The industrial and enterprise metaverse has arrived, with a clear appetite for transformative technologies such as extended reality (XR) and digital twins to drive business objectives. Ernst & Young (E&Y) conducted a study in June 2023, shedding light on this trend. Vincent Douin, Executive Director of Business Consulting and Business Transformation at E&Y, emphasized the tangible benefits organizations are witnessing as they move beyond planning and into implementation.
E&Y’s “The Metaverse at Work” study made it evident that early metaverse adopters, especially in industrial and enterprise sectors, are already reaping rewards, believing strongly in the staying power of metaverse technologies. Remarkably, 94% of companies yet to embark on their metaverse journey intend to do so within the next two years. The question now is where this journey begins and which computer tools will transform digital dreams into reality.
The E&Y study delved into four industry sectors—automotive, industrial goods and manufacturing, transportation, supply chain and logistics, and power and utilities—to uncover the driving forces and potential advantages of metaverse technologies.
The study highlighted that the enterprise metaverse is propelled by the need for improved digital collaboration and communication tools. It envisions encompassing core productivity applications critical for business operations and enabling the next generation of virtual connections. On the other hand, the industrial metaverse centers around the fusion of physical and digital realms and human augmentation, with a focus on industrial applications. This includes creating digital representations of physical industrial environments, systems, processes, assets, and spaces that participants can control, monitor, and interact with.
Digital representations are likely to play a pivotal role in this transformation. In May 2023, Jim Heppelmann, CEO of engineering design and manufacturing software provider PTC, outlined a strategy to evolve beyond its CAD heritage. PTC aims to support customers across various industries through the demands of the next generation of digital transformation. This evolution involves integrating technologies related to design, manufacturing, data management, and collaboration into a digital thread that binds together the entire digital transformation journey, from concept to design, manufacturing, operation, and service. Importantly, this digital thread will bridge the gap between the physical and virtual worlds, addressing spatial challenges in engineering, manufacturing, and field service operations.
While there’s no one-size-fits-all wearable device suitable for all hazardous environments and an eight-hour shift, it’s only a matter of time before such solutions emerge. Reports suggest that a major German automotive manufacturer is planning to introduce augmented reality into its service centers globally in the near future.
In this rapidly changing landscape, Heppelmann believes that industrial companies, not just PTC, are entering a transformative period—one that holds immense promise, whether it’s in the physical or virtual realm. Change is on the horizon, and it can indeed be for the better, especially as businesses embrace the potential of the metaverse and its transformative technologies.
