TL;DR:
- Nokia and EY conducted a comprehensive study on the industrial metaverse, examining its impact on business goals.
- Companies already implementing metaverse use cases are experiencing significant benefits, including reduced capital expenditure, improved sustainability, and enhanced safety.
- Robust infrastructure and advanced analytical capabilities are crucial for successful metaverse adoption, with cloud computing, AI/ML, and network connectivity being key enablers.
- Collaboration and ecosystem partnerships play a vital role in realizing the full potential of the industrial metaverse.
- The study highlights the growing appetite among businesses for extended reality and digital twins to achieve their strategic objectives.
Main AI News:
In a groundbreaking study titled “The Metaverse at Work,” Nokia and EY delve into the realm of the industrial metaverse and its potential to revolutionize business operations. Drawing insights from a comprehensive survey of 860 business leaders across the United States, Brazil, the United Kingdom, Germany, Japan, and South Korea, the study sheds light on the transformative power of metaverse technology.
The Industrial Metaverse Unveiled
As leaders in their respective fields, Nokia and EY bring their unique expertise to the table. EY leverages data, technology, and a diverse global team to create enduring value for clients in areas such as assurance, consulting, law, strategy, tax, and transactions. Nokia, on the other hand, harnesses its proficiency in mathematics, physics, computing, and engineering to tackle complex challenges on behalf of its clients, with a commitment to responsible and sustainable technology solutions. Recognizing the benefits of collaborative research, Nokia has joined forces with EY to unravel the metaverse’s potential.
Significant Gains for Early Adopters
The study reveals that companies that have already embraced industrial metaverse use cases are reaping substantial rewards compared to those still in the planning phase. Notably, they are witnessing significant improvements in capital expenditure reduction (15%), sustainability (10%), and safety (9%). These promising outcomes underscore the tangible advantages awaiting businesses that integrate metaverse technology into their operations.
Key Enablers for Success
When adopting metaverse use cases, companies acknowledge the importance of robust infrastructure and advanced analytical capabilities. Respondents emphasized the pivotal role played by technical enablers, which form the bedrock for meeting the demands of such transformative applications. Chief among these enablers are cloud computing (72%), AI/ML (70%), and network connectivity (68-70%). These pillars are indispensable for creating a solid foundation to support the metaverse’s immersive and interactive experiences.
Realizing Business Objectives through Metaverse Technology
Thierry Klein, President of Bell Labs Solutions Research at Nokia Bell Labs, shares his insights on the study’s findings. He emphasizes the criticality of network connectivity, cloud computing, and AI/ML in meeting the demands of Industry 4.0. Klein envisions a future where mission-critical communications, flexible edge computing platforms, and advanced analytics converge to provide optimized end-user experiences in the enterprise and industrial metaverses. Nokia Bell Labs’ research on networks, software, AI, and automation aligns seamlessly with the report’s conclusions.
Amidst the complexity and wide-ranging solutions required for successful metaverse use case deployment, many enterprises are relying on strategic partnerships to access the necessary technical capabilities. Collaboration and ecosystem partnerships emerge as essential factors in unlocking the full potential of the industrial metaverse. By harnessing the power of synergy, organizations can maximize the transformative impact of metaverse technology on their operations.
Vincent Douin, Executive Director of Business Consulting and Business Transformation at EY, concurs with the study’s findings. Douin highlights the growing appetite among businesses for cutting-edge technologies like extended reality and digital twins to achieve their strategic goals. He notes that numerous organizations have progressed beyond the planning stages and are already reaping tangible benefits from their initial implementations of metaverse technology.
Conclusion:
Nokia and EY’s study on the industrial metaverse provides compelling evidence of its transformative potential. Companies that have embraced metaverse technology are reaping substantial rewards, ranging from cost savings to sustainability improvements and enhanced safety measures. The findings emphasize the criticality of robust infrastructure and advanced analytics for successful adoption, with cloud computing, AI/ML, and network connectivity as essential components.
Moreover, the study underscores the importance of collaboration and ecosystem partnerships in harnessing the full power of the metaverse. As the market evolves, businesses should recognize the clear demand for extended reality and digital twins and strategically leverage these technologies to drive their objectives forward.
