For enterprise companies, the metaverse can serve as a dynamic catalyst for growth. That’s because there’s a tough reality to business today: You’re either innovating—or you’re stagnating.
Here, we’ll explore how virtual worlds can help innovators find new opportunities for industry leadership and profitability into the future.
1. The metaverse increases productivity and collaborative ideas.
Virtual worlds are powerful at amplifying collaborative output. By providing shared work environments, leaders empower staff to form relationships that drive innovation. You can think of it as team-building by proximity, similar to what happens in a physical office, only better.
Better how? Now you can connect teams from across the globe, bringing together a diversity of minds without the related expenses. You can also improve the quality of connection between staff members by providing structures that let them bring their best selves to work.
Older research from 2017, featured in Harvard Business Review, revealed that face-to-face communication was more effective than email, stating it exceeded the quality of text-based exchanges by a factor of up to 34.
Things have changed, though. We’ve become more adept at digital communication–and we have the technology to overcome dated constraints without having to actually be face to face.
In the metaverse, avatars allow individuals to interact in real time in small group conversations. The environment allows enterprises to replicate and surpass that high quality of collaboration.
Part of this is because the metaverse lets staff say goodbye to some of the stresses related to physical offices. Tension around commutes, noise from open floor plans, and strict schedules can limit the focus and creativity required to innovate.
The reality is many people find it challenging to be in offices, but don’t speak up for fear of reprisal. Typically, their concerns relate to work-life balance.
People may live in places that are far from offices for economic or lifestyle reasons, but then they have to pay commuting expenses. They may want to attend to family relationships in different ways—without involving work.
The metaverse gives enterprise companies a way to free people from many typical stresses, while still sustaining the connectivity and relationships that moves companies ahead.
This is a cultural shift—one that may inspire controversy in the short term—but leading companies are quickly learning that virtual collaboration holds the power to unlock new levels of productivity and innovation
2. The metaverse opens up new client and revenue opportunities.
The metaverse is young enough that it’s not too late to be considered an early adopter and gain lasting competitive advantages.
By being among the first companies to enter virtual worlds, you can signal to clients and prospects that you’re at the forefront of global technology.
You can also build new revenue streams around metaverse solutions.
Here are a few ideas:
- Establish metaverse space for client and prospect meetings to give them a taste of what it’s like to work with your company.
- Launch sell-through offerings by partnering with metaverse platform providers to offer clients their own virtual worlds for work or events.
- Host partner events and activations that let you streamline effort while multiplying impact.
By pioneering the use of the metaverse, enterprise companies can reach new market segments, bolster client confidence, and create immersive experiences that maximize brand equity.
3. The metaverse is a clear way to support sustainability initiatives.
The metaverse holds great potential for enterprise companies to reduce their environmental impact. By shifting teams away from commercial real estate and into virtual worlds, companies can achieve a smaller physical footprint that supports sustainability.
Enabling remote work also has the power to eliminate several thousands of daily commutes, representing a substantial impact.
With scientists calling 2023 the hottest year on record, leaders can take a stand. A virtual infrastructure may help mitigate how much gas-powered vehicles contribute to climate change.
4. The metaverse reduces operational costs to expand profitability.
The metaverse can serve as a direct tool for cost reduction. Operational costs, including office space, utilities, supplies, and other various expenditures, are exorbitant for enterprises.
Some companies are making dramatic shifts into the metaverse, replacing office overhead and travel costs with virtual worlds.
For companies that are just beginning to explore the power of the metaverse, incremental shifts work, too. Bringing teams over one at a time can fundamentally improve a department’s resource allocation.
Additionally, indirect costs decrease as the metaverse gains traction across your company. With greater flexibility for staff, lost productivity becomes less of an issue. Incidentals, like supplies, may decrease. Variable costs, like events, may stabilize.
5. Launching a metaverse pilot may be easier than you expect.
It’s possible to launch a branded metaverse without heavy design and development costs and timelines. Virbela provides enterprise companies with secure virtual worlds that feel like an extension of your company’s physical spaces and digital properties.
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