AI, together with VR and AR, is changing the business environment by introducing new challenges and breakthroughs. While this holy trinity is a driving force in business, their primary functions are distinct.
For instance, AI and VR are sisters with different technologies behind them and are primarily used in distinct industries. AI mainly focuses on task automation and data predictions, especially in fintech, where it uses machine learning models to predict the behavior of loan portfolios.
Nevertheless, AI, AR, and VR have something in common: they are programmed to increase business efficiency and reduce costs in manufacturing industries.
AI is More Intelligent Than You Think.
Sibur, a fintech healthcare firm, uses AI to predict cancerous tumors using statistical data. Using historical data analysis, AI predictions also extend to forecasting new opportunities, business models, insights, and industry trends.
ChatGPT employs the same technology, and I frequently use it for idea generation and pursuing new opportunities. Simply enter the industry name, trends, and development, and AI Chat will generate an action plan for you in a few minutes.
AR is a Creative Booth.
Unlike AI, AR creates an extra layer of communication with the world. It’s increasingly popular among fashion startups, helping people find the best-fitting clothes. For example, Nertie’s founder implemented a feature for virtual sneaker try-ons using AR to detect shoe size and try it on by pointing the camera at the foot, from detecting the shoe size to trying it on.
Moreover, AR is used in gaming, retail, and manufacturing, such as Sibur’s use of AR for staff training. Employees scan QR codes on machines to receive video instructions and safety techniques, making it a valuable tool for visualizing information for new hires.
And in the commerce world, Threekit reports that 52% of retailers still need to prepare to integrate AR into their operations, even though 61% of consumers would highly appreciate it. Worse still, only 1% of retailers use AR.
VR is the Next Level.
VR’s fully-simulated and occluded 3D orientation meanwhile primes it for action simulations, training, and communication. Sergey Sigarov, the founder of Vin Von Tun, created a virtual universe where employees gather to train, regardless of location. The same applies to Coca-Cola which collects employees for internal training in a virtual space – a better way to stay connected than Zoom.
VR is also finding the most fertile soil in the gaming industry. But beyond gaming, it’s increasingly finding applicability in areas like eCommerce where you can see products with greater dimension.
5 Ways AI, AR & VR Advance Enterprise Goals
Though it’s still early in the lifecycles of these technologies, companies that have already adopted and implemented them in various combinations have seen real performance benefits and ROI. Here are just five ways that’s playing out so far…
1. Effectiveness and Automation
Most businesses aim to boost productivity. AI helps achieve this by automating tasks, streamlining decision-making, and saving time and money. No large analytics department is needed with AI for statistical analysis and predictions.
A recent story about GPT tools piqued my interest. Instead of the usual two months, the tool computed market and industry analysis with conclusions in an hour. While it’s still early and unclear how accurate GPT’s estimates are, it has great potential for new perspectives on data.
2. Customer Experience
Another benefit, especially from AR and VR, is that they improve user and customer experience, which is a driving force in any business. With the help of visualization and more interactive product information, AR and VR could improve how end users interact with products.
3. New Business Opportunities
AI creates new opportunities and ideas by analyzing data, identifying trends, and seeking industry insights. I generate new ideas with AI, so why shouldn’t you do the same?
4. Improved Training and Education Practices
With VR and AR, companies could improve their training and educational programs by gathering everyone in one virtual room. It’s also possible to conduct surgical classes in VR, train employees, and improve their skills and potential productivity.
For instance, V Ray uses VR and projectors to create an interactive car model, similar to a video game, with control over speed, traffic, and hazards. It’s the future’s interactive panel.
5. Improved Communications
VR improves remote team communication by gathering everyone in a virtual space for faster, more immersive, and cost-efficient information exchanges. HR should consider implementing it for better business structure and training.
So there you have it… just five of the several developing ways that AI, AR, and VR can find alignment with enterprise goals. But the story doesn’t end there. We’ll be back in part II of this series to look at the other side of the equation: what are the constraints and challenges in implementing these technologies? And ultimately, should you make the leap? We’ll tackle those questions next…
Sergey Vart is CEO & co-founder of Eyebuy.me