In the past few days, BMW announced it’s building a new factory, with a slight twist: it exists only in the metaverse. 

They’ve partnered with Nvidia to build a replica of its soon-to-open EV factory in Hungary. As the world’s first fully virtual factory, it’s been designed to catch virtual problems before the physical factory is built and mistakes become costly. 

Whilst we hear a lot in the media about companies introducing the metaverse to create relationships with new audiences and find new ways of engaging with existing ones, we don’t as often hear about industrial applications. BMW is just one of many companies introducing immersive technologies to improve their processes. From product design to planning in the supply chain, and ultimately save costs across the business.

At Manifesto we’re constantly looking to help clients deliver new processes that drive value across the business. So as we explore the metaverse in more detail, we ask ourselves – if it’s not just limited to enhanced digital experiences and community building, how could it revolutionise business processes? 

Faster learning in the metaverse

Firstly, the metaverse has the opportunity to transform training and development, drastically reducing the time needed to develop and acquire new skills. 

Virtual world training has a number of key advantages over traditional teacher or classroom-based training,  as it provides greater scope for demonstrating concepts visually, a greater opportunity for learning by doing, and overall higher engagement through gamification features. The use of AI-powered bots can mean students can even be assisted when they get stuck.

One example of this is UK-based company Metaverse Learning working with the UK Skills Partnership to create a series of nine augmented reality training models for front-line nurses in the UK. The benefit of this type of training was highlighted in Covid-19 when the healthcare system was under significant strain; the virtual learning solution took the strain off human resources as nurses could continue learning without needing to be in hospital, with access to relevant information and the opportunity to train with practice procedures. 

Product development

Another opportunity lies in product development and the ability to get customer and supplier feedback faster.

By creating virtual prototypes that customers can engage with in the metaverse, developers can track and test stakeholder feedback to identify problems and adjust, before committing to the creation of physical products. Not only does this save time, but it’s also a cost-saving solution as fewer resources are required.

Menswear designer Hugo Boss is one of many companies experimenting with this technology, using it to test different fabrics and colours with its customers. It also leverages 3D technology to engage suppliers and retail partners to digitally conduct prototyping, reviews, and changes. Another key benefit is it supports the company’s efforts around sustainable fashion. For suppliers and vendors, teams can review designs digitally and change online, bypassing the need to create and ship samples back and forth.

Visibility in the supply chain

Similar to BMW’s new factory, a virtual ‘twin’ supply chain (VSC) can replicate every element of a real supply chain, showing exactly what is happening, forecasting the future, and identifying potential problems. This is useful given the increasingly complex nature of supply chains, and the regular disruptions, demand shifts, and shortages happening across the globe.

For a company, the greater transparency this presents can lead to lower lead times, fewer delays, and more efficient cost negotiations among vendors and buyers. Equally important, the lower margins for production errors will lead to better-quality products.

It can also play a significant role in improving sustainability. Whilst it’s well known that customers increasingly care about the issue – a global study found 77% of customers want sustainable brands, and are prepared to change their shopping habits to get it – executives often lacked the visibility and technology to make and measure real progress. A virtual supply chain enables the entire life cycle of a product to be mapped out and its environmental footprint calculated, providing clarity on where and how efficiencies can be made.

Conclusion

To conclude, the metaverse has the potential to be game-changing. Yet businesses can’t just jump on the bandwagon; they need to begin by identifying what problems need addressing and consider how metaverse solutions could improve them. Companies taking full advantage of this new technology effectively will be key to staying ahead of competitors.