Why metaverse, ‘total experience’ and evolution of 5G are shaping 2023
The metaverse, ‘total experience’ and the evolution of 5G are among the technological trends shaping 2023 and beyond. In this article, Mysore Madhusudhan, Executive Vice President for Collaboration and Connected Solutions at Tata Communications, explores how business leaders are leveraging these technologies to reinvent their organisations.
A different dimension to the ‘virtual’ world of work. Human to everything (H2X) hyperconnectivity. Networks 1,000 times faster than what’s possible today.
All of these are visions from the near future. As leaders reflect on reinventing their business, these technology trends are set to shape their world.
Human-to-Everything (H2X) hyperconnectivity drives transformation
Experimentation with 6G is already underway. While commercial usage of 6G is distant, in 2023, many businesses will start realising the transformative capabilities of 5G and its impact on their organisation.
Human-to-Everything (H2X) connectivity is the next frontier. As more and more devices become connected to the internet, and to each other, people will be able to interact in new and more powerful ways. Anything can be connected, from employees to factory floors, vehicles, remote sensors, and more.
A growth in standalone (or private) 5G networks will drive this, enabling new and immersive experiences that were not possible before. Imagine using augmented reality (AR) on a vehicle manufacturing line to help assess faults in real-time. By bringing improved efficiency across the value chain, connectivity will act as a catalyst for further growth.
We can see this in action, with the number of devices connected to the Internet of Things (IoT) predicted to reach 30.9 billion by 2025, according to Statista.
“Whether it’s from a mobile device or a controlled private location, IoT has allowed organisations to interact on a larger scale.”
Connecting ordinary objects such as security systems and smartphones enables businesses to compete in the future, with data to power up decision-making.
For instance, there are already examples of sensors being used to monitor warehouse stock levels alongside GPS-enabled shopping carts. It’s a win for consumers who have guaranteed access to the goods they want – and it’s a win for retailers who can anticipate demands more precisely and manage stock levels accordingly.
Eventually, 6G is expected to allow even faster speeds and capacity than 5G by several levels of magnitude. For instance, 6G internet will aim to support one microsecond latency communications – 1,000 times faster than what’s possible with 5G.
Some other potential applications of 6G internet include an integrated space-air-ground-sea network for truly global network coverage, and more efficient wireless access points which can handle more users simultaneously. Mobile edge computing will also be built directly into all 6G networks, pushing the limits of Artificial Intelligence (AI) beyond what’s possible today.
Reimagining workspaces within the metaverse
Immersive experiences will transform how and where we work. Collaboration will benefit immensely, bringing together colleagues regardless of location in a new virtual world.
The idea of putting on a virtual reality headset for work may still seem farfetched. But following the launch of Meta Workrooms, we’re at the very the start of the adoption curve.
“The growth of metaverse will be augmented by how different technologies interact and work together, along with the emergence of new applications.”
This will act as a driver for experimentation of new workplaces in 2023.
Communication in the metaverse will eventually feel natural and intuitive. Sharing ideas and collaborating on tasks in a virtual space will be commonplace – the possibilities for business are limitless. Using metaverse for contact centres for example, could totally change the way a business engages with customers.
By 2027, more than 40% of large organisations will use a combination of Web3, digital twins, and spatial computing in metaverse-based projects, according to Gartner’s ‘Top Strategic Technology Trends 2023’. While it will be interesting to see how these innovative technologies integrate into company roadmaps, it is imperative for businesses to have the right strategy to implement metaverse in their operational structure. A clear objective on what the organisation wants to achieve should be the starting point.
Businesses striving to unlock ‘total’ experience
Customer experience (CX) and employee experience (EX) will evolve to meet the ever-growing expectations of users. A clear vision for ‘Total Experience’ (TX) – a strategy which brings these two areas together – sets businesses up for success in the digital era.
“TX is more than just taking care of customers; it means providing an excellent environment for employees and all users, supported by interconnectivity and data.”
By focusing on TX, an organisation can instil advocacy, drive growth, and deliver wider transformation.
Customer Relationship Management (CRM) is a key component to TX. Best practice CRM is supported by three pillars: innovation, AI and sustainability. Driven by the focus on a digitised and personalised user experience, these three focal points must shine through a company’s contact centre operations and employee collaboration strategies.
The benefits are clear: businesses that improved TX increased sales revenues by two to seven percent, and profitability by one to two percent, according to McKinsey research.
Developing a sustainable omnichannel strategy will help businesses build on these three pillars. True TX will drive revenue while also aligning to the digitalisation of customers.
The trends shaping 2023 and beyond underline the growing complexity in our world, underpinned by the interconnectivity of people and machines. AI and automation will help us understand the masses of data from these connections. But ultimately, it’s about how to better serve the people you do business with.
To learn more about enterprise trends to expect in 2023, click here.
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