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Home Business A guide to unleashing the power of AI, VR, and AR in business

A guide to unleashing the power of AI, VR, and AR in business

by Jessica Weisman-Pitts
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A guide to unleashing the power of AI, VR, and AR in business

By Andy MacMillan, CEO of UserTesting

Modern technology is at a crossroads, and in a contradictory position. In my experience, tech innovations raise just as much marketplace attention as they generate public scepticism and caution. There are also inevitably plenty of questions about why anyone needs the new technology. In some cases, as I’ve seen plenty of items in my career, companies are just too early to market.

The hype around emerging technologies like artificial intelligence (AI), virtual reality (VR), and augmented reality (AR) are perfect examples of this conundrum in action. Just like the lightbulb, the car and the iPhone, questions are being raised about whether these new technologies will soon become everyday tools. Are they today’s hype or tomorrow’s game-changer?

I think AI, VR, and AR are more likely going to reshape how businesses interact with customers. They simply have too much promise for companies not to cover their bets and begin exploring how they can help move their business forward.

But how can businesses prepare for what could be the next big thing, without risking resources on what could turn out to be a damp squib? Here are three pieces of advice I’d give to senior executives:

Put in the work to build customer trust

The World Economic Forum says that modern organisations need to show that their AI systems are responsible, fair, ethical, and easy to understand – basically, they need to be trustworthy. The public is still wary about AI’s disruptive potential; a survey by Forbes Advisor found that 76% of consumers worry about misinformation from AI tools like Google Bard, ChatGPT, and Bing Chat.

Businesses need to be sensitive to possible trust issues as they roll out these new technologies. It’s important to be open about how they will be used and to reassure people about privacy and other common concerns.

Dare to innovate and take customers along for the ride

Companies that can figure out how to harness these technologies to develop new, more immersive customer experiences will have an advantage over their competition. It’s a race to start designing those experiences, taking the opportunity to be bold and adventurous in shaping the customer experience.

It’s important to begin designing these new experiences sooner rather than later to gain the advantages of early adoption in your market. In the important stage between planning and designing, make sure you speak with customers to ensure the product fits their needs.

Securing that customer validation will build customer loyalty, as customers will know they can trust your brand to meet their needs time and again. This collaborative approach with customers is also crucial for overcoming any doubts or scepticism people might have about these new technologies.

Embrace reality: these technologies have the potential to be big

AI algorithms, with their capacity to process huge amounts of data, derive insights, and continuously learn, present an unparalleled opportunity to enhance business operations and customer interactions. Forrester analyst Christina McAllister emphasises the groundbreaking nature of these AI advancements, declaring “These advancements in AI are truly revolutionary… We’re witnessing a pivotal moment in AI unfold right before our very eyes.”

VR and AR in particular took a huge step forward when Apple recently released its Apple Vision Pro, dubbed the “first spatial computer.” This device seamlessly merges augmented reality content with the physical world, delivering what Apple says is a unique new digital experience. Given Cupertino’s track record of successful products, the Vision Pro and Apple’s strategy in this realm is undoubtedly intriguing. Time will be the ultimate decision maker but, considering Meta’s success with social media platforms in the past, it’s likely that these technologies will play a big role in the future. Companies disregarding them at this early stage would do so at their own risk.

The above three recommendations highlight the need for companies to proactively engage with these new technologies. The future is uncertain, with lots of potential for economic disruption. Ignoring the potential of tech innovations like AI could mean falling behind, and that’s something businesses can’t afford in today’s challenging economy.

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Jesse Pitts has been with the Global Banking & Finance Review since 2016, serving in various capacities, including Graphic Designer, Content Publisher, and Editorial Assistant. As the sole graphic designer for the company, Jesse plays a crucial role in shaping the visual identity of Global Banking & Finance Review. Additionally, Jesse manages the publishing of content across multiple platforms, including Global Banking & Finance Review, Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune.