Why this transformation is imperative for Indian companies to meet the demands of the market
It’s an irrefutable fact that market demands are fast changing, and the only way to stay afloat is to adapt to the changing trends of the market. The world of technology is evolving and is affecting companies at a greater degree. It has come to a point where companies either adapt to the new technologies or be forgotten.
First, it was digitization, and now we are moving into Augmented Reality and Virtual Reality. It’s an amazing cycle of tech evolution. From multinational corporations to startups, companies around the world are gearing up to leverage the power of this cycle. Today, the way data is stored is different, the way a product/service showcased is unique, and the way customer experience delivered is simply astounding.
In this context, where do our Indian companies stand?
If you take a step back and look, it’s a different picture. Though there is a lot of buzz about digitization, the truth is that a big chunk of Indian companies is yet to enter the world of digitization, let alone go full-fledged with Augmented Reality or Virtual Reality.
There are various reasons for this lag, and one of them is the belief system among many companies that digital transformation is only for top companies. That mindset has to be changed completely, and thankfully, it has begun to change.
Let us break down this cycle of digitization, Augmented Reality and Virtual Reality and see how it is affecting today’s businesses and where do indian companies stand.
In a layman’s term digitization means the process of converting text, files, or any other document into a digital form, which can be processed by a computer.
Now, the time has come for Indian companies to hit the stride to go completely digital. The advantages of digitization are immense, and it is important for businesses to understand the significance of going digital. Companies who have converted their conventional operational paradigm to digital are reaping benefits manifold.
This small example will explain it all. Imagine a business with a sales exec visiting their client place with a brochure, showing them the salient features of the product, take orders through receipts, report to the Sales Manager. It’s a tedious process which leaves a long trail of paperwork.
Now, here is how digitization changes the game. Ideaplunge, a leading tech solution company, has developed an app called PIICH, which is designed to facilitate the entire process – right from the sales executive visiting the clients, showing the product/service feature to taking the order. This entire process is monitored by the Sales Manager sitting in the office. It gets even more interesting. The app lets the Sales Manager to track movements of the sales execs, how much time they spend with clients, which products the client is interested in, and so on. This app enables Sales Managers to schedule the entire sales activity for that day and receive updates – all in real-time. This B2B app can be customized according to any business need (You can get PIICH customized for your business here).
Today, digitization has become a bare-minimum requirement and a must-have process to be on par with competitors.
Should companies just stick to digitization and be rest-assured that success will fall on their lap? Certainly not. In order to capture the imagination of customers, companies must move on and bring in the latest innovations into its fold to stay afloat in the market.
In a bid to propel user experience to newer height, technology has paved way for something bigger and better – Augmented Reality. It is making heads turn, and industry experts say companies should start paying attention to Augmented Reality.
So, let’s understand what is Augmented Reality.
Augmented Reality (AR)
It is a technology which allows to blend virtual elements (3D objects) into the real world (a live video). This video1 depicts the concept of AR for easy understanding. It’s no longer just a digital experience, we are moving into the era of immersive experience.
Augmented Reality has taken user experience several knots higher. Now, it’s up to the companies to understand the significance of the technology and ideate how best they can make use of it to increase productivity and overall growth.
AR is creating a huge impact on businesses, where companies around the world are taking a closer look at the technology, formulating plans on how best their company can benefit from it. A 2016 Gartner report2 states that “Through 2021, businesses will see a rapid evolution of immersive content and applications that will range from consumer entertainment experiences to optimizing complex work processes.” This analysis seems to hold true, as a number of companies are reaching out to AR to transform the user experience.
Are Indian companies really gearing up to bring AR into their businesses?
Odd as it may sound, many Indian companies tend to assume that AR is too complex, and due to this assumption they are in sort of a limbo to adopt AR. However, on the other side, there are companies who are bravely experimenting with AR and have started to reap benefits. This is an setting example for others to follow suit. Companies are grasping the logic that AR implementation in their business model would be a cost-effective solution compared to the possibility of huge potential in overall growth and increased monetary gains it could offer in the long run.
Modern industries, which includes pretty much everything – healthcare, retail, lifestyle, gaming, manufacturing, aerospace, banking, real estate, etc., are leveraging the power of Augmented Reality, which is quickly becoming a phenomenon that’s hard to ignore.
With Augmented Reality redefining user experience, Virtual Reality, too, is changing the way we see the world through the eyes of technology.
Virtual Reality (VR)
VR is ‘a computer-generated 3D environment designed to be explored and interacted by a person’. It is experienced through VR glasses, allowing users to completely immerse into a 3D world where they can move, manipulate or control objects perform various other actions. Check out this video3
Like AR, VR too is gaining a steady traction in the market. One might ask why it is so worthwhile. Industries are looking at it in a different perspective, beyond the entertainment quotient. When a product/process creation is deemed to be too risky or expensive in reality, VR comes in as a more viable alternative.
Consider these examples: VR helping in training a fighter pilot. A trainee doctor gets to know the practicality of surgeries before the actual surgery on a real body. An automotive company can build realistic elements of car or design a car without going through the trouble of creating multiple models. These are some, and the possibilities are endless.
And what’s more, the VR technology is becoming more mainstream, offered at a competitive price. Several Indian startups have identified the potential of VR and some, with their flagship products, have already found success in Google Play store.
Making a difference in today’s market
Immersive and interactive solutions are what today’s users are looking for. With the power of Digitization, Augmented Reality, and Virtual Reality, businesses – irrespective of its size – are able to face new challenges, deliver results faster, and at the same time inspire customers to embark on long-standing collaboration.