Want to win in the metaverse? Think internal first.
The Greek philosopher Heraclitus is credited for the saying “Change is the only constant in life.” That phrase has lived on for 2,500 years (Heraclitus died in 475 BC), but never has it felt more applicable in the business world than in the last three decades since the pace of innovation exploded and provided us with technologies such as personal computers, the internet, software, wireless communications and smartphones, and artificial intelligence, just to name a few.
report having an aggressive digital investment strategy
were tied for the top operational priority to achieve three-year growth objectives
believe they need to be quicker to shift investment to digital opportunities and divest in areas that face digital obsolescence
Many believe the metaverse is the next paradigm-changing technology. Yet with any fledgling technology whose use cases are still being developed, companies must decide where and how to apply it first to start reaping the biggest benefits.
In a recent study of 767 technology, media, and telecommunications (TMT) executives conducted by Forrester Consulting on behalf of KPMG International, TMT leaders acknowledge that early uses are more likely to be for internal activities like employee onboarding, education, and collaboration.
TMT leaders project that approximately one out of every seven dollars (i.e., 15 percent) of their company’s metaverse investment will be allocated to internal use cases that enable employee collaboration and enhance the employee experience. The report also discusses the strong incentive for investing in the metaverse to boost employee retention. Additional insights include the following:
(present to 3 years out) identified by technology company leaders was employee training and onboarding
believe success with the metaverse includes employees using the metaverse to support customers
believe success with the metaverse includes employees using the metaverse to support internal processes
The technology investments made during the pandemic paid off in terms of employee productivity and collaboration. For example, the tech sector readily engaged automation for transactional tasks, freeing employees to be upskilled to deliver other knowledge-based work that is in high demand but short supply. New technologies, including the metaverse, create opportunities for learning new skills, exposure, and career growth.
No company, however, can afford to rest on its laurels. Emerging technologies must constantly be vetted for their internal and external utility, and the metaverse is no exception as it may be key to the future of work and corporate diversity initiatives.
Start to pilot your metaverse capabilities, knowledge, and readiness internally. You can gain valuable early experience at lower cost and risk than trialing with customers and should be better positioned to compete when the time is right.
Beginning at home means hiring metaverse talent, but also uncovering the hidden capabilities in your own employees. Almost half (49 percent) of TMT leaders say the lack of employee skills is a primary barrier to metaverse adoption. However, companies probably have a cohort of workers who are already gaming in the metaverse or using it in other ways. They can be a rich source of understanding and technical skills that is currently untapped.