and its use cases across industries, it is safe to say that metaverse is here to stay and make a remarkable impression in the days to come. This article is a part of the series of articles focused towards use cases of metaverse.
- Why Metaverse Matters To The Businesses?
- Use Cases of Metaverse : Gaming
- Use Cases of Metaverse: Entertainment & Social Media
- Use Cases of Metaverse: Fitness
- Use Cases of Metaverse: Education
- Use Cases of Metaverse : Corporates (this article)
- Use Cases of Metaverse: Automotive
- Use Cases of Metaverse: Design, Architecture & Engineering
- Use Cases of Metaverse: Travel, Hospitality & Tourism
- Use Cases of Metaverse: Real Estate & Construction
- Use Cases of Metaverse: Fashion & Apparel
- Use Cases of Metaverse: Medical & Health
- Use Cases of Metaverse: Banking & Finance
Corporate,companies or enterprises – you call them by any name, make a huge contribution to the economy of a country. And the adoption of metaverse in the corporates can pave the way for a huge transformation in the way work is done. But how exactly a 3D internet aka metaverse will transform work environments is not yet known. Wondering why? Because the technology required to change the workflows is not fully known and it is also quite unclear how customers will use the metaverse.
If the proponents of metaverse are to be believed, the virtual worlds of the metaverse will increase employee engagement, foster collaboration in work, speed up the onboarding and training, reduce the need for numerous office spaces and the making environments better in general.
Metaverse when combined with work and corporates helps imagine a world where you could have a beachside conversation with your colleagues, take notes of the meeting while floating around a museum, or teleport from your office in England to New Jersey, all without taking a step outside your front door.
The key drivers of the virtual workplace will be better teamwork and communication, but why stop there? The metaverse opens up new avenues to reimagine the office and work environment, introducing some elements of adventure and surprise. A virtual office will not just be a drab, uniform corporate environment downtown instead can be any location in the world – a beach, an ocean cruise, or even another world
How Metaverse is Going to Reimagine the Corporates?
Metaverse is soon going to make the far fetched dream a reality, given the corporates work in tandem to realize and utilize its potential rightly. Here are some of the top use cases of work and corporates in the metaverse:
1. Fostering co-presence
The pandemic had drastically changed the way corporates work as the majority of them work on a remote basis now. The remote working model has increasingly separated the employees from each other, working at home or in different offices.
But co-presence — the feeling of being in the same room as someone — has so many benefits yields numerous benefits for both the employer and the employee in terms of communication, collaboration, engagement, morale, work culture, and more.
With the help of new metaverse experiences, the companies can simulate the social interactions that are usually experienced in life meetings and events. By using the metaverse and its technology, corporates could run the gamut from spatial audio to help place the employees in a virtual room to new ways of arranging people at meetings on a 2D screen to experiential 3D virtual reality.
Metaverse has the potential to provide experiences that can be as collaborative and socially satisfying as in-person interactions. This will allow companies to create workforces that are incredibly distributed and diverse.
2. Improved teamwork and collaboration
If one is to imagine and also believe then the new metaverse experiences can very well make collaboration even better than in the real world. When we sit in person, ideation usually involves whiteboards, post-it notes, and large screen monitors.
With metaverse, the corporates can expect to use and experience boundaryless 3D collaboration tools in the metaverse and the team could transport themselves to any place in the world for inspiration. Not only this, the communication and collaboration can also be paced up with the metaverse.
For instance, architects can virtually collaborate with clients on remodelling ideas to make quick decisions, while retailers can work on different store layouts to discover problems or opportunities sooner.
Simply put, the utilization of metaverse can help organizations realize significant cost and time savings.
3. Improved company culture & belongingness
Staring and talking at a screen can be mundane and tedious. But, introduction of new metaverse tools that offer immersive experiences can foster team-building exercises, company events, and employee training.
It can represent an entirely new way for people to connect socially, wherein the employee doesn’t feel separated from the colleagues by hundreds of miles. Instead, they are all brought into the same environment to discuss, communicate and experience the magnum opus of metaverse.
4. Assessing operations
With the incorporation of metaverse, companies can also make it easier for executives to visit a factory or any other company site in any city or any part of the world. This will make the employees effective and efficient in assessing the current state of things, simulate the impact of changes, and collaborate with far-flung employees to solve problems.
The employees can carry out every physical activity like meeting a fellow employee in another part of the city, touch the machines etc, and inspect its operations without leaving their desk.
5. Reimagining the Onboarding Process
Gone will be the days of long onboarding processes when the mixed reality and metaverse training and onboarding sessions will become the norm across companies in the coming years.
The new employee will not just be reading another document or video about the history of a company, instead will be able to meet a new employee or the founder or visit the job site. The metaverse can play a vital role in breaking the ice between the new hires and the existing teams.
6. Reducing Office and operational costs
The widespread adoption of metaverse platforms can foster employee engagement irrespective of where they are. This will help companies to hire required talent from anywhere around the world without worrying about the physical offices.
Not only that, but the operational costs of visiting numerous offices, sites and other events can also be reduced with the involvement of metaverse.
The evolution of work in Metaverse is a long journey
Getting the hang of the metaverse will quite literally be difficult at the moment. Since it is evolving, it is difficult for companies to predict how the metaverse will turn out to be and where they belong in it.
Metaverse in corporates comes with its own list of limitations and challenges such as :
- privacy and security threats
- Problem of integration & adoption of AR/VR
- Cost of mass set up for metaverse
- Reduction in diversity & inclusiveness and many more
Every enterprise or company will have to explore and understand how the nature of jobs could change with the introduction of an immersive digital environment. Installing the new technology and making the existing workflows and instruments adaptable to it will require extensive brainstorming as well.
All new things are scary at first but the metaverse is worth the trial in all ways.
When you talk about uniting corporates and metaverse, it is not just about bringing the existing office into a virtual office. It requires businesses to rethink how people use new digital tools and also ensure that the employees are engaged well through various immersive experiences.
The companies must take the opportunity of leveraging metaverse as a great medium to not just interact well with their employees but also the customers. The metaverse will help corporates establish more connections with customers on extended reality platforms, deliver new experiences and give information to the customers in new and unique ways like never before.
About Rising Capital
As Rising Venture Studio, we promote the entrepreneur and the company building process. We know what it’s like to be in the founder’s shoes and support the ‘next big thing’ in crypto, metaverse or gaming with apt resources and network.
As the Rising Capital Fund, we invest in early-stage crypto companies across the NFT, Gaming and Metaverse Sectors, while keeping a portion of our portfolio in liquid assets. We strive to take a fundamental approach to identify unique investment opportunities in the emergent and evolving crypto asset class.