We live in a world of rapid technological development, and there are constantly innovations in the world of business to optimize efficiency through the utilization of emerging technologies like virtual reality and artificial intelligence. There are multiple consulting firms that utilize VR and AI to solve the most sophisticated client problems including Accenture, Deloitte, and EY.
Accenture is a leader in utilizing cloud computing to solve the most sophisticated client problems, and Accenture has recently expanded their VR and AI capabilities. Specifically, they are testing utilizing VR to host virtual events and even to create virtual merchandising shelves for clients like Kellogg’s to help plan the most effective product layout to maximize consumer purchasing power. In addition, Accenture has begun integrating VR to assist in the “customer experience” and “client journey” to help members have VR experiences before they are introduced to customers. Accenture is also utilizing VR in the medical field through Microsoft’s HoloLens to assist surgeons through augmented reality.
Deloitte has also begun utilizing digital reality headsets for enterprise and education clients. Specifically for enterprise clients, Deloitte has begun developing virtual reality training to help train company workers for hazardous jobs like wind turbine maintenance. These trainings are not only scalable but also allow companies to save money through the mitigation of training risks. For educational clients however, the market may not be viable with the leveling off of the Covid-19 pandemic.
EY has been utilizing AI to help with supply chain transformation for clients. Specifically, AI has been utilized to help optimize efficiency in supply chain exports in addition to helping forecast customer demand. AI has also been utilized to manage inventory and fulfillment especially within a world where e-commerce has become a huge market. Manufacturers are now more than ever relying on AI, so EY has ventured into managing the AI transformation of many top companies.
Consulting companies are often leaders in utilizing new emerging technologies in client transformation journeys, and the VR market is projected to reach over $100 billion dollars within the next 10 years. In addition, AI may hit an even larger market cap. It is imperative that we continue to be aware of these technologies, as they will soon impact our daily lives. Especially as future business leaders, we will be engaging with VR and AI potentially through various aspects of our jobs. Therefore, it is vital to both embrace change but also be wary of the potential drawbacks that emerging technologies may bring. It is vital to balance the utility of technology with ethical standards.