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4 Benefits of Virtual Reality for Businesses

With the advancement of virtual reality (VR) technology, comes the arrival of cost-effective, consumer-friendly headsets – bolstering widespread adoption. Employers have already begun leveraging opportunities to use VR in the workplace. The introduction of technology has opened a whirlwind of possibilities for businesses – all thanks to simulated environments and digital realities.

From traveling to and from a myriad of destinations with the click of a controller button, to virtually constructing and deconstructing machinery and equipment (without racking up costly damages), here’s a look at the benefits of virtual reality for organizations.

VR Technology’s Far-Reaching Impacts on Business

According to research conducted by Tractica, the use of virtual reality in the business world is forecasted to surpass leisure-related applications in the coming years – with spending reaching $100 billion globally by 2025. And it’s easy to see why. Nearly any type of real-world business application – from HR to customer service, production, marketing, and finance – can be digitally simulated utilizing VR technology.

From a practical application standpoint, virtual reality furnishes businesses with the ability to carry out a variety of tasks without being physically present. Staff can also interact with simulations of objects or equipment for modeling purposes – a feat that would otherwise be impossible in the real world.

Virtual Reality’s Crucial Role in Training

When it comes to onboarding and training scenarios, virtual reality allows employees to fully immerse themselves within the learning environment – effectively reducing learning curves and bolstering overall productivity. What’s more, staff are given the opportunity to explore and learn by making mistakes without employers shouldering any real-world consequences. It also offers workers the chance to build their skill sets and practice one-the-job tasks in a space where they are out of harm’s way.

In the healthcare industry, the possibilities are endless. Surgeons, for example, can carry out complex surgeries in a virtual world and train with new tools and equipment – providing the space for safe trial and error.

Training applications have become one of the most popular use cases of VR in the workplace according to IBM research. “Compared to traditional training, VR-based training can reduce training time by 40 percent, and improve employee performance by a whopping 70 percent.”

Benefits of VR for Business Prototyping & Manufacturing

Businesses that are production-driven or within the manufacturing space can leverage VR technology to analyze product parts, test performance, evaluate features and modify design in a manner that’s quick, cost-effective and safe. Organizations can greatly reduce spending normally allocated towards travel or building full-scale working prototypes. Companies like Boeing and Airbus are already utilizing the technology for designing and testing aircraft models. Similarly, architects are using simulated digital spaces to explore their designs and present concepts to clients – allowing them to save time and reduce overhead costs.

Improving the Customer Experience with VR

The benefits of virtual reality for organizations are also realized in how businesses engage with their customers. VR can be an effective marketing and customer service tool, providing businesses with a new and innovative approach to how they showcase their services or products.

For example, in lieu of a physical showroom, organizations can build virtual ones for customers to traverse. Customers simply need to put on a headset, and once there, they can interact with virtual sales assistants or customer service reps. In a similar vein, VR opens the doorway for customers to try out products – like a piece of furniture or a new car – without having to leave the comfort of their homes.

As virtual reality continues to evolve, experiences with these simulated spaces are able to more closely mimic the real world. With the wide breadth of benefits virtual reality offers businesses, it’s no wonder more and more companies are adopting the technology. To find out more about how virtual reality can transform your business, contact our experts today.

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