Virtual Reality in 2022 – How VR is Changing Business Dynamics

A woman wearing a headset.

Whenever you come across the word “virtual reality”, you might imagine a gamer or tech geek having the time of their lives with a computer screen strapped to their face. But there is more to virtual reality than it may appear. This cutting-edge technology isn’t just for gaming but is shaping the future of technology as people from a broad range of fields like education, real estate, and social work are gradually starting to experiment with VR.

Just like all other industries, businesses are also starting to explore multiple applications of VR. According to a report, the global augmented reality and virtual reality market reached 28 billion U.S. dollars in 2021 and is expected to rise to over 250 billion U.S. dollars by 2028. This technology is being integrated into data analytics and changing how businesses interpret data.

If you are searching for the latest technological solutions for your business, Vates can help. Vates is a leading big data consulting firm with the most experienced IT specialists. Our software testers and developers are dedicated to helping business owners navigate the complexities of big data management and are offering the most technologically advanced IT solutions with an in-depth knowledge of AI and machine learning.

Before we start to understand how VR helps businesses achieve operational efficacy and improved productivity, let’s have a comprehensive look at VR and how it’s changing business dynamics.

What Is Virtual Reality?

Man wearing virtual reality goggles

In today’s world, virtual and augmented reality are present in almost everything. The average user cannot escape moving into the world of computer graphics and seeing the surrounding world in another dimension.

Virtual reality enables users to have an immersive experience in the digital world with a blend of physical elements to create an environment that feels real. This lets users move into a virtual world where they experience artificial sensory experiences such as touch, sound, and sight.

The idea of virtual reality dates back to 1965, when Ivan Sutherland wanted to make the world in the “window” come to life and respond realistically to the viewer’s actions. Sutherland was dedicated to making his vision of converting the virtual world feel like it’s real.

Fast forwarding to 2022, virtual reality is not only limited to the gaming industry but is now a part of our education systems, healthcare systems, and several established companies. A study conducted in 2019 revealed that medical students trained using VR were more detail-oriented and quicker than their peers who received training through traditional methods.

This shows us how effective this technology transforms organizations’ operations and provides people with innovative tools to learn more creatively. Major tech brands like Google and Samsung are launching their own VR devices that are gaining popularity because of their wide range of functions.

How Does Virtual Reality Impact Businesses?

Today, more than ever, businesses worldwide are incorporating VR into their routine business activities to streamline workflow and improve operational efficacy. Here is how VR is a useful tool for businesses.

Product Prototyping Like Never Before

Man and woman wearing virtual reality goggles.

When it comes to businesses manufacturing something experimentally for the first time, a lot of time and money is spent on perfecting the product. Most of the time, businesses cannot even risk creating a product with flaws (like a parachute) because it can be dangerous. There will be variations in size, materials, spring force, friction, and environmental input before the product actually works.

This is where virtual reality comes in. Virtual reality makes concept development and detailed engineering much less complex. Companies use VR to visualize and design a product that can also be analyzed for its functionality. Any kinks and flaws in the product design can be easily worked out and modified multiple times before it is sent to production. This also significantly reduces production costs and accelerates workflow. For example, NASA used VR to design the latest Mars Rover, and BMW is also utilizing this technology to prototype new virtual automobiles.

Company managers can try out the virtual VR model and give feedback about any refinements that need to be made. This helps companies save money and detect any problems earlier to avoid post-production problems.

A Reimagined Consumer Experience

Woman wearing virtual reality goggles.

Brand new and innovative technological solutions like VR are bringing a huge change in the traditional consumer experience. With VR, companies can enhance their customers’ experiences with their brand and products. VR applications that allow the user to experience, visualize, and actively interact with the product can have a powerful impact on how the customer feels. With VR, companies can even tailor and optimize preferences according to their customer’s liking making the experience even more impactful.

Businesses now have a simple way to make a more effective marketing campaign with better brand positioning. When customers get a first-hand experience with the product, the chances of product returns will be minimized with an instant boost in sales.

One example is real estate companies that allow their customers to remotely view properties and experience how they would feel in that building with VR prototypes. Sephora also uses a Virtual Artist tool that allows makeup enthusiasts to sample makeup without physically touching the product. This VR tool can project different shades of makeup on the customer’s face or an image of their face and help them visualize how they’d look with that product on.

No Communication Gaps and Reduced Business Travel

One of the biggest challenges business owners face constantly is traveling for business meetings and inefficient communication with their business partners. But with the significant development in VR technology, businesses can now have virtual meetings without spending too much on travel and communicate more efficiently.

VR meetings can be conducted through a live video stream, can help host a conference, provide an interactive digital environment where two people can work together and collaborate, and provide a safe space for people to have discussions.

It’s also difficult to gather people when they’re located in various locations around the globe. But with VR, people from all over the globe can have effective communication with a highly interactive meeting experience.

Finding a way to connect with your employees and clients with the latest technology can help reduce any extra costs you’re spending on travel. At Vates, our highly-qualified team of software testers and developers can help you find the most innovative IT solutions to connect with your employees without breaking the bank. We aim to leverage the power of emerging technologies to maximize workflow productivity and operational efficacy. Get in touch with our IoT solutions and consulting company today to get started.

Productive Training Sessions

Woman with virtual reality headset.

Companies that rely on their workers to understand the different complexities of repair work and maintenance, especially in remote locations, can train their employees more effectively with VR.

With VR, training sessions can be highly interactive, and employers can provide their workers with hands-free access to information. Staff can also have constant assistance from colleagues while working to gain better insights and optimize their work.

This technology promises to increase efficiency in several sectors, including construction, manufacturing, oil, gas, and logistics. Many organizations, like aviation, industries, and medicine, that conduct high-risk training are now successfully reducing training costs and risks with VR. VR helps them train their staff without performing physical tasks while visualizing their work and simultaneously interacting with their colleagues. Live training sessions can also be conducted so people can attend seminars and training sessions no matter where they are in the world.

The Future of Retail is Changing

VR also has a completely transformative effect on retail. Buyers can now wear a headset to enter a three-dimensional digital world where they can interact with other people and have engaging interactions with brand owners.

One of the best examples of this is TOMS shoes. TOMS shoes started a campaign where they were to donate a pair of shoes to someone in need each time their buyers purchase at their store. To make this experience even more powerful, TOMS asked their shoppers to sit on their VR chairs to travel from California to Colombia to meet a child benefiting from their purchase.

Mariott International is also letting customers have a live experience of a corporate event in VR before all the details are finalized. This makes event planning easier and reduces the extra hassle.

VR can be cleverly used to better understand consumer behavior and study product consumption patterns to increase revenue.

How Can Vates Help?

Man in a white shirt typing on a laptop.

Vates’ big data consulting and solutions services can help you develop custom software from scratch to help your business establish a robust reputation in a complex economic environment.

Our highly-qualified team of IT specialists and software engineers can perform extensive research and help you build a platform that will let you adapt to the ever-changing IT landscape. We gather data and user cases to create a prototype of the software you want. Our digital transformation consulting service incorporates leading-edge technologies that improve customer experience, design, and your marketing campaign.

As an experienced IoT solutions and consulting company, we use innovative and brand-new digital tools to modernize your business, so you have better tools to optimize costs and financial investments and streamline your workflow efficiently.

Our experienced team of data specialists can provide you with comprehensive and robust data solutions. After analyzing your existing IT infrastructure, we provide tailored and personalized recommendations that will lead your business towards sustainability and growth.

We are available 24/7 to help our clients outline a seamless organizational plan that enhances their business productivity and streamlines processes.

Ready to start working on your business’s IT infrastructure? Reach out to our team today for our expert software testing services, where we will leverage the power of the latest technologies to help your business gain a competitive edge.

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