Virtual reality (VR) and augmented reality (AR) are booming and more and more organisations are leveraging this technology in HR to increase retention and productivity. The Bank of America Merrill Lynch estimated VR and AR will be a $150 billion industry by 2022. The technology provides digital experiences with games such as Pokémon Go or reality experiences such as the WTC walk by Philippe Petit. An experience so real and intense many have to give up before they even started the VR experience. But the reality technology is beyond gaming only. NASA uses VR to train their astronauts to walk in space and retailers use AR for consumers to see their potential new couch in their own sitting room before they even bought it. The example in the photo is an animated VR demo training at the HRcoreACADEMY, 2016 in Brussels. Virtual reality experiences are also a major consumer trend as also described in 2017 consumer trends and opportunities for HR. Not so surprising because reality technology is extremely powerful. It can simulate almost every situation with an almost real life experience.
1.What is VR and AR?
For those who have never experienced VR this youtube video (see below) provides you with a first impression. Different than a complete virtual reality environment, augmented reality creates and environment with virtual objects in real images. Pokémon GO is probably the most known example using AR technology. The VR technology already exists for quite some time. The first head mounted display was already developed in 1960. But it is only in the last decade the reality technology develops so rapidly and fits the consumer expectations more than ever before. The reality technology seems ready to take off.
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3. What about the cost?
So far many companies were hesitant to apply reality technology because of the complexity and extensive cost of implementation. In the 90’s one could easily spend 60K USD just for the basic equipment. Today an inexpensive VR Headset, a smartphone, an affordable 360 camera and content tooling are enough to not only enjoy, but also create VR content. There are today also easy accessible apps to help create content. Therefore the development, usage and deployment of VR applications in a business environment has become simple and affordable. Some companies choose to make and develop their own VR’s and others use one of the many providers in this field. Time for HR to take charge and build a VR strategy!
Source: Hrtrendinstitute