Quick take:
- Companies using the industrial metaverse in production have managed to cut capital expenditure by 15%.
- Sustainability levels are also up 10% while safety has improved by 9%.
- According to the study, 80% of the early adopters surveyed believe the metaverse will have a significant or even, transformative impact.
A new study sanctioned by Nokia and EY indicates that the metaverse is having a significant impact on the supply chain. According to the report published Monday, the industrial metaverse and enterprise metaverse segments of the industry have made significant progress despite the actions taken by some of the leading players like Microsoft.
This February, the US technology giant dissolved its industrial metaverse division barely four months after constituting the team, citing revenue challenges. However, based on the latest study, it seems the company may have pulled the plug prematurely.
Nokia and EY sanctioned a joint study that surveyed sought the opinion of 860 company executives from the US, Brazil, UK, Germany, Japan and South Korea. The study focused on four main sectors including automotive; industrial goods and manufacturing; transportation, supply chain and logistics; and power and utilities.
The report has come out on the heels of Apple’s launch of the Vision Pro AR/VR headset. Although Apple refused to introduce the word metaverse during the keynote presentation at the WWDC, some of the use cases showcased in the demo are close to how Nokia’s and EY’s report describes the metaverse.
The report describes the metaverse as “a fusion of the digital and physical worlds”. It also goes on to say that the enterprise metaverse is “driven by demand for better digital collaboration and communication tools,” adding that it “will envelop the core productivity applications that make business function and allow for the next generation of virtual connections”.
According to the early adopters polled in the survey, 80% said the use cases tested will have a significant or even a transformative impact on the supply chain. Some of the notable benefits that companies realised include a 15% reduction in capital expenditure, 10% sustainability and a 9% safety improvement.
Commenting on the report, Vincent Douin, EY Executive Director, Business Consulting and Business Transformation, said: “The industrial and enterprise metaverses are here. This study shows a clear appetite for these technologies, such as extended reality and digital twins, to achieve business goals. We are already seeing many organisations going above and beyond the planning stages and recognising tangible benefits from their initial implementations.”
On the other hand, Thierry E. Klein, President of Bell Labs Solutions Research, Nokia, expressed his delight for the companies that have shown belief in the power of the metaverse, for both business, enterprise and industrial applications.
“This strongly aligns with our vision that the Industrial Metaverse is an extension of Industry 4.0. Consequently, those who have already implemented mission-critical communications networks for Industry 4.0 are now well placed to experience the benefits of the Metaverse that clearly some companies are already seeing,” Klein added.
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