Microsoft Envision

This article is part of Microsoft Envision, a digital series exploring critical business and technology trends.  

Is your business ready to step into the metaverse?

As we all remember, when Covid hit, businesses had to rapidly innovate and, in many cases, become digital enterprises. At the time it was done to survive. In the process many businesses have developed the agility and ingenuity they need to truly futureproof their organisation. So, let’s talk about how to maintain this momentum to usher in a new era of growth through data, embracing tech trends and nurturing this new innovative mindset. 

Follow the data 

As software redefined the world, AI is now redefining software and data is the key to unlocking this evolution. Almost every business has a wealth of data, but often they’re not able to look at it in an integrated way or understand the power of what they have. The businesses I talk to are often stuck, overthinking and overcomplicating their next best step to unlock their data assets. My advice is to just start. Even small pilot projects and MVPs can reap incredible benefits, and at the very least can help you work out where to go next. 

Next comes extracting real value out of the data. AI has reached human parity when it comes to a range of measures such as object recognition, reading comprehension and speech recognition – and the opportunities this brings are remarkable. In the next generation of software, AI will learn by perceiving the world around us and adding reasoning on top of it, rather than having to be explicitly programmed to look for or do something.  

This sort of technology is going to fundamentally change the ways we do business. Imagine, for example, AI project management on a building site. Object recognition through cameras or wearable devices like HoloLens will ‘see’ a delivery of bricks, compare them to what was ordered, recognise it’s the wrong product and automatically return and re-order while updating the project schedule with anticipated delays. AI will act as a personal assistant to site managers, helping them stay on top of progress and identify issues as they happen, rather than at the end during certification or site inspections. 

AI also opens opportunities for integration across health services utilising the power of speech recognition and transcription. AI could help by listening to the doctor talking to their patient and generating documents, booking follow ups and making sure your prescription is ready and waiting at your preferred chemist. 

Data and the power of AI will be critical to organisations who want to thrive and mitigate the risk of continuing market disruptions.  

The metaverse is here to stay, so get on board 

Speaking of market disruptions, the metaverse is probably the most talked about technology trend of our time. However, a lot of the headline-grabbing uses of the metaverse – like multimillion-dollar sales of designer NFT sneakers – can obscure the real potential it holds. It is easy to write the metaverse off as a blip that will go the way of Betamax or Blu-ray. Doing that strips your organisation of the opportunity to explore and be inspired by the incredible raft of innovation being borne out of this trend. Beyond the more obvious social and consumer applications of the metaverse, there are two big metaverse-led fields emerging. 

We all spent the last two years attempting to create connections online and through video conferencing solutions. We’ve discovered that, in our new hybrid way of working, the enterprise or commercial metaverse is already becoming a reality. Businesses are starting to think about how they can creatively use digital experiences to enhance the work environment to build new and enduring connections, as well as retain their talent. We’re seeing companies such as Accenture send headsets to their new recruits so they can ‘meet’ on the Nth Floor, which is their metaverse onboarding experience. 

Forward-thinking organisations are already experimenting with business meetings, conferences and forums in the metaverse, helping them find the right mix of channels to connect with their people while getting early insights into how it all works and what might be possible. 

What I’m personally most excited about are the industrial applications for this new wave of immersive technology, in particular digital twins. Any organisation with detailed plans, cameras, sensors or other IoT devices can create a twin of their environment, providing them with the space to simulate, test, experiment and innovate at a fraction of the cost or disruption compared to making changes in the real world. We’re only scratching the surface of the potential of digital twins right now. These virtual replicas can be used for anything from training and guided repairs to optimising existing operations. 

So, knowing the changes coming through data and immersive technologies, how can you set up your organisation to be futureproof? 

Now is the time to thrive 

The key to building a resilient business is realising that futureproofing is not about the technology you are implementing (at least not to start with!). An organisation that is setting itself up for success is one that has the agility to pivot and innovate through market changes and pandemics. This comes from culture. Ultimately, all the technology in the world won’t help if it’s laid on top of a culture that’s inhibited by red tape and old-fashioned thinking. 

So where can you start? First, look at what you embraced successfully during the pandemic. What changes did you make? How did you approach problem solving? What can you keep from that experience and take forward with you?  

Then, have a look at your style. Leaders need to nurture an open, agile culture where people are willing to speak up. How can you create clarity of vision that enables people to experiment, fail, share and move forward? Technology can then amplify the culture you put in place. 

If you’d like to speak to me further about any of these topics and how they relate to your business, please get in touch. 

For more on reshaping business with the metaverse and emerging technologies, watch this segment from Microsoft Envision with Paul Daugherty Group Chief Executive – Technology & Chief Technology Officer – Accenture.