The Impact of Virtual Reality on Business

Virtual Reality (VR) is helping businesses increase revenue, contain costs and improve efficiency. Organizations are beginning to evaluate how VR technology, which was originally commercialized for entertainment purposes, can impact their P&L. Since the emergence of VR over 40 years ago, the technology has expanded to include Augmented Reality (AR) and Mixed Reality (MR). VR, AR and MR provide businesses with different options for interacting with the virtual world and ultimately with improving the bottom line.

 

Virtual Reality

VR enables a user to assume a virtual persona within a virtual world.

Example Business Case: An automobile manufacturer is launching its new SUV next year. At a popular tradeshow, they want car enthusiasts and journalists to be able to experience the driver perspective of off-roading with the new SUV. Tradeshow attendees that visit the booth are given headsets that place them in the driver’s perspective as he navigates through a rugged terrain with ease.

 

Augmented Reality

AR enables a user to view virtual objects within their physical world.

Example Business Case: An interior designer is working with a prospective client on redesigning their workspace. To help the client visualize what the new environment will look like, the client opens an app on their phone that films their physical workspace and displays virtual furniture that’s built to scale as if it physically existed in the room.

 

Mixed Reality

MR enables a user to interact with virtual objects within their physical world.

Example Business Case: An aerospace manufacturer wins a new contract and hires several new employees to help fulfill the orders. The company is tasked with training the new hires so they can join the production team. The new hires are given headsets that place virtual 3-D parts within their physical workspace. The new hires can view the inner-workings of the parts, learn about the different elements and make alterations. MR technology can enable manufacturers to commit fewer people resources towards educating its new hires and provides the new hires with a virtual, hands-on training experience helping them learn faster.

The Walker Group continuously keeps an eye on both evolving and emerging technologies. Send us a note on how you think VR can impact your industry.