The world around us has undergone a transformation, and the energy industry has embraced this metamorphosis to emerge safer, more efficient and focused on net- zero ambitions.
- It has achieved this by adopting emerging innovative technologies, unlocking new opportunities which are shaping the future of the industry.
- However, the industry is still faced with the daunting task of navigating a continued complex ever-changing landscape.
- By leveraging a blend of the physical and digital world through the metaverse, energy companies can deliver a safe, sustainable and innovative future.
Delivering growth through a digital core
As adoption of the metaverse grows, it’s crucial to understand its implications and the opportunities created within the energy industry. Over the past decade, many energy companies have begun foundational technology deployments, on which their future will be built.
It’s part of a strategy to develop a strong digital core that drives growth and optimizes operations. Over the next decade, the industry will enhance this foundation by continuously integrating many more innovative technologies such as digital twins and generative artificial intelligence (AI).
of executives in the energy industry believe that primary metaverse technologies are already inspiring their organization’s vision or long-term strategy.
of energy executives agree the convergence of digital and physical worlds over the next decade will transform their industry.
of energy executives report AI is inspiring their organizations’ vision or long-term strategy.
Revolutionizing new realities through experiences and ownership
There are three evolutions within the internet which will impact this revolution. Spatial Experiences – an emerging version of virtual environments that provide a sense of space and belonging, Digital Ownership – shared infrastructure that is distributed enabling trust and security, and accelerating content development through Generative AI.
These enable us to create new realities by intelligently fusing people’s digital and physical world to amplify experience, engagement, and productivity.
Unlock value with the metaverse
Early adopters are already generating significant value, especially in four areas.
- Sustainability: Drive towards sustainability and net-zero targets by enabling a responsible metaverse.
- Operational efficiency: Give managers superpowers to see their whole operation and make real-time decisions—from anywhere. Decrease the time it takes to establish and run capital projects with immersive environments.
- Developing the future workforce: Train team members from around the globe in a safe environment without the need to be onsite.
- Customer experience: Enhance interactions with products and services and make convenience stores more… well, convenient.
Where to start your journey towards a more sustainable, immersive, and innovative future.
There is no better time than the present to start your metaverse journey. According to the IEA, in 2022 the industry’s profits jumped to $4 trillion from an average of $1.5 trillion over recent years. Now is the time to invest in the industry’s future.
Every energy company’s journey will be unique, and this is why we embrace the term “continuum.” The metaverse is not one single strategy or technology, but a continued evolution of connected experiences. Each innovation will add value to your investment in a sustainable and resilient future. No matter where you are in your metaverse continuum journey, you will quickly unlock the value and benefits of these new technologies.
Energy companies can move forward by keeping three key rules in mind:
- Be creative, and keep it simple. Explore an experience to inspire your creativity. Prioritize experiences that can bring value to your organization by tying initiatives to strategic objectives. Go back to the basics and build upwards with creativity at the core.
- Start small and focused. Don’t try to boil the ocean. Start with use cases that can be easily measured to demonstrate value to your organization and gain executive sponsorship to move ahead.
- Engage with early building blocks. Target areas quickly yet thoughtfully. Early engagement engenders long-term trust and delivers a competitive edge.
The Metaverse Continuum defines the next era of the industry’s digital transformation. In the end though, it comes down to people. As the continuum evolves, it will encourage an ecosystem of players to work toward common goals that swiftly change the world, much like the internet of the past. Creating positive energy for all.