4 Ways Product and Industrial Companies Can Harness the Promise of the Metaverse

In the midst of a global inflection point for business and society, the metaverse is beginning to evolve. Seven out of 10 executives said it would have a positive impact on their organization; four out of 10 consider it a breakthrough, as a recent Accenture survey showed.

Industrial and commodity companies are among those making big bets, and they have started to pay off. Take Siemens Energy, which reported that through maintenance and inspection technology applications, the Metaverse reduced downtime by 70% and saved its steam turbine business $1.7 billion. dollars.

A natural extension of digital twins

What attracts businesses to the metaverse? This is the immersive environment it provides, where multiple users can interact and easily accessible information can be layered for objects, avatars and actions.

The big opportunity for industrial and product companies lies in coupling the collaborative, immersive, visual and intuitive dimensions of the metaverse with digital twins powered by data pools integrated across departments, systems, operations technology and computing.

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It could create a virtual, fully immersive and intuitive simulation of the entire enterprise. Every aspect of it could be run through a plethora of eventualities, with each projected effect informing other scenarios.

Part of this opportunity is still nascent. But we've found that increasingly, data-driven virtual replicas of objects, facilities, and processes play a role in four compelling metaverse use cases for industrial and product companies:

1: Creative collaboration and product development

In what has come to be known as the Industrial Metaverse, employees from all departments can connect in an immersive environment that enables more efficient design, engineering, testing, and validation. Employees can log in from anywhere to view interactive design simulations and operational scenarios.

For example, in Boeing's Factory of the Future, immersive 3D engineering designs will be paired with robots that talk to each other, while mechanics around the world will be connected through HoloLens headsets.

Engineers can also prototype and test products virtually, which is more cost effective and efficient than testing real products in real scenarios. In the metaverse, prototypes can be set up quickly as digital simulations with engines like Unity. The result: more options for customers and a shorter creation process.

Additionally, the metaverse gives engineers the ability to "port" important stakeholders directly into a simulated work environment. This is especially valuable in complex, large-scale development projects, such as ITER. More...