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What Augmented Reality and Virtual Reality brings for Business ?

The new edge customers are always looking for something more from the technology that they use. Augmented Reality is a promising technology which is intended to provide not only a comfort but also a greater user experience.

Augmented reality (AR) is not just a dreamy technology tool of future, but also a thrive for other disruptive technology tools like Blockchain, Cognitive Computing, 5G, IoT, Quantum Computing, Artificial Intelligence, API platforms, Chat bots and many more.

What’s New for industries/ sectors?

A. Banking:

AR/VR can create a virtual digital bank branch where customers can be engaged and provided a much insights, and a more personalized attention with virtual assistance. It can enable customers with a 360 degree view of their current position, various status of their requests, new offerings and many more. Some of the key functions where VR will be forming an impact is the documentation (filling of forms). Customers will have a personalized chat with any bank personal for any service.

B. Insurance:

Insurance companies can utilize AR technology, when it comes to investigation. The environment that an insurance professional is a part of can easily be analysed, collected and recorded on a real-time basis. Hence, making the work more comfortable, efficient and better result oriented.

With the introduction of devices and complex equipment being insured in industrial settings and the need to make quick assessments of weather-related damage – the insurance industry is definitely in need of solutions to overcome such challenges.

C. e-Commerce and Retail:

AR/VR app will help customers to have a personalized interactive experience with products to know about the price, special offers, manufacturing date, expiry date, type of ingredients used for preparing etc. Imagine customer walking through the aisle of products with a smart mobile; customer will be enabled with store offers, discounts, and special prices.

D. Fashion and Clothing:

Fashion and beauty brands will provide a 3D / 2D visual affect to show case a personalized view to customer. Virtual image can be shared with friends, relatives near and dears as well as other legitimate partners. Any customization need of dress materials can be carried virtually, tailors. Beautician can provide their feedback to customers there by creating a faster feedback cycle, as well as help selecting the best fit products.

E. Real Estate:

Buying a new Home, designing own home or selecting a new apartment or refurbishing an old home will be an easy process for customers. A 3D/2D view of the estate will help customers to get a much realistic image. Customer will have a single augmented view of establishment, and the virtual reality to compare price with others, get a visual effect of interior, exterior as well as near about place view by sitting at one place. This will create a competitive market for all as well as germination of fast come fast serve process. Creating a customized home or infrastructure layout will be an easy task for the Architects. Clients will have a blue print image of their prospective home. Electrification, electrical wiring, Water Supply pipes, Cooking Gas Supply pipe, Fire extinguisher process installation, sensors for security a CCTV installation process can be envisaged before the actual work. This helps in reducing of rework. Clients can select different options before the actual work begin, so that a better price negotiation can be carried out as well as it will avoid the future conflicts.

F. Interior Design:

Selecting a perfect furniture, colours for walls, accessories for home décor will be much more realistic. Customers will be enabled with designing their closest and adapted interior to provide an enriched ambience to stay. Designers can help owners in providing ideas to customize their home as well as calculate a near real cost (material/ labour). The blue prints of interior design can be accomplished easily.

G. Education and Training:

Today AR/VR help in delivering a realistic tutorial to students through psychological and physical presence of imperative impressive real-life simulations in a safe environment. The AR technology will help in building an interactive engagement model of teachers and students keeping the ground of physical class room, schools or college or education institutions. The VR technology will help in providing a simulator based virtual labs for practical experiments keeping the scientific breakthrough labs. This will help in reduction of physical infrastructure of setting of Labs.

Going beyond of primary schools to the aviation, transport, automotive industry AR/VR can help in providing a simulator based training program to provide a real-life effect based training enabled with virtual assistance will boost the training retention and performance.

The VR technology will help in transforming the books to a virtual library formed of 3D watch impressive videos of museum. A museum enabled with all virtual tours of historical events, monuments, geographical views, scientific mechanised machines and many more. It can offer special events with multiple tourists visiting in a standardized manner.

H. Medicine and Healthcare:

AR apps are already used for a variety of tasks, from helping patients to identify their symptoms to enabling surgeons to peer inside a patient's body without making large incisions. The VR application software and medical images already providing a simulator based imaginative capabilities for executing the major operations. Surgeons are able to plan ahead and avoid previous unforeseen issues. This has helped in reduction of complications in patient health and promote a faster recovery.

The amalgamation of AR and VR has proven itself as one of the key factors in diagnosis and treatment of patients.

Integrating AR/VR to the surgical gloves, devices with remote access can create more impression in the medical history, where robot mechanical hands will act as a helping hands and surgeons can execute the operations from a remote location.

I. Manufacturing and Operational Safety:

AR technology can simplify and fasten the processes at factories. AR can enable engineers to demonstrate prototypes, which can be used in a high budget constructions. AR can act as a helping hand for the field workers by providing a real-time data that helps to reduce errors and improve accuracy, safety, and quality. VR technology will enable the workers the specifications, help documentations, so that the field workers will get a virtual assistance to carry forward the work.

The amalgamation of data, inferences and the help documentation will create a safe environment for the field workers in the sub floor action.

AR/VR can enable the technical specifications of any instrument or machine for an automobile sector, so that buyer can make an expert decision.

J. Tourist and Travel:

Hospitality, Tour & Travels includes various transportation modes, hotel bookings, hospitality, tours as well as local experiences like food and beverages. AR/VR can create an opportunity for tourism sector by providing a pre or advance notifications based on the trends as well as an immediate or instantaneous help for the travellers.

VR technology can help in providing a virtual view of the place, there by tourist can make use of the technology to get the missed photos and create a memorable moment.

K. Gamification:

AR/ VR can bring a virtual world of games and fun for friends and family. It can be an interactive board game or a visually adventurous game where multiple people can take part virtually. With AR and power of mobile gamming apps this virtual world can be created.

AR /VR technology can bring the creativity, analytical, exploration skills within children. However it is always recommended for a parental guidance.

More for the future!

Augmented Reality and mixed reality of virtual and physical enable users to undergo the transformation. The other disruptive technologies of Blockchain, ChotBot, 5G, Cognitive, Voice etc. amalgamated with AR/VR will change the digital world. It can be considered as one of the pillar which has the capability of changing the game and take the current state to a future state which is beyond imagination.

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Comments: (2)

Joris Lochy
Joris Lochy - Monizze | Capilever - Brussels 30 September, 2020, 16:23Be the first to give this comment the thumbs up 0 likes

Very interesting article. Indeed AR/VR can give some interesting opportunities, but today it's still mainly used as a gadget or marketing stunt. Am curious when it will become a day-to-day tools in the financial services industry, which really brings added value to bank/insurer employees and customers.

In May of last year, I published a similar blog, describing the possibilities of AR/VR in the Financial Services industry, i.e. https://www.linkedin.com/pulse/can-augmented-reality-make-daily-banking-more-pleasant-joris-lochy

Saurabha Sahu
Saurabha Sahu - Wipro Limited - Bangalore 01 October, 2020, 08:37Be the first to give this comment the thumbs up 0 likes

Interesting Article.. 

Saurabha Sahu

Saurabha Sahu

Senior Solution Consultant

Wipro Limited

Member since

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Bangalore

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This community aims to provide links, resources, book suggestions, tips and insights to facilitate learning and development of IT professionals in financial services, and to develop a forum for IT professionals to exchange views on various related items.


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