As featured on BusinessMirror: Understanding the value of the metaverse for the TMT sector
How technology, media and telecommunication (TMT) companies can navigate the metaverse with confidence.
KPMG commissioned a survey of 767 TMT executives to understand their preparedness for the metaverse. The survey titled, Understanding the value of the metaverse, shows many are trying to balance investing in an unknown future to avoid being blindsided by a metaverse pioneer, while making sure they don’t invest in projects that later become redundant.
- Tech, media and telco leaders are excited about the opportunity of the metaverse, but few are taking action.
- 59% believe the metaverse will have a huge impact on business and consumers.
- 53% are investing in metaverse staffing and resources.
- Investing in the metaverse is expected to have a big impact on digital transformation, innovation and customer engagement.
- Leaders are looking to the metaverse to drive revenue and profit.
- 61% believe they would see an increase of over 55% in revenue and profit margins.
- 57% have plans to implement augmented reality tools.
- Top desired outcomes: improved customer experience, product innovation and revenue growth.
- The gap between action and capability is the main challenge for organizations in adopting the metaverse.
- Almost two-thirds of companies feel unprepared for designing metaverse experiences and processes.
- Proper technology and skill sets are the primary barriers to metaverse adoption and planning.
- 60% of tech, media and telco leaders believe metaverse success depends on increased customer demand.
- Only one-quarter of tech, media and telco businesses are highly prepared for the metaverse.
- At least two-thirds of respondents agree that hiring talent for the metaverse is a big priority.
- Setting and tracking KPI and metaverse pilot projects will help companies build on their early success.
- Highly prepared companies are investing more in the metaverse and are more likely to anticipate those investments having a big impact.
3 key takeaways for TMT businesses
There’s plenty of excitement around the potential of the metaverse, including high hopes that successful implementation can boost bottom lines for TMT companies.
But where to start? Our report shares three approaches highly prepared organizations have taken.
1. Begin your metaverse journey at home
There’s opportunity to pilot metaverse initiatives and develop capabilities for the long-term within your own organization. The benefits of this include lower costs, lower risk (less client exposure), improved efficiencies, knowledge growth and tapping into existing capabilities.
2. Think big, start small, move fast
Closely monitor the progress of the metaverse and be nimble. Our survey showed highly prepared organizations have ambitious expectations for the metaverse, but also anticipate investing twice as much as their competitors. For the near term, investment can be channeled into innovation labs and centers of excellence for incremental learning rather than large-scale execution.
3. Focus on real business and customer value
Let business value drive the conversation rather than the technology. Have a well-developed plan and clear, measurable expectations. This includes defining realistic KPIs early. Revenue, for instance, is more likely to be a 2028 KPI, not a 2023 target.
In the Philippines, embracing the metaverse can help companies modernize their operations, enhance customer experiences and drive innovation in a digital-first world.
The TMT sector plays a crucial role in the economy, with technology and telecommunications witnessing rapid growth and expansion. Understanding how the metaverse can impact this sector is essential for companies and policymakers in the country to stay competitive and seize emerging opportunities.
Jallain Marcel Manrique
Technology Consulting Head and TMT Lead
KPMG in the Philippines
Given the dynamic and rapidly evolving nature of the Philippine market, understanding the relevance and implications of the metaverse can be a strategic advantage for TMT companies in the country.
How KPMG can help
As the world continues to change, TMT organizations must be ready to explore future opportunities like the metaverse and adapt accordingly.
Drawing on our deep experience, we offer consulting and strategy services to help TMT organizations harness evolving technologies and develop innovative strategies which we support through to targeted results.
The excerpt was taken from the KPMG Thought Leadership publication: https://kpmg.com/au/en/home/insights/2023/06/metaverse-opportunities-tmt-sector.html?utm_medium=soc&utm_source=linkd-org&utm_campaign=1085146860corps
© 2023 R.G. Manabat & Co., a Philippine partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.
This article is for general information purposes only and should not be considered as professional advice to a specific issue or entity. The views and opinions expressed herein are those of the author and do not necessarily represent KPMG International or KPMG in the Philippines.