Exploring the Impact of the Metaverse on Business

Set a broad vision. As the metaverse evolves and matures, many more use cases will join the dozens that already exist. At this early stage, companies should set a broad vision for what they want to achieve, including clear definitions of what to do and what not to do. Experience suggests that it’s critical to push broad alignment through the organization so that teams can act with autonomy as they experiment with potential applications. The willingness to experiment, fail, learn, and move quickly to the next use case is key.

Build the necessary digital assets and tech enablers. Start with a technology audit across the metaverse stack to identify gaps that could hinder achievement of goals. Build the technical platforms and tools (such as a data capability) that will facilitate implementation of the strategy and expansion of the effort over time as it generates results.

Create a digital-twin strategy. It’s important to start embedding metaverse use cases into regular operations early. Look for opportunities to automate or digitize operations and develop IoT use cases across verticals that support the current and future business roadmap. For example, digital twins using real-time data from current facilities or operations can be used for managing and monitoring, training and development, or design and improvement purposes.

Pursue metaverse customer discovery. To demonstrate the value of the metaverse to the business, address specific customer pain points and develop use cases that can drive new sources of revenue. In-depth research into how customer journeys are evolving will lead to important insights that can help define a business’s metaverse roadmap.

Build metaverse customer trust. The metaverse is new, and many customers will be wary and take a wait-and-see approach. Companies need to carefully think through how they will build customer trust. Demonstrating good Web 3.0 data stewardship and showing how the company is leveraging blockchain technology to ensure privacy and security are just the beginning.

Provide personalized attention with AI. The combination of the metaverse and AI enable segment-of-one offerings that can be a powerful differentiator in increasingly competitive sectors. But to build these capabilities, companies must develop the ability to continuously update their understanding of evolving customer needs in order to deliver ongoing personalized attention and engagement.

Monitor and measure progress. Developing a clear definition of what winning looks like in the fast-changing metaverse can be difficult. Try creating dashboards of transparent, real-time metrics, including Web 3.0 forward-looking frameworks, to monitor and assess product, team, customer, and operations performance.

Develop the capabilities to compete. Assess internal talent capabilities (the right engineering teams, for example) and identify gaps. Establish a plan to hire or otherwise acquire the necessary skills to ensure success.

Engage the organization. Companies can engage employees in the metaverse journey and enhance the employee experience by using the metaverse in hiring, onboarding, coaching, and training. If employees experience the metaverse firsthand, they will be more likely to accelerate change.

Establish a mission control office. Set up a metaverse mission control office with a clear mandate and processes to monitor and oversee the metaverse effort. A strong management capability can define the target path, highlight dependencies across teams, and de-risk the overall plan.

The metaverse represents a broad opportunity that encompasses much more than avatars, gaming, AR and VR, and consumer applications. Devices provide the window, but success will require a robust understanding of the confluence of business strategy, traditional and virtual digital assets, and the new tools and assets of a Web3-enabled environment. The time to start gaining that understanding is now.