November 27, 2022


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Don't wait for Metaverse to grow up

Don’t wait for Metaverse to grow up

The Metaverse, often referred to as Augmented Virtual Reality or the Digital World, is the latest in communications technology. Metaverse is a collective term that encompasses a number of platforms, software, and infrastructure – including cryptocurrency, as well as how they play together to create value and new experiences.

If we use the metaverse wisely, platforms and technologies will become extremely useful tools for solving tomorrow’s problems. Analyst firm Gartner estimates that by 2026, one in four will spend at least an hour per day on metaverse platforms and technologies. As the metaverse makes its way into business and society, your company must decide if it wants a head start—and therefore a competitive advantage—in the metaverse’s inception. The splash snapshot starts now.

The components of the metaverse consist of technologies, tools, and systems such as AR/VR, digital twins, web 3.0, and 5G, as well as core concepts such as social interaction, games, and ecosystems. With a hands-on approach, companies should build on existing platforms and technology to create immediate value, while facilitating further expansion as the metaverse evolves and matures. Since the core is about interaction and new forms of communication, individuals, businesses and society must from the outset act with the highest level of privacy, ethics and security in their approach to this new platform. As the impact of social media on our contemporary society is undeniable, the metaverse symbolizes an inevitable future world that corporations in the present and the future have to deal with.

The metaverse has potential for which we do not yet understand the extent of, among others, consumer engagement, employee well-being, new revenue channels and more efficient business operations.

Several pending job opportunities can be implemented immediately:

  • Showcase products and services on existing platforms where consumers already are, and create new interest with 3D virtual experiences. Using AR apps powered by 5G, a product in a virtual room can give the user a realistic impression of how a piece of furniture will fit into their home.
  • Companies that can demonstrate that they are taking real measures of sustainability and social responsibility will drive more sustainable growth. By, for example, visualizing augmented reality, they can more effectively store and share information about products, such as origin and carbon footprint.
  • Through virtual reality and augmented reality technology, digital work and interaction in the home office can be greatly improved. By adopting a virtual approach to business operations, remote work in general can reach new heights, including training, qualification, engineering and surgery.
  • Take advantage of maintenance, support and equipment operation opportunities with data visualization and remote access. In this way, workers in factories and platforms, for example, can produce faster and carry out their work more efficiently.
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The metaverse holds potential that we don’t yet understand the extent of, among other things, consumer engagement, employee well-being, new income channels and more efficient business operations. This digital advancement will present unimaginable business opportunities, but the childhood years pass quickly. Do you dare to wait for Metaverse to grow up?

Anne-Sophie Ressasen

Head North at Cognizant