No matter what industry you are a part of, the rise of new and emerging technologies are what drive any corporation into the future. One of the most essential strategies for growing present-day businesses is utilizing digital twinning to enter the enterprise metaverse. The potential of digital twin technology is becoming a bigger and more popular practice among innovative business leaders. The digital twin global market is projected to exhibit a compound annual growth rate of 37.5% from 2023 to 2030 [1]. This begs the question, what is digital twinning? What does it have to do with the metaverse? And why are all these concepts crucial to the future of all industries? Read on to have these questions answered for you.
The Enterprise Metaverse
The future framework of numerous industries and organizations lies in the development of the enterprise metaverse. By recreating and connecting every component of a business through a digital and immersive environment, the enterprise metaverse’s purpose is to improve the functions and processes of the organization by utilizing modern technology. Today, the question that corporate experts are asking is not if the enterprise metaverse will revolutionize the way businesses operate, but when. Now that we know the metaverse is the future, businesses must first know where to start on our journey towards that destination. When it comes to the enterprise metaverse, the first step is understanding the concept of digital twinning.
Digital Twins: Building Blocks of the Enterprise Metaverse
Digital twins are the building blocks of making the enterprise metaverse a reality. Digital twinning is the process of creating virtual representations of real-world products, systems, and processes. These digital replicas use data from the physical world and utilize it in the virtual world. The data is integrated using simulation, VR, AR, and AI technology, resulting in identical computerized counterparts of the desired object and/or procedure. Starting with only one digital twin leads to the creation of a digital twin network. By further interconnecting counterparts of an organization’s key components, it slowly but surely welcomes the company onto the enterprise metaverse.
Let’s take a retail store for example. They could utilize the enterprise metaverse to replicate their customer service experience. First, they would create digital twins of their target consumers, taking into account the demographics their sales tend to lean towards. The company could then add onto this digital twin by connecting it with digital twins of their employees, their inventory, and their sales process flows. By examining how these components and processes interact in the metaverse, the company can have a better idea of their functionality and success rate.
The implications of digital twinning and the enterprise metaverse will revolutionize standard business models and practices sooner rather than later. Using digital twinning as a foundation, corporations can take advantage of the numerous benefits that come with taking up space in the enterprise metaverse.
Improving Industries Through the Enterprise Metaverse
Digital twins and the development of the enterprise metaverse have the power to completely transform the way we do business. The revolutionary benefits of these technological advancements come in three main categories: employee training, decision making, and business modeling.
Employee Training
The enterprise metaverse brings about a whole new strategy for employee training, one that is more efficient, cost-effective, and produces the most knowledge workers. Using digital twins in the training process of any job allows for employees to have practical experiences with their products and systems all online. This makes job training more accessible to a worker anyplace and anytime. VR and AR technology is used to make this training experience extra immersive and productive. Company leaders can also use digital twins of their employees themselves to study and construct the best strategies for improving productivity and employee satisfaction.
Decision Making
Conducting experiments with digital twins in the metaverse helps corporate leaders collect behavioral and performance data that can be used to better understand their company. A better understanding of your company’s strengths and weaknesses will be required in order to best serve it. AI and simulations can be used to predict the best course of action for companies based on the information they collect.
Business Modeling
Digital twinning also allows organizations to take their business models to the next level. Through replicating aspects of the business in the metaverse, standard practices and processes can be made smoother and more favorable, while the quality of products can be enhanced. Commercial efficiency has the potential to increase by 10% through improved customer targeting and personalization. For example, a pharmaceutical company can make adjustments from their patient experience to their drug safety. All of these described advantages that come with the metaverse can be applied to any industry.
Journey into the Metaverse with VR City
Digital twinning and the enterprise metaverse are about to take the world by storm. These technological advancements in business modeling will be an undeniably disruptive force in every industry. After reading the possibilities that come with these concepts, are you ready to step into the future? Start your company’s journey into the metaverse using Illumia Labs’s immersive, virtual environment and VR, AR, and AI technology.
Sources
Digital Twin Market Size, Share & Trends Analysis Report, Grand View Research, 2022 https://www.grandviewresearch.com/industry-analysis/digital-twin-market
Digital Twins: The Foundation of the Enterprise Metaverse, Abraham J. C.,Cruz G., Cubela S.,
Lajous T., Rowshankish K., Tiwari S., and Zemmel R., 2022 https://www.mckinsey.com/capabilities/mckinsey-digital/our-insights/digital-twins-the-foundation-
of-the-enterprise-metaverse
