What is it and what does it mean for your business?
Rather than being a technology itself, the Metaverse can be understood as a combinational technology including AI, immersive computing, advanced connectivity and elements of Web3 like blockchain. Their convergence marks the next evolution of today's mobile Internet.
This "unflattening" of the Internet brings with it
To understand its potential for value creation, it helps to distinguish the following three manifestations of the Metaverse
Thanks to the continuous development of hard- and software as well as network services, the full potential of the Metaverse will be soon revealed. However, the current state is already advanced enough for organizations to actively use it. The benefits speak for themselves.
From a business viewpoint, the Metaverse pays off on many strategic and operational dimensions, such as global reach and expansion, customer (service) experience, productivity and cost savings, new revenue streams and business models, remote collaboration, skill training, talent acquisition and people development. That is why early adopters and Metaverse pioneers will gain significant competitive advantage over their competitors.
From a social perspective, the Metaverse will play a central role in the ESG agendas and enable leaders to meet their ESG targets even faster. In fact, the Metaverse pays off on many of the 17 UN Sustainable Development Goals (SDGs). It helps to save and conserve natural resources as well as to reduce the global carbon footprint of humankind, e.g. by using digital spaces for conducting meetings, events and transactions.
The Metaverse has also democratized education, enabling global learners to access immersive and tailored learning experiences. By offering dynamic simulations, expert collaborations, and experiential learning, it enriches education's depth and fosters a deeper understanding of complex subjects.
Leadership teams should ask themselves not if, but why the metaverse fits into their growth and innovation agenda. They should also start experimenting and exploring use cases. This will help them to build the necessary future skills in their organizations as well as to gain a competitive advantage over competitors.
In the wake of the current people challenges, the Metaverse offers manifold solutions and benefits across the HR value chain: from recruitment and onboarding to training and cultural development e.g. with respect to collaboration - creating more meaningful remote connection than ever before.