When the COVID-19 pandemic stuck, many of us transitioned rapidly to remote work. Now, since most of us are stuck in our makeshift home offices, the potential of virtual reality experiences in business is more alluring than ever before. This phenomenal growth industry represents an endless potential for innovation and data visualization.
The global VR market is expected to reach $12 billion in value by 2024 which contrasts greatly with its less than $5 billion value in 2021. Because of the value VR brings to business opportunities, companies across industries are experimenting with its application in new areas. In business analytics, this means new avenues for seeing and understanding data and customer experiences.
VR enhances business analytics by offering a host of benefits and insights. That’s why modern companies are increasingly adopting the medium in their analytics processes to reap the benefits in a variety of ways.
Imagine being able to just step inside a virtual world in which your client and customer needs are represented in ways you can experience and interact with. Thanks to VR, this world is tangible for business analytics professionals.
Virtual reality revolutionizes the data visualization experience by putting the user alongside 3D graphical depictions of the realities of their business. Data visualization can be anything from simple charts to a complex and interactive infographic. For example, check out this depiction of “ The Complete History of the NFL.” When applied to a virtual reality space, graphics like this can be made even clearer and interacted with to produce myriad new perspectives and optimal outcomes.
Data visualization is a key element of understanding the client or customer journey. This journey extends from the moment a prospective customer interacts with any of your online content to long after they make a sale. VR can assist in assessing each step of this journey to give you new insight and empathy regarding your customers and your overall business model.
As business analysts increasingly face another barrier in comprehension and communication as they work away from campus, VR offers some much-needed focus. Analysts can slip on a headset and be transported to a simulated world composed entirely of data sets and predicted outcomes. Change one variable and watch the effects play out around you.
By simply expanding the perspectives from which employees can analyze business trends, you open the door to innovation. This is key for any business that wants to stay competitive — especially in the pandemic economy.
Realizing the benefits that VR brings to business analytics, companies across all kinds of industries are applying the technology in groundbreaking ways. From demonstrating data-driven research in interactive experiences to opening up niches in marketing efforts, new uses for VR in business analytics pop up all the time.
Here are some of the ways companies have been applying VR.
For any business analyst, simply processing the amount of information heaped upon them every day in real-time can be an exercise in frustration. Complex markets and shifting variables make for difficult data comprehension. The situation is even worse for analysts who want to predictively model scenarios for the future.
Fortunately, VR data visualization experiences are breaking down these barriers by understanding and communicating data. The D6VR software offered by the Glimpse Group, for example, allows analysts to step into a virtual world where their data is both interactive and traversable, giving users a clear sense of what is occurring in the real world. As a result, analysts can more accurately and immersively share data insights than ever before.
Business analytics isn’t just essential for highlighting the needs of the company, but for customers and users as well. With the power of VR, analysts can create and share engaging experiences that demonstrate everything from product use to awareness surrounding the importance of safety.
In one example, Goodyear Tires partnered with the Driving Instructors Association when analytics revealed that 42% of 17 to 25-year-olds used mobile phones while driving. They created a VR experience that put users behind the wheel and subtracted their points when they became distracted.
Experiences like these are excellent methods of showcasing data in a transformative narrative experience. Since the power of data is completely reliant on how well it communicates a story to an audience, these experiences can change the playing field when it comes to understanding problems and creating solutions.
A host of other VR products are out there now that can help you transform your analytics processes for maximum effect. Use these to streamline and innovate everything from tracking business finances to improving your marketing campaign. In marketing especially, VR analytics have the power to offer game-changing insights
With its incredible potential to enhance the way we analyze and communicate data, VR is the next stage of business information and data visualization. Even in terms of our daily office scenery, VR in the workspace of the future offers us the opportunity to gain a new perspective. When applied to business analytics, this means new opportunities to understand processes, communicate problems, and reevaluate systems.
Virtual reality brings with it unprecedented insights and focus. From a virtual world, we can engage with and simulate data for all kinds of business solutions. As the world economy recovers from the COVID pandemic, apply VR to gain a fresh perspective on your business practices and work out a competitive edge.
Luke Smith is a writer and researcher turned blogger. Since finishing college he is trying his hand at being a freelance writer. He enjoys writing on a variety of topics but technology topics are his favorite. When he isn’t writing you can find him traveling, hiking, or gaming.
The Glimpse Group is a Virtual Reality & Augmented Reality Platform Company Comprised of Multiple Software & Services Subsidiaries Creating Innovative VR/AR Solutions (products, software, and consulting services)