Metaverse – Trends

The Metaverse Continuum is applicable to all aspects of business and life

Dr Tanaya Mishra

A few decades ago, the internet was something blurry and uncertain. People had a vague idea about what it could and what it could be used for, but its potential was largely unknown. Today, when we hear and talk about the possibilities of the metaverse, we have more or less the same feeling, though technology has made us more tech-savvy. To decipher the mystery and reality of the world of the metaverse and the steps that are necessary to be ready for it, in simple terms, is the overall perspective.

Depending on perception, the metaverse can be as vague as cyberspace, or as exciting as the wonderful opportunities the virtual world offers! This may be through advances like virtual reality, augmented reality, and the like. Metaverse conjures up 3-D images and attempts to make things like game consoles and phones accessible virtually.

Exciting possibilities
Companies have started preparing for the future, a future with vast digitally-enabled possibilities across a wide range and positively affecting all aspects of business and employees, especially so with the hybrid model being a reality for most corporates. The possibilities are humongous, and there is a place out there for anyone who dares to venture. And venture one must, since this is the future … just like the internet was the future way back in time and today one can’t think of existing without Wi-Fi and internet as this is now the base need of the young generation and millennials.

There seems to be no option to “drop out” or “stay out” of the race to be ready for the world characterized by metaverse since this would mean losing out on a host of possibilities. And the challenges and expected changes are not small or minor. They will mean an entirely new way of conducting business with people who are adept at absorbing technology and using it to their advantage. What companies should do, is not jump into something out of panic, but brainstorm and take steps to be prepared to make the change and make it as seamless as possible.

To be ready for the massive transformation in the digital world, businesses have to take certain concrete actions to operate in the changing environment.

  • Businesses have to identify the metaverse skills required to navigate and function in the new environment.
  • A systematic study to embrace the new reality, one has to think through the following:
    • Concept on the proposed metaverse arrangement
    • The skills required to operate in the environment
    • Identify employees with the potential to adapt
    • Take steps to acquire the talent that is not available in-house
    • Initiate the training process
  • Businesses will soon realize the exciting prospects of digital technology to explore and exploit the opportunities it provides and adapt and control it to their advantage. Among these advantages is the possibility of developing automated and personalized experiences never before imagined.
    • The programmable world would require companies to adopt and adapt to 5G in a big way
      Partnerships and joint efforts across and among industries will bring synergy and set standards for communication
    • In the intense competition, businesses have to come up with constant innovations to stay ahead and be future-ready.
  • It is a fact that many facts and images emerging from digital initiatives look artificial, or “synthetic.” There are situations when we want to know whether we see is real. However, in many situations, it helps if we are in an “unreal” world, like, for example, we are consulting healthcare specialists on our ailments. The solutions developed through technology have to gain acceptance across all sections of society
    • The only way to gain acceptance is to demonstrate that the initiatives are authentic and useful for the end-user or customer. This will remove a lot of apprehensions
    • A governance structure has to be in place. This should fix responsibilities to ensure authenticity, and accountability for breaches and information gaps that cannot be explained
  • It cannot be that the advances brought out in this note are possible with the existing hardware. That would be a little far-fetched even to the optimistic mind. New technology brings along with its new machines and servers capable of storing and processing the vast volume of data and programs that are incidental to such development.
    • l Leaders have their job cut out. They have to familiarise themselves with the requirements and then see that adequately skilled staff to operate the new machines are available in time
    • Not to forget the cost of operations, it is essential that every investment is backed up by studies on ROI
    • It would be worthwhile to consider shared services to optimize cost and synergize operations. Partnerships seem to be the right arrangement for the future.

The Metaverse Continuum is applicable to all aspects of business and life, across personal profiles and businesses. It will change the way we think and do business. It will mean a different digital world, and the sooner people, institutions, and governments realize this and take steps to be ready, the better it will be for them. Universities and academicians have also a big role to play to make this leap forward. Knowing the resilience and flexibility of humans, this will be possible.

Dr. Mishra is the Global Chief Human Resources Officer at Strides Pharma Science Limited. 

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