The metaverse is a technology that will “truly disrupt us as a brand and company,” said Manoj Kumbhat, global CIO at manufacturing company Kimberly-Clark. When thinking about engaging with people going forward, especially younger generations, Kumbhat sees the metaverse — a virtual world where consumers can shop, work and play — as particularly important. “As we think about the next generation, how do we bring consumers into the brands we’re building?” he said during an MIT Sloan CIO Symposium panel called “The Most Impactful Technology Trends in the Decade Ahead.” Though other technologies including quantum computing will also have an impact over the next 10 years, Kumbhat said the metaverse and technologies enabling it, such as 5G and augmented and virtual reality, will likely be the most transformative for businesses.
The metaverse is a virtual world that businesses are beginning to tap into. But building it and learning how to operate within it will take new skills. While there are organizations already deeply immersed in the metaverse, human skills need to develop faster to realize the new opportunities by extending reality in virtual environments. For example, there are enterprises who have already purchased real estate in the metaverse, who are transacting in the metaverse, who are expecting other organizations to transact with them in the metaverse. To benefit with the new capabilities, business leaders need to be learning and engaging in the metaverse. With this, leaders need to push for upskilling and reskilling of personnel to drive their businesses into the virtual space where 85 million new jobs are coming in the next three to four years.
As metaverse capabilities evolve, more applications become available and people gain familiarity with extended reality environments, there are opportunities for organizations to –
- create new value
- deliver great User experiences
- expand relevance in current and new markets
- meaningfully increase revenue
What’s needed to be successful in the metaverse ?
- a willingness to try and being good at learning
- become more digital savvy / sophisticated
- have the mindset to ‘ Innovate for Impact ’
- being able to monetize value creation
- strong ‘ Look Ahead ’
- an entrepreneurial culture that is adaptable, opportunistic, and results oriented
… Or don’t – and run the risk of your organization being marginalized, or worse, not being part of the future !
Given the high stakes, it’s essential to develop new digital capabilities and the competencies needed to make innovation more rewarding.
To assist with this, you’re welcome to contact CAIL.