Metaverse Effect: Reshaping our Lives

The Metaverse is on everyone’s lips. But how much is the hype really about? A new study shows 65 percent of decision-makers consider the technology relevant to their company. Nevertheless, the question arises: to invest or not to invest?

Is the Metaverse a real technological advance or just hype? With a view to the Metaverse, this question can probably only be answered conclusively in a few years. For companies, this often makes deciding whether to invest in new virtual worlds and experiences difficult. Expenditures must be well thought out and profitable, especially in economically uncertain times. Such is the case with the technologies underlying the Metaverse.

Metaverse as part of the progressive digitization

Some consumers and companies may still need to understand what added value the Metaverse should bring them fully. After all, the real world offers us everything we need thanks to ongoing digitization. At work, collaboration and video conferencing tools help to work together regardless of location, and shopping can be done with just a few clicks in apps. In addition, meeting friends in real life is much nicer anyway.

In addition, other construction sites – be it the shortage of skilled workers, climate change, or the digitization of administration, health care, or schools – currently (should) have higher priority. The fact that Meta, formerly Facebook, has made the concept known and is driving it forward also certainly contributes to the skepticism.

What speaks for the Metaverse?

More companies are looking into the Metaverse than you might think. In addition, 65 percent of the participants rated the Metaverse as relevant or even very relevant for their company. Only for every tenth company does the Metaverse currently play no role. Those who ascribe a high level of relevance to it primarily want to achieve the following goals: increase the reliability of their IT systems (24 percent), win more customers (19 percent), and improve their end product (19 percent)

The last two characteristics show that companies currently see the potential of the Metaverse less in improving internal collaboration. Rather, they want to concentrate on new solutions for customers. But they can benefit in many areas if they start to understand and use the Metaverse holistically – including the underlying technologies such as augmented and virtual reality, AI, and cloud. Finally, the Metaverse describes a future vision in which the internet becomes more immersive, collaborative, and three-dimensional. It should therefore be crucial to identify which areas of the company this fundamental trend brings the greatest opportunities and the most likely changes.

Benefits for Customers and Companies

To do this, those responsible must understand how media consumption will change in the coming years. And what consequences this change will have for your tools, products, and services. Based on this, they can develop a strategy that considers these changes and identify potential Metaverse projects in different departments. Such projects can be directly related to the Metaverse or its basic technologies and thus contribute to strategic development. Although the finance department will not necessarily have to work on spreadsheets in the Metaverse in the future, designing at least part of it as a virtual experience for meetings or training sessions is a good idea.

Are real-time 3D data available in the company?

It is important to remain flexible. Because especially with a technology that is under construction like the Metaverse, new developments can arise almost daily. To act flexibly in the future, it is crucial to deal with these challenges. The first step is to check to what extent real-time 3D data is available in the company or how cross-departmental knowledge and data exchange can work. These changes represent a continuous process and not a one-off transformation. Those who do not stubbornly stick to their plan, but react agilely and adapt their solutions iteratively, will create better experiences – whether for customers or employees – and continuously discover new potential. Companies should not focus on purely virtual projects. For example, augmented reality can closely link the virtual and real worlds.

These will be decisive for the success of Metaverse projects. They will not only implement them or sell them to customers – and it helps if the team is convinced of the goal – but also use them themselves. Accordingly, those responsible for the company must also find ways to convince the team of this trip and involve them as early as possible.