Why Virtual Businesses Might Prove More Profitable in the Future

By Jolyon Hennings, founder of Box Bear – an interactive media company which recently created two new VR products (VR TeamSpace and VR Studio) for the events and wider business world.

The concept of Virtual Reality (VR) has been around for over 60 years, but it’s only recently that the use of VR devices and systems has become more widespread in our lives. This is mainly down to the technology involved becoming more sophisticated, accessible, and ultimately able to offer a wider choice of functionality.

From playing computer games to simulated space exploration, VR allows us to immerse ourselves in a variety of computer-generated situations and settings, letting us discover and understand them remotely. However, it’s within the business world that VR is now starting to make waves – particularly in the face of the current pandemic. What’s more, VR business operations are proving to have a number of benefits, most notably the potential to make companies more profitable.

Here, I’ve taken a closer look at this subject discussing how virtual reality can be used in business and the financial advantages firms could begin to realise by investing in this smart tech.

How virtual reality can be used in business

There are several types of VR systems and one of the most common is the ‘Immersive System’ where users wear headsets and visually ‘immerse’ themselves in a virtual world. Other examples include ‘Window on World’ systems where simulations or representations can be created on a desktop screen. There’s also ‘Telepresence’ where users can operate sensors and their actions are displayed on a screen. Finally, there’s ‘Mixed Reality’ where the user’s real-world view is augmented with computer generated visuals – but this again is typically done via headsets.

From this choice of VR functionality, businesses can carry out a number of tasks. This can range from meetings, to presenting or demonstrating products or services, training, creating visualisations and even using them as marketing and advertising tools. The connecting aspect with all of these tasks is that through VR they can be done remotely or in a single location.

It’s worth pointing out that some of the biggest misconceptions about VR systems and devices are that they’re cumbersome, unwieldy, and expensive, but today this isn’t the case. Modern headsets like the Oculus Rift and the Samsung Gear can offer realistic graphics and are more streamlined and far less weighty than previous generations of such devices. Moreover, they can cost less than new smartphones, laptops, and tablets.

Jolyon Hennings

Equally though, businesses also have the option to use larger scale virtual reality facilities such as VR studios and team spaces, which can be used to build photo-realistic avatars of staff and workplaces.

However, you don’t even need to purchase such tech to use VR, you can download apps and programs to use via handheld devices. Google have even launched a foldable cardboard viewer – aptly named Google Cardboard – in which you can insert a smartphone and use as a makeshift (and thrifty) headset.

How virtual business operations can lead to profitability

Speaking in a general sense, the ability to work remotely through VR systems cuts down on a number of expenses. Both staff and clients will no longer need to travel for meetings, conferences, or presentations, meaning all the additional costs involved (hosting, utilities, transport) are no longer necessary. What’s more, these VR sessions can be recorded or quickly repurposed, giving staff more free time to focus on other tasks.

There are similar savings to be made for employee training – which can instead be done in-house through VR. As well as this any design work or promotional material can also be produced and showcased in-house with VR. This is particularly cost effective as an alternative for having a physical presence at tradeshows and expos where the ROI is often hard to measure and subject to successfully securing new clients.

A VR experience can also be much more entertaining and engrossing and offers the potential for better client engagement or increased employee productivity. The knock-on effects of this again being the potential for increased profitability.

What the future holds for virtual reality in business

The unfortunate unpredictability of the COVID-19 pandemic means that there are no guarantees on when – or indeed how – we will be able to fully return to the workplace. While some businesses have been able to continue their operations from their offices, the vast majority have not. However, with the looming threat of a global second wave and the beginnings of localised lockdowns, even those who are back in the office may soon have to again work remotely.

It’s because of this that VR presents a real opportunity for businesses to provide some stability and safeguard against operation challenges that stem from the pandemic. On top of the aforementioned opportunities for streamlining processes and improving profitability, the fact is that VR can simply be a means of keeping companies going.

A final point to consider is that many businesses have already started turning to things like VR and online comms, which means those that don’t can risk falling behind the competition. As with any new initiative, any way a business can provide a better service for current and prospective clients can make them a more favourable option. In other words, VR isn’t just about business security and keeping the cash coming in during these unprecedented times, it’s a way of fostering growth and development.