Because the actual and virtual worlds are increasingly blending, we live in a digital era when technology has the potential to completely transform how we live. Since we spend the majority of our time in front of screens, the COVID-19 epidemic and the trend to work from home have further expedited this convergence. The benefits of extended reality technology include increasing customer happiness and engagement by providing us with exciting new ways to interact with goods and services.
Almost all industries, including entertainment, healthcare, communication, engineering, etc., have found it advantageous. One of the most important industries where extended reality technologies have the potential to drastically alter business practices is manufacturing. Analysis indicates that the use of AR and VR in service and product development might increase GDP by $360 billion.
Advantages Of XR
1. Better Training Outcomes
The benefits of extended reality technology can be seen in the field of training. Over 90% of executives questioned by Accenture feel that staff training techniques now in use need to be more successful and that conventional classrooms and current e-learning approaches fall short of expected outcomes.
Research indicates that the majority of individuals acquire 70% of their skills and information through experience learning while working, indicating that most people are practical learners. XR-based training provides engaging, immersive experiences that faithfully replicate real-world work environments, which results in:
- 15% higher retention of knowledge.
- Engagement in staff training has increased by 80%.
- A 75% boost in training effectiveness.
XR training facilitates effective knowledge absorption in a safe setting while offering limitless opportunities for repetition and active learning. To enhance training techniques and outcomes, XR technology also makes it easier to monitor important performance metrics (eye tracking, action time, score, etc.). According to an Accenture poll, about 60% of businesses want to spend heavily on XR technology for training and learning.
2. Better Customer Experience
Contemporary customers anticipate individualized and captivating brand experiences that impact their decision-making. According to research, 75% of people worldwide will use augmented reality often, indicating the high demand and unrealized potential of AR in consumer interaction.
In contrast to non-augmented reality experiences, which do not take into account the user or their surroundings, augmented reality experiences successfully place the user into the experience, changing the mobile user experience.
Consider how it is preferable to try on potential shoes on your foot rather than estimating your shoe size, or how it is better to use your new coffee maker on its own rather than relying only on instructions. XR involves you and your surroundings in a way that successfully improves the consumer experience.
- A 40% rise in the probability of making a purchase.
- A 25% drop in return orders.
- 94% better conversion rates, and increased trust in the quality of the goods.
AR is a top-priority tool for reinventing and enhancing the customer experience because of the commercial advantages and the high level of consumer engagement.
3. Better Communication And Collaboration
To know what are the business benefits of XR, you need to consider the ways it improves communication and collaboration. According to research, those who switched to remote work after the pandemic are less effective while working in groups.
The need for XR collaboration tools is heightened by the dearth of interactive material and tools, as they provide:
- Greater involvement or presence.
- Reduced interruptions during the meeting.
- Working together in 3D analytics and insights.
- Multiple users interact at once.
XR may boost remote workers’ productivity by boosting their presence and involvement in group projects.
4. Easier Value/Product Delivery
The brain’s cognitive burden is lessened when information is presented visually in three dimensions, which promotes effective understanding and memory retention. As a result, in the cutthroat world of digital commerce, memorable digital brand and product encounters are essential.
AR provides access to comprehensive information as if a salesperson were there, more precisely simulating the experience of physically viewing a product before making a purchase.
After a client makes a purchase, businesses may utilize augmented reality (AR) to engage with them in fresh and relevant ways. After the sale, further product support may be significantly more helpful with AR user manuals, tutorials, and feature assistance.
5. Better Sustainability
One of the benefits of extended reality technology is that it’s highly sustainable. By using virtual worlds and digital media, XR has the potential to save a significant amount of paper, plastic, and other resources. Businesses may use XR to change the way they provide their services and operate to increase sustainability and enhance consumer satisfaction.
To encourage sustainability, Burger King is replacing plastic toys with augmented reality games and experiences, including kid-friendly menus.Â
6. Better Brand Awareness
Innovative XR marketing initiatives greatly increase brand awareness and grab media interest. For instance, a business may create an augmented reality scavenger hunt in certain cities, leading participants to locations where they must scan a code to get the next clue.
In addition to receiving a reward, participants in the search improve the company’s social media presence.
7. Streamlined Logistics
With the use of increasingly popular extended reality technologies like AR, VR, and MR landscapes, workers can find items, supplies, and tools more quickly and efficiently thanks to a completely integrated system that helps them locate them.
Using DHL as an example, they have reduced packaging and shipping mistakes by using smart glasses and mobile platforms to assist employees locate equipment more quickly. One of the answers of what are the business benefits of XR can be streamlined logistics.
8. Seamless Data Access
By enhancing the realism and interactivity of data viewing and analysis, XR facilitates data access. XR enables users to interact with data in a hybrid (virtual-real) environment, immerse themselves in a 3D presentation of a data collection, and superimpose data on top of their actual surroundings. Users may now place data in the preferred context, which facilitates the identification of patterns and trends.
Because XR technology is useful for displaying pertinent data on a display while carrying out activities, maintenance, and repair have embraced it extensively. XR allows employees to:
- While working, effortlessly access documents, data, and remote support.
- Follow illustrated instructions to operate with precision.
- Monitor and evaluate the parameters of the machinery.
Case examples demonstrate how enhancing worker efficiency via the use of XR in data access enhances repair and maintenance. While most data is now accessible via 2D applications like displays or papers, XR allows us to immerse ourselves in data, completely redefining how we work and interact with it.
Key Components of XR Technology
Now that we are aware of the benefits of extended reality technology, let’s have a look at the key components of this technology. The following essential elements are necessary for extended reality technology to function properly:
Tracking Technology: XR devices detect the user’s location and motions in real-time using a variety of sensors, cameras, and markers.
Rendering and Processing: Extended worlds using digital means To handle real-time data from the environment and user interactions and render high-quality 3D visuals, XR experiences need a large amount of processing power.
Interaction Methods: XR lets people engage with the digital components in various ways, according to the technology and device being utilized. This may use portable controllers, touch interfaces, voice commands, hand gestures, and more.
Content Creation: It takes knowledge of 3D modeling, animation, and software development to create XR experiences. The goal of content producers’ creations is to create virtual settings, objects, and interactive features that blend in with the actual world.
FAQ
Q: In what context is XR used?
A: The word “XR” is most often used to refer to all the many technologies (MR, AR, VR, etc.) that combine to create a virtual production. But we mean something quite particular when we say “XR.” XR, as we describe it, is the process of creating virtual worlds that performers may engage with using massive LED volumes.
Q: What is an example of XR?
A: One striking illustration of this is Yelp’s use of XR technology to improve eating establishments. Users just need to hold up their smart glasses or utilize an AR-capable smartphone to use XR. Yelp can superimpose current details on neighboring eateries and the locations of their favorite foods.
Q: How will the future be altered by extended reality?
A: Among the many benefits of extended reality are its immersive and interactive experiences, which may improve training, education, and entertainment. Users may interact with digital things, explore virtual surroundings, and see the world from new angles via XR.
