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How Virtual Reality Can Impact Business

Arpatech Feb 28, 2019
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Virtual reality and its impact on business in this day and age are undeniable. Immersive technology, the term used to denote augmented reality (AR) and virtual reality (VR), has finally become mainstream after years of improvements and development. The popularity of these devices and virtual content has skyrocketed especially after technology behemoths such as Google, Samsung, HTC, and more, launched their own versions of VR devices.

Although the gaming industry has chiefly benefited from this technology, virtual reality has a wider range of applications across different industries. While uses of virtual reality in education and medicine also exist, it has its own significance in the world of business. Today, a large number of businesses are trying to make their operations more productive and effective by using more innovative ways to incorporate virtual reality into their routine business systems. Examples of virtual reality in business abound. VR has already created quite a stir in a number of sectors such as healthcare, travel, business, and aviation, so the question is: How can the technology have an impact on businesses? Or how can businesses benefit from virtual reality? You will find the answer to this critical question in the following blog.

Better Visualization and Designing of the Product

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Virtual reality will be used to visualize and design the product like never before. Although it was not possible earlier, thanks to virtual reality companies will be able to precisely design and analyze the product for its functionality. What’s more, the product can also be modified several times before it’s sent to production. VR will also allow the company’s managers and the product’s end users to give some positive feedback on the product being developed, making it an excellent way to quickly detect design problems at an initial stage, avoiding post-production snags.

Reduced Business Travel & Productive Business Meetings

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With a short history of virtual reality, technology appears to have a viable and promising future. A few years ago, having dispersed teams were thought to be unproductive on account of the costs associated with business travel. No longer. Now, cutting-edge technologies and infrastructure have considerably reduced this gap, with virtual reality further making it easier for businesses to conduct virtual meetings involving teams spread across the globe.

E-Commerce Will Flourish

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In addition to gaming and movie industry sectors, e-commerce will be one field in which companies can greatly benefit from virtual reality. There’s, however, a need to identify some unchartered regions of the e-commerce industry in order to reap maximum benefits from them. And virtual reality will make it possible as it provides an amazing way in which people can shop on ecommerce websites.

Helping Businesses Stay Ahead of the Competition

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Virtual reality can help businesses swiftly and confidentially create a virtual store, which is a lot easier than setting up a store physically. While the speed of marketing can be enhanced using VR, the store can be planned in complete confidentiality, helping companies stay ahead of the competition.

Interviewing Candidates Will be Easier

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The new applications of virtual reality will make taking interviews of candidates who have applied for a job much easier for the human resources department in the future. The HR executives will be able to interview candidates from different places face-to-face in a virtual boardroom, where they will also be able to watch their responses and body language.

VR Will Have a Huge Effect on the Future of Retail

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Augmented reality in business reality will help companies invest in extensive research and development to ascertain the customers’ various cultural, eating, and social trends as well as obtaining precise industry forecasts. Virtual reality will, therefore, have a huge impact on the future of retail, as it helps companies realize consumer behaviors and trends, as well as product consumption patterns in diverse situations.

Training Will Greatly Benefit from VR

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Virtual reality business model is something to look forward to. The use of virtual reality for professional business trainers will be wide-ranging in the coming decade. The discrete nature of VR enables the participants to look around in the room and interact with those who are online. Besides the recorded training sessions, trainers will also be able to conduct live training sessions and seminars, making the usual training bouts more interactive.

Transforming the World of Media

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That virtual reality can transform the world of media is pretty obvious. Now, businesses can advertise in ways never imagined before; VR-powered advertisements are proof. Evidently, this is one-way brands can differentiate their promotional campaigns from others and convey a clear message of technological supremacy in the market. Interactive messaging is another critical component of revolutionary brands’ marketing campaigns.

VR Will Help Clearly Visualize the Structures to be Designed

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VR will prove to be a godsend to professionals like engineers and architects who are into architectural planning, as it will allow them to clearly envisage the structures they are designing. This will save a great deal of time and money, which would otherwise be spent in making smaller models or 2-D renders. Therefore, companies will be able to attain enormous growth through VR by using immersive 3-D technology to design structures.

Real Estate Industry Will Also Reap Benefits

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The real estate industry will be one of the biggest beneficiaries of virtual reality as it will enable the real estate agent or owner to provide a virtual tour of the property to their clients and help them envisage the architectural plan better. VR will allow the customer to get a 3-D view of the house they are planning to buy or rent.

The Future

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Virtual reality and its impact on business cannot be held into question. The importance of VR as future technology cannot be denied. Augmented reality technology has also seen an upsurge in a large couple of years. By the end of this year, the VR industry is likely to cross $1 billion mark and will become a staggering $150 billion market by the year 2020, according to reports. Approximately 80pc of the leading technology companies have invested in virtual reality and the number is likely to grow in the future. While the gaming industry has been the most popular domain, VR is no longer confined to this industry only. We will see an enormous surge in the usage of VR by various other industries, such as real estate, business, marketing, and more.

At the outset, a number of businesses showed skepticism considering the high cost of the VR devices, but now with a variety of VR headsets available at affordable rates, companies will soon enter the virtual world easily. With a sharp rise in the number of people using virtual reality, there will be numerous opportunities for companies to incorporate the technology into their everyday operations and reap the benefits.

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