Virtual Reality is not simply about games. The technology can be applied to a wide range of industries thanks to the simplicity of usage and wide variety of applications. In a corporate environment, VR can boost strategic planning processes, improve corporate culture, and allow for better customer engagement. These advantages can speed up strategy execution, which is extremely relevant in today's competitive business environment. We took at a look at 3 ways VR may affect businesses in the future:
Meetings and Conferences 2.0
When it comes to business meetings, executives and managers always look for ways to improve social engagement, and one way is to use VR. PowerPoint presentations can be difficult to follow and ineffective in terms of learning and grasping key points. However, today, slides can be embedded in VR headsets, meaning you can incorporate a wider variety of media in presentations and the single point of view means that there are no distractions from the presentation, which may potentially increase attention time.
On a bigger scale, conferences and exhibitions may be affected too. According to Yusuf Simonson, CTO at The Muse: 'Anything that lowers the delta between in-person and virtual interaction will have a huge impact on business.' The combination of high-quality visual content and 'easy to use' headsets can act as an effective tool for demonstrating new products and services, driving more brand awareness.
Virtual Talent Management
Recruiting processes are often like a blind date - a company and a candidate have a general picture of what to expect from each other, but there is no clear answer to what it's going to feel like to work together. For both sides, it's important that a newly hired candidate shares a company's business vision and that a role resonates with a candidates' career aspirations.
General Mills, the Commonwealth Bank of Australia, and Deutsche Bahn are just a few examples of companies who successfully embedded VR in their recruiting processes. For example, initiatives can include virtual office tours and practices of daily routines. Employers can also virtually challenge candidates to test required skills that cannot be checked during conventional interview processes.
Problem-solving in VR, to avoid problems in reality
From well-known manufacturers to brand new startups, there will be a number of changes in how companies deal with problem solving and professional training. In a similar way to how pilots use simulators to learn about maneuvers and new situations during flight, industries can use VR to train employees too.
Sustainable competitive advantage requires companies to be agile, which means they must adapt to the smallest of changes in the business world. VR training apps make it possible to challenge employees with problem scenarios and help them to avoid making costly mistakes in real life.
STRIVR Labs, for example, who have been initially offering virtual training for sports, are now expanding to corporate training. Thanks to new funding, the startup will be using similar techniques to their sports training formula across various industries. For instance, in retail, VR can run customer service situations to help employees improve their communication skills, whereas, in manufacturing, the technology is hoped to reduce life-threatening accidents, by simulating scenarios based on safety protocols.
From practical tasks to theory, the learning capabilities of VR technology are definitely worth consideration.