Top Transformation Champions: Getting ready for a metaverse-driven business
Regional companies such as Emirates Airlines, Careem, Talabat, and Zomato, save time and bring in greater convenience as well as new possibilities that never existed before with their digital applications. With banking applications, there is no need to physically enter a bank for transactional and information needs, saving time and costs.
The UAE E-Government initiatives have also been digital transformation trailblazers by any global standards. These programmes have led to substantial savings on organisations’ operating costs. It has also enabled them to launch new services, increasing their revenues and profitability. These examples of digital transformation have substantially enriched the customers’ experience in many ways while benefiting the organisation.
The UAE government also supports a thriving innovation ecosystem locally and, in the region, offering incentives to organisations that adopt business strategies embracing digital best practices.
There are many disruptive technologies, and their relevance has a different impact depending on the industry. At Beyond Technology there is a particular focus on Web 3.0, Cloud and virtualisation services and Artificial Intelligence applications in the workplace, Internet of Things, clean energy, metaverse, and cybersecurity to ensure that the company becomes more technology dependent operating safely and securely.
The metaverse has the potential to change not only the way people live and socialise but also the way business is done. According to Bloomberg, the metaverse market is expected to reach $800 Billion by 2024. However, there are many unknowns at the moment; metaverse has technical issues like interoperability and standardisation, etc. It also has ethical issues such as security and privacy. These need to be solved first.
Despite these challenges, Beyond Technology recommends that companies start getting acquainted with the metaverse by opening accounts, creating avatars, attending events and forums to see what other brands are doing, and then deciding how each company can tap into this new opportunity. There is nothing better than to be prepared for the metaverse to become a mature technology and ready to be capitalised.
Resistance to change is the most common reason for slowing down or jeopardising digital transformation initiatives. Budget constraints and hiring the right team to execute the plans with minimal interference from the management are other challenges hampering transformation.
Digital Transformation initiatives must be well planned, with full support and commitment from all levels in an organisation. This also includes training the users on the new systems before taking them to the work environment. Studies have found that regular and senior-level communication during such strategic changes is essential for successful digital transformation projects.
There are some fundamental organisational changes that regional companies must put into play to take advantage of the adoption of digital technologies. Organisations need to create a clear and concise digital adoption strategy tailored to their industry and specific needs.
They should also create dedicated teams or departments to oversee the adoption and implementation process, and create a culture of innovation that encourages employees to experiment with new ideas and technologies. Besides, companies must invest in the right tools and infrastructure to support their digital adoption plans.
The pressure to deliver results in a digital world is immense, but so are the risks associated with not moving forward. Technology and business leaders plan, but companies need to be confident in their strategies before implementing them.
Companies need help from experts they can trust to eliminate the risk factors. Consultative Technology companies, such as Beyond Technology, have already covered much of these technology implementations in different regions of the world and have substantial experience helping organisations in vendor selection, budget, execution and support.
In the next 3-5 years, governments will start to implement carbon taxes on an organisation’s carbon footprint. We also expect greater consumer diligence on purchasing from responsible corporates. Therefore, the metaverse can be one of the alternatives for selling digitally.
Beyond Technology believes that the metaverse must be discussed to pave way for new proposals and raise awareness in the business sector. Hence, the first step for any organisation considering sustainability must be to understand all aspects of its operations, both internal and external. Companies should then assess their current production of toxic residues and carbon, as they need to identify functions that cause high carbon emissions within the organisation. Finally, they need to take regular initiatives to continuously reduce them.
This is important for companies to reduce future carbon taxes and financial impact. It also helps regional enterprises meet their responsibility toward the wellness of societies.
- Digital transformation has helped organisations make substantial savings in operating costs and launch new services.
- Metaverse has the potential to change the way people live and socialise and also the way business is done.
- Bloomberg expects the metaverse market to reach $800 Billion by 2024.
- Companies should start by opening metaverse accounts, creating avatars, and understanding what other brands are doing.
- Beyond Technology can help organisations in vendor selection, budget, execution and support.