Augmented Reality (AR) and Virtual Reality (VR) technologies are becoming more common in the business world. It is even more relevant today as more and more businesses are implementing hybrid work arrangements, and thus the need for better collaboration tools is called for.
Many brands are, in fact, looking for ways to implement AR/VR collaboration solutions in order to improve productivity and efficiency, especially among their remote teams.
However, before investing in such a solution, it's important to consider the return on investment (ROI) and how it affects the bottom line of your business.
AR/VR Collaboration Solutions and Its Benefits to Businesses
AR/VR collaboration is a technology that allows people to work together in a shared virtual environment. This can be used for tasks such as product design, training, and marketing presentations.
There are many benefits that businesses can reap by implementing AR/VR collaboration tools. These include:
1. Improved communication and collaboration
The most important advantage of AR/VR collaboration is that it can help improve communication and collaboration among employees who are not in the same physical location.
With AR/VR, people can work together in a shared virtual space, and it allows for a more realistic and immersive experience that can help facilitate better understanding between team members. This can also help reduce misunderstanding and confusion and lead to better decision-making
2. Enhanced work efficiency
AR/VR collaboration solutions can also help improve productivity and efficiency, as they can eliminate the need for travel. For instance, workers in a factory setting can use AR/VR glasses to see real-time data and instructions that can help them complete their tasks more quickly.
3. Increased engagement and motivation
AR/VR collaboration can also lead to increased engagement and motivation among employees. Its immersive nature can make work more fun and more engaging than "traditional" methods of online collaboration, which can help people stay focused and motivated.
How to Calculate the ROI of an AR/VR Collaboration Solution
To calculate the profitability or ROI, you consider the benefits and then subtract that amount from the amount invested. You then divide the result by the amount invested to get the percentage.
For example, if the amount you invested for an AR/VR collaboration solution is $1,000 and the amount you saved is $6,000, then your ROI would be: (6,000 - 1,000)/1,000 = n x 100 = 500%
It's important to note, however, that the ROI of an AR/VR collaboration solution will vary depending on the specific needs of a business, as well as the desired metrics you established to measure its profitability.
For instance, a company that requires its employees to travel frequently for work will see a greater ROI than a company whose employees rarely travel for work.
How to Show a Return on Investment with an AR/VR Collaboration Solution
If you're considering investing in an AR/VR collaboration solution, it's essential to first understand how you can show a return on investment (ROI) to your key decision-makers.
1. Employee productivity
Among the most apparent ways to show a return on investment is by demonstrating how the solution can improve employee productivity.
For instance, if you can show that employees who use the AR/VR collaboration solution are able to complete tasks more quickly or with fewer errors, then this will demonstrate the positive impact of the solution on productivity.
2. Employee engagement
Another way to show a return on investment is by demonstrating how the solution can improve employee engagement and satisfaction.
For instance, if you can show that employees who use the AR/VR collaboration solution are more engaged and motivated, then this will demonstrate the positive impact of the solution on employee satisfaction.
3. Cost savings
Most importantly, you can show a return on investment by demonstrating how the solution can lead to cost savings. For instance, if you can show that the AR/VR collaboration solution eliminates the need for travel, then this will demonstrate the positive impact of the solution on costs.
Each business is unique, however, and as such, showing the ROI of an AR/VR collaboration solution will vary depending on the specific needs of a company. It's important to tailor your ROI analysis to the specific needs of your business in order to convincingly demonstrate the value of the solution.
Factors that Influence the Cost of AR/VR Collaboration Solutions
The cost of an AR/VR collaboration solution varies depending on a number of factors, including the specific needs of a business and the size and complexity of the solution.
Some of the most common factors that influence the cost of an AR/VR collaboration solution include:
1. The number of users
The number of users who will be using the AR/VR collaboration solution will also influence the cost of the solution. Solutions that are designed for a large number of users will typically be more expensive than solutions that are designed for a small number of users.
2. The type of hardware required
AR/VR collaboration solutions can be implemented with a variety of different hardware options, from mobile devices to dedicated headsets. The type of hardware required will influence the cost of the solution.
1. The level of customization
The level of customization required will also influence the cost of the solution. Solutions that require specialized software and features will typically be more expensive than solutions that use off-the-shelf solutions.
What Are Some Examples of AR/VR Collaboration Platforms?
There are a number of different AR/VR collaboration platforms available on the market, each with its own unique features and benefits. Some examples include:
1. Spatial
Spatial is a virtual gallery that also functions as a collaborative space for artists and creators. With Spatial, you can host events such as meetings, exhibitions, and virtual meetups. As a collaboration platform, Spatial has the capability to screen share, file share, and more. It's a good option for creative industries to have an all-in-one space for all their hosting and collaboration needs.
2. Horizon Workrooms
Horizon Workrooms is Facebook's VR collaboration platform in partnership with Oculus. As such, you would need a compatible Oculus VR headset for you to use Workrooms.
It's still in beta mode as of this writing, but with the kinds of collaboration features it offers, such as being able to replicate your own computer (and files) on VR, it holds a lot of promise for immersive collaboration.
3. Arthur VR
Arthur VR is a virtual office space that's geared towards enterprise collaboration. It also offers more than a space for collaboration: with Arthur, you can host content creation workshops, employee training, and more. This is a good solution for brands needing more sophisticated and more complex collaboration features.
4. Hubs
Hubs is a virtual chatroom by Mozilla that uses mixed reality (XR) for communication and collaboration. With Hubs, you can instantly create virtual spaces for your teams, as well as share various types of media, including 3D models.
It's among the most straightforward platforms available, and it's an ideal solution for brands who want to get a headstart on AR/VR collaboration.
5. Glue
Glue is another enterprise-level AR/VR collaboration platform that offers a variety of toolkits for better online productivity and communication: a virtual workspace, whiteboards, the ability to create and share freehand 3D drawings, and many more.
The platform is also highly customizable and flexible, offering scalability to brands looking to expand their virtual teams.
Choosing the Best Partner for Your AR/VR Collaboration
AR/VR collaboration solutions may require some level of investment, but their benefits and scalability far outweigh the initial costs. And while the ROI of your AR/VR collaboration platform is contingent on the unique needs of your brand, choosing the right partner is a huge factor.
