Globally we all know the current health and economic crisis has changed how we live and work. Businesses are wondering how to provide their existing services in a virtual environment while at the same time focussing on what the impact will be on their business in the weeks, months and years ahead.
Many organisations are looking to rapidly accelerate the use of digital technologies knowing this may mean cannibalising existing bread and butter business.
And all of this is not going away any time soon. As Wired reports we best get used to a “long lingering epdemic that is only just getting started”.
What we’re hearing
As a company with virtual in our DNA below are the top three things we’re hearing from our conversations with businesses spanning education, healthcare, telecommunications, urban development and training in Australia, Singapore, the US and Europe.
01.Jumped 10 yrs: – “Because of COVID” has become a powerful stimulant to commence acceleration of an organisations VR/AR roadmap and use. It is a phrase we hear frequently.
Because of COVID our staff can’t do the essential training they need to do. We need a solution.
Because of COVID we can’t provide our executive education content face to face. We need a solution.
Because of COVID we can’t get our customers into our display home and showroom. We need a solution.
Because of COVID we need to find a way to quickly and easily collaborate on design with our customers. We need a solution.
Many businesses who had commenced their digital transformation journeys now find themselves having to turbo speed their development while also looking at way to easily scale these VR/AR solutions across diverse geographic locations.
As McKinsey & Co reports in just the last 90 days we have “jumped ten years”.
And according to research by Twilio, COVID-19 has sped up digital transformation for Australian business “by an average of six years”. Surveying 2500 enterprise decision-makers Twilio reported that 97% claimed COVID-19 has “accelerated their digital transformation” and 79% had increased their budget for doing so.
The report also found that previous inhibitors to innovation have been broken down since the onset of the pandemic. Barriers such as lack of clear strategy, executive approval and reluctance to replace legacy software are now less of an issue for more than one-third of respondents.
02.Extraordinary partnerships – we’re seeing businesses and educational bodies rethinking who they partner with. They are looking, at what McKinsey & Co call the cultivation of “extraordinary partnerships” and they’re doing this at speed.
Future focussed business are looking to how their teams work, collaborate and communicate with each other and their customers.
Their seeking richer, measured and virtual ways of doing existing business. They’re looking with razor focus at partnerships with technology companies that can leverage and that can best position them in this new market.
03. Long game vs short game: There is no playbook or MBA module for business leaders on handling a crisis like COVID-19. Some business leaders are falling back on their existing way of working and thinking about the future. Some are adapting a ‘shelter in place’ mindset.
But many are not. They are focussed on the near game and the long game seeking to ensure continuity and growth at the other end.
CEOs working urgently to balance dozens of critical priorities each day are starting to focus on two leading questions: “How can we ride out the crisis to emerge stronger than others in our industry?” and “How can the organization learn through this experience to win in a new world?” [ Source; Bain & Company, Covid-19: Protect, Recover and Retool, 2020].
What do you think? What are you hearing and experiencing in the market?
What’s catching our attention
Montenegro to invest 25.5 mln euro in VR innovation centre – Montenegro’s government plans to establish a virtual reality (VR) and augmented reality (AR) innovation centre. This is part of a series of measures to support the country’s economic recovery following COVID-19. Is this something other governments could learn from?
Deloitte’s new report looks at the future of virtual production and content creation stating that as the pandemic introduces further complications, “virtual production capabilities may become a competitive advantage for content creators.” What role will VR content play here?
Reconstructing journalistic scenes in 3D. Check out The New York Times embedding 3D scans of physical environments into a web browser. What might the impact of this be for museums and art galleries?
5G Revolution: Unlocking the Digital Age – the start of a new era? And what will the impact be on cloud VR/AR?
What is the truth about 5G? How COVID19 was the perfect environment for 5G conspiracy theories to spread.
Pandemic reveals opportunities for 5G connectivity 5G cellular technology is starting to take shape but the pandemic has shown it is still missing a few stitches.
Preparing for 2030 and what the future potentially holds.
Thanks for reading if you’ve any question on any of the above or would like to know more about our deployment platform, Snobal Cloud or our XR solutions reach out.
This post first appeared in Snobal Midweek on Substack.