The Metaverse may be in its early stages of development, but business leaders agree that in two years, its impact will be felt across all areas of business, changing how companies manage, nurture, and interact with employees, customers, and partners.
To understand the potential of the emergent Metaverse—its applications, challenges, risks, and opportunities—Wipro commissioned a global survey of 550 business and technology executives. There was a resounding message that the Metaverse is here to stay despite recent technology-sector turbulence and market skepticism.
CXOs recognize the Metaverse as more than hype and much more than a customer engagement platform; it’s a convergence of technologies that will transform and have significant business implications, involving the nuts and bolts and cross-functional activities fundamental to business success. While some companies have already made significant investments, it’s not too late for others to start their journey now.
As far as many executives are concerned, the question isn’t if the Metaverse will transform their business but when. Our research shows that a small cohort of leading firms are defining what it will take to harness the power of the Metaverse to revolutionize not just the customer experience but internal operations, innovation, employee experience, and business growth. Leaders are not waiting for it to happen but are well on their way to getting many steps ahead of those taking a wait-and-see approach.
Their competitors face a choice. Continue to hang back and watch while others forge ahead or commit their company to a serious exploration of how they can use the Metaverse to drive business growth. And as we saw with the Internet, those who took risks early reaped the biggest rewards.