VR tech helps promote business growth

It’s been reported that Facebook is about to ship out its Oculus virtual reality headsets, and Google has its own version in the works. By taking all of this into consideration, it’s safe to say that the VR landscape is about to experience growth — and small- and medium-sized businesses should take advantage of this three-dimensional shift. Besides gaining a competitive edge, here are some other reasons to compel you toward embracing virtual reality:

Create your own virtual product prototypes

With the help of virtual reality, you’ll no longer have to rely on manufacturing when you want to see what your product physically looks like and how it might work. These virtual products allow you to make any changes before going through with production. According to Abi Mandelbaum, CEO and co-founder of YouVisit, “Model creation in VR, for example, can save companies time and money, as these types of models or prototypes allow viewers to examine a product and make changes without the time or expense of building a physical model.”

Virtual designs for engineers

Especially beneficial for engineers, architects and other professionals that work with building or engineering large structures, virtual reality helps save both time and money. As an alternative to small models or 2D renderings, VR offers a more immersive experience that helps design and replicate structures.

Virtual tours

Let’s say that you’re a real estate agent showing houses to potential buyers. Your buyers might be in a different state or simply don’t want to spend time going from house-to-house. Virtual reality allows customers to see what the home looks likes in a three-dimensional setting without them having to actually be there.

Showing all the angles of a product

In order to entice buyers into making a purchase, they must first get an idea as to what it’s actually like, and they need to see as many angles as possible — especially for products that customers don’t get to physically touch. With virtual reality, customers are given a better idea of what your product is like. Abi Mandelbaum says that “Virtual reality can allow current and potential customers to explore a product before they commit to making a purchase. Furthermore, VR completely immerses customers, helping place a product directly into their (virtual) hands or empowering viewers to see a product in action.”

Take customers on an adventure

If you are in any tourism or adventure-based business, you can use virtual reality to give customers a taste of what to expect from the attractions. Imagine that you have an amusement park and want to attract customers’ attention. You can opt to offer a short VR replication of one of your rides so people can see whether or not they’d like it. Or if you own a resort or campground, you’ll also be able to create reality versions of whatever activities you offer.

VR has the potential to take your small- and medium-sized business to the next level if done properly of course. If you have any questions about how you can mesh virtual reality with your company, don’t hesitate to send us an email or give us a call. We’ll be more than happy to assist with your queries.

Published with permission from TechAdvisory.org. Source.

The link between big data and profit

Big data. You may have heard of it; after all it’s been putting in an appearance at boardroom meetings across the globe for some time now. But what actually is big data? And what does it mean when applied in a business environment? More importantly, what can it do and how can it help your organization to succeed? And getting down to the nitty-gritty, does the term big data actually mean anything – or is it just another empty industry buzz word? The good news is that it’s not, and using big data can actually help drive profit. Read on to learn more.

So, we’ve established that big data is causing a stir and creating a buzz in companies that are in the know. In fact, it’s become hip to bandy about the phrase whenever one is trying to impress their boss, senior management or fellow co-workers. But like any lingo or jargon that is currently cool, it really doesn’t count for a whole lot if it doesn’t mean anything, particularly in the workplace.

The good news is that, unlike some of the more hackneyed expressions thrown around by those colleagues that are so desperate to impress their seniors, big data does actually mean something. And, more to the point, it can help your business thrive. Big data can help you achieve that end result that everyone in business is chasing: profit.

This is why big data is trending so sharply at the moment – after all, every owner or manager of a small or medium-sized business wants to grow their bottom line. Times are hard in many industries: increasing competition from abroad, the threat of the internet to bricks-and-mortar stores, a difficult economic climate – the list goes on. But what if something as simple as using your business’s data could push you heads and shoulders above the competition, and help turn around that downwards or flatlining arrow on your sales chart and point it upwards in the direction of success?

But before we get to that; what actually is “big data”? Why is it big? Well, we may have said that using data to grow profit is simple but, in actual fact, it’s really not as easy as all that. Big data is used to refer to various sets of data that are so huge and so complex that the traditional methods of processing data are virtually useless. Database management tools and other processing applications become redundant and are just not up to the task of capturing, storing, searching for, sharing, transferring, analyzing, and visualizing data.

Instead of looking at separate small sets of data, big data – as the name implies – looks at larger sets that contain far more information. This enables anyone analyzing the results to cross-check the sets and pinpoint trends, both positive and negative, across the entire business. As a result, owners and managers can make more informed decisions that affect the company in a more beneficial way than is possible by merely looking at small, isolated sets of data.

Big data therefore plays a valuable role in strategy and planning, and also helps troubleshoot worrying or problematic trends that threaten the performance and profitability of the business. Put simply, using big data to assist in making decisions for your company is about being able to see the bigger picture (to use another tired corporate buzz phrase). Decisions made with all the facts at hand will naturally help increase revenue, as opposed to blindly feeling in the dark and making changes to one area or department that may negatively affect another.

There are a number of ways that you can use big data analytics to make better decisions and increase profit. Crucially, it allows you to see what really makes your customers tick. Nowadays many businesses offer different ways for their customers to communicate with them. From email to a website, to phone calls and human interaction, all of these present you with meaningful information about your clients’ behavior. Knowing what your customers rely on you for, how they interact with you, and where they may hesitate or stumble when using your services, provides a wealth of knowledge just waiting to be mined. However, a lot of this data is unstructured and therefore cannot be analyzed using traditional means. That’s where big data comes in: it can help you uncover the information you need to really understand your customers.

Of course it goes without saying that a deeper understating of your customers can help you grow your customer base, increase repeat business, heighten customer loyalty, and reduce bounce rates and the number of dissatisfied customers. But that’s not all – analyzing this data will allow you to develop new products or services, create stronger, more effective marketing campaigns, and create an all-round better experience for the people that matter most – the people you serve.

Want to learn more about big data, and find out how it can have a seriously positive impact on your business’s revenue? Talk to us today – we have the knowledge and experience to help you really get the most out of your company’s intel.

Published with permission from TechAdvisory.org. Source.