According to a study by Autism Speak and the CDC, 1 in 59 children in the U.S has autism. While children and adults with autism have verbal, behavioral, and social skills challenges, they also have unique identities and preferences like anyone else. Some people with autism who are minimally verbal or non-verbal use iPad and voice apps to speak for them. Also, they use iPads as an educational tool every day. Tech like the iPad has led both parents and the autism support team to embrace virtual reality. Today, more and more counselors, therapists, teachers, and parents are leveraging Virtual Reality as a therapy tool to help autistic people to communicate and connect with the world around them better. For example, the Center for BrainHealth and the Child Study Center at Yale University’s School of Medicine used VR to help young adults with autism achieve economic and social independence.
Additionally, the technology is helping non-autistic people clear some misconceptions about autism and understand the reality of living with the condition.
While VR has been gaining attention recently, it was used for therapy as early as 1996. The studies in the 90s were promising, but VR was expensive, and headsets were bulky and uncomfortable, which was a major hurdle for people with sensory disorders. All these issues prevented VR therapies from becoming a viable option for people with autism.
Today, VR technology is not just cheap and accessible. The VR headsets are lighter and more comfortable too. So, researchers are studying the potential of Virtual Reality as a treatment tool for autism more than ever before.
Uses of VR in Autism Care
1. VR Apps
At the University of Haifa, researchers have created a VR app that trains kids to cross a road safely. This app simulates what it would be like to cross the road with cars and traffic lights. The interesting part of the app is that it allows kids to practice crossing the street without the real-world consequence of being hit by a car. Kids can practice each step as long they need and reduce the risk while learning a new skill.
Floreo is a VR learning and social skills app that therapists, parents, schools can use and support staff to help kids with autism. This app helps children learn social skills like reciprocity and planning for unexpected situations through social stories. It also helps them detach emotionally with interactive virtual sensory tools. The app can be installed on a smartphone or tablet with a Google Cardboard headset. It comes with a good data capture system making it easier to track individual goals.
2. VR Games
Teachers recommend that parents play games with autistic kids to help them learn to mimic skills like sharing and back and forth communication. Generally, autistic people can find it difficult to make eye contact or have a two-way conversation between people. This struggle can unintentionally push others away. VR games such as Playground, Astropolis, and non-VR software such as SketchUp use the VR motivator as both play and learning opportunities.
- Astropolis puts players in a spaceship to fly, using resources to ensure space colonies are happy and functioning. Players can collect and manage the resources and defend the colony as well.
- Maritime Defender is yet another mini-game they can practice letting pilots through a wormhole or not allowing them to pass through. This helps with decision-making and control-based skills.
- Stellar Prospector and Starjack improve perception and thinking, and autistic people are encouraged to play this game.
- Sketchup, a 3D architectural and designing software, helps draft objects and structures. It gives autistic kids and adults a creative outlet not found in any school setting.
Other VR games such as Vivecraft, Tilt Brush, and Medium also help build things in 3-D and 360-degrees without the real-world challenges like running out of supplies or messing up, or having to start fresh. These games do not get autistic people direct jobs in coding, architecture, art, and design, but ignite their passion and encourage them to pursue a career in those fields.
3. Tackling Phobias
Virtual reality can tackle phobias in autistic kids, such as fear of classrooms, balloons, animals, and public transport. Cognitive Behavioural Therapy(CBT), along with visualization and imagination, can combat the effects of these phobias.
Using VR, participants enter a “Blue Room” and navigate through a 360-degrees video projection of a scene usually accompanied by audio that replicates the object or experience they fear. Here the participants do not have to wear goggles as the therapist manipulates the scene using iPad controls. Also, the therapist uses CBT techniques to calm the participants when exposed to their phobias.
The VR technology enables therapists, medical professionals, and parents to leverage it to help people with autism learn differently and improve their communication skills.
How Various Industries are Leveraging AR, VR, and MR Today?
Augmented Reality (AR), Virtual Reality(VR), and Mixed Reality (MR) may sound the same to many of us. But do you know that each one is different? AR, VR, and MR are different tech concepts with characteristics that differentiate each from one another.
Here’s what you need to know about each of the technologies, along with a few examples.
Augmented Reality uses computer vision along with mapping and depth tracking to show the appropriate content to the user. This functionality allows the cameras to collect, send and process the data to show the appropriate content to the user.
AR is designed for unrestricted movement while projecting images or other objects that you are looking at and enhances the user’s physical environment with contextually relevant digital content in real-time. A user can experience Augmented Reality with a smartphone or special hardware.
Watch Video: Augmented Reality in Education Transforms Learning Experience
Some of the interesting real-world examples of AR
1. AR in Gaming
Games like “Pokemon Go” project a Pokemon on your screen, on top of whatever your mobile camera focuses on. Augmented Reality has beautifully combined the real world with the favorite Pokemon characters.
2. AR in Medical Training
Augmented Reality is finding its virtue in medical training today. For example, students at the Cleveland Clinic, Case Western Reserve University are learning human anatomy using AR headsets or glasses. AR allows them to examine the human body without the need for dissecting cadavers or watching live operations.
3. AR in Retail
The retail sector also has been taking advantage of AR to help customers have a more enjoyable and interactive shopping experience. For example, Harley Davidson has developed a unique mobile app for its customers that allows them to view a motorcycle in-store using AR and customize it by adding accessories, changing paint jobs, etc.
IKEA, the leading retail conglomerate, has rolled out AR-powered retail apps that allow customers to “try on” clothing remotely before buying them online.
4. AR in Manufacturing
Augmented Reality enables the manufacturing industry to gain a competitive edge by helping companies improve quality and productivity. Workers can get assistance from AR gadgets to save time, reduce errors and increase efficiency. Some of the world’s biggest brands like Boeing and General Electric are already using AR in their manufacturing processes.
Using AR glasses allows Boeing’s technicians to easily view the wiring renderings in the aircraft fuselage without external distractions.
Augmented Reality enables GE mechanics to be more productive as the technology offers them step-by-step instructions and visuals directly within their line of sight. They also get alerts in real-time through AR smart glasses so that they can inspect every step before moving on.
Virtual Reality Environments (VREs) allow users to experience real-life scenarios via simulated counterparts and gain practical knowledge that would otherwise be difficult to comprehend in a real environment.
As the main focus of Virtual Reality is on simulating the vision, you will have to wear a VR headset such as Oculus Quest or HTC Vive Cosmos in front of your eyes that eliminates any interaction with the natural world (avoids distractions). Typically, two autofocus lenses are placed between the screen and the user’s eyes. The lenses adjust based on the individual eye movement and positioning. To render the visuals on the screen, you can use an HDMI cable connected to the PC or mobile phone.
Virtual Reality uses speakers, goggles, and even handheld wearables to simulate a real-world experience. You can also employ visual, audio, and touch simulation to create a more immersive reality.
A few real-life applications of VR
1. VR in Education
Virtual Reality can make learning more engaging and immersive. In addition to schools and universities, virtual experiences can help businesses train their staff. Currently, Unimersiv is offering VR educational content for institutions and companies.
Case Study: Using 360-degree VR simulations, the University of North Carolina offers an immersive campus touring experience to aspiring students. Download now!
2. VR in Real Estate
For years, real estate agents have used photos and graphic designs to showcase properties to prospective buyers. Today, Virtual Reality has transformed real estate property tours, making them more personalized, immersive, and close to reality. Being an immersive technology, VR enables potential buyers to experience a 3D walkthrough and understand better what each property has to offer even before scheduling a physical site visit.
For example, Sotheby’s, one of the world’s leading luxury realty brands, offers Virtual Reality home tours and videos to its clients. Potential buyers can view properties and spaces from the comfort of their homes using a web browser, or a smartphone, PC, laptop, or through a wearable headset.
3. VR in Marketing
VR is helping businesses reach out to their audiences by launching immersive and engaging marketing campaigns. With the COVID-19 pandemic compelling people to shop online and companies to transform digitally, Virtual Reality is gaining more popularity as it is helping people get a feel for products without leaving their homes.
For example, IKEA has introduced a VR app that enables users to experience kitchen remodeling. Using the VR Kitchen app, you can explore the virtual kitchen and interact with the objects using a VR headset.
4. VR in Healthcare
Virtual Reality helps doctors understand their patients’ needs better as it provides an in-depth look into human anatomy. Today, VR is extensively used in surgical training.
An educational project conducted by the University of New England (UNE) successfully used VR to teach empathy to medical and health profession students. The project used a VR tool called “Alfred Lab app” – to teach students about macular degeneration and hearing loss from a 74-year-old African American man’s perspective. Realizing an aged and ailing patient’s thoughts and concerns enables the residents to develop empathy towards such patients.
5. VR in Travel and Hospitality
The travel industry is facing the hardest time ever in its history. However, vaccination rollouts on a global scale and international travel relaxations now give a fillip to travel, tourism, and hospitality. An early adopter of digitalization, the travel industry has already forayed into Virtual Reality. Travel businesses attract tourists and even promote holiday destinations through virtual staging and tours. Virtual Reality also allows people to explore the world virtually, especially those who cannot afford to travel.
Google StreetView is one of the best examples of how VR is being used in the travel industry. In addition to viewing panoramic images on a computer, it allows users to enable Google Cardboard mode for a Virtual Reality experience.
Mixed Reality, sometimes known as hybrid reality, combines the elements of both AR as well as VR. However, here the virtual content is not only overlaid on the actual environment but is fixed to and interacts with that environment. In simple terms, Mixed Reality lets you see virtual objects just like Augmented Reality, but these objects are capable of interacting with the real world. In simple words, Mixed Reality is more like immersive and interactive Augmented Reality.
MR is still in its nascent stages and may take time to create an impact like the other two technologies. One of the most remarkable Mixed Reality apparatuses is Microsoft’s HoloLens.
Opportunities provided by Mixed Reality
1. MR in Education
Mixed Reality allows students to see both the real world as well as the holograms. MR offers an immersive learning environment enabling students to understand better.
Case Study: Find how Fingent developed a unique Mixed Reality application for a leading university that enables users to identify people using facial recognition. Download Now!
2. MR in Manufacturing
Mixed Reality provides workers with real-time assistance, thereby facilitating manufacturing processes. The technology allows workers to see holographic instructions, so they know what to do. This minimizes human errors and improves quality significantly. Mixed Reality is also helpful for repairs and maintenance, especially in industries that require precision and expertise.
For example, Renault Trucks integrates Mixed Reality into its manufacturing process for enhancing engine quality control at one of its factories.
The blurring line between physical and virtual
While Virtual Reality takes you to the virtual world from wherever you are, Augmented Reality adds to the reality by projecting information on top of what you see. Mixed Reality combines both AR and VR. All these technologies, though powerful, are yet to make their mark with consumers. That said, they can completely change the way we use computing devices, gadgets, and technology in the future.
Are you thinking about delivering immersive virtual experiences to your customers that can overtake physical encounters? Talk to our reality tech experts today.
Add More Zest to Your Ecommerce Marketing and CX with 3D Web Configuration
Having a digital infrastructure is inevitable, but it just isn’t enough to keep up with the competition. Achieving business success is about “wowing” your e-commerce buyers. In the post-pandemic world, businesses must find engaging and innovative ways to increase customer satisfaction and experience. A recent Frost & Sullivan study showed that by 2020, customer experience would overtake price and product as a key brand differentiator. True to this, business in 2020 was entirely driven by customer experience.
View Infographic: Business Technologies to Boost Customer Experience and Satisfaction
Local shoppers switched to online shopping, door deliveries were encouraged, telemedicine became more popular, mobile and internet banking users increased, and even classrooms became virtual.
So, how do you “wow” your customer in this age of online shopping? By giving them as close to the real experience as virtually possible!
How do you do that? With a 3D configurator!
A 3D product configurator allows your customers to see exactly how your product looks, acts and feels. It gives them a personal connection with their potential purchase. 3D configurators have become an integral part of the sales process and rising customer expectations during the pandemic, making it vital for specific industries.
This blog helps you understand what a 3D web configurator is and how it can help increase your e-commerce sales and boost customer satisfaction.
What is a 3D Web Configurator?
In the past, customers were satisfied to see a static photograph that they could easily zoom in and out. However, with the changed circumstances and digital development, customers would like to view how various product designs or features would look in real-time, allowing them to spin, zoom, scroll, and rotate. That is precisely what a 3D web configurator allows your customers to enjoy.
A 3D web configurator is defined as an interactive tool powered by 3D models that lets your customers personalize a product to their specifications in real-time. Plus, it allows them to choose custom options and watch them transform instantly, and receive estimates of the costs based on their customizations.
This service gives your customers the feel of being at your store because it gives them the ability to get the feel of the product, such as the color, texture, and other aspects of your product. Customers can watch it from any device without using plugins.
Essentially, 3D configurators are not just for retailers and car companies. All industries that sell customizable products can benefit from letting their customers see how their products look in real-time. Once this service is implemented, you can increase your ecommerce sales and boost customer satisfaction.
How does a 3D Web Configurator Work?
A 3D web configurator accomplishes two pertinent e-commerce goals:
- A detailed exploration of your products
- The ability to customize the product to a customer’s specific needs
When your customers have not zeroed in on a particular product, your 3D configurator steps in to display different combinations and options for that product to inspire them to make an informed decision. In effect, your 3D configurator will help them check out the colors, styles, material and combine them in different ways until they create a personalized product. Then, as they mix and match their specifications, your configurator will allow them to see their combinations in 360-degree, in real-time mode, along with the price. Such precise control over their product will encourage them to make a purchase.
How 3D Web Configurators Boost E-Commerce Sales and Customer Satisfaction?
1. Enable omnichannel experience
As mentioned at the outset, 3D configuration solutions do not require a third-party plugin which limits the number of customers who can view your product. Above all, it can be formatted for events or used in interactive stores as it can also work offline. Such interaction encourages your customers to participate in your productions, ensuring you understand their choice and budget.
2. Grow your e-commerce sales
Your customers will have proactive control of what they want to buy as 3D configuration solutions allow them to try out various combinations virtually. Once you know their exact requirements, you can minimize errors, misunderstandings, and mistakes between you and your customer.
3D web configuration reduces barriers to the market as you will be able to release the options to your customers during the first stage of product development. Thus, you can grow your e-commerce sales as your customers know that you understand them clearly and provide them with quality products.
3. Save costs
3D web configurators can redefine and shorten the sales cycle as real-time customer responses/ reactions can help you create better outcomes. This allows you to track consumer behavior in real-time. Also, you can reduce the quantity of raw materials you need to stock as you will now create products as per request.
Furthermore, you can minimize significant expenses incurred in logistics and storage to a great degree. You can also personalize this unmatched 3D technology to become as responsive as the rest of your website.
4. Place your customers behind the wheel
As the factory floor entered the digital age, brands must let their customers take the driver’s seat for tremendous success. Only then will you precisely understand what your customers want. Knowing that will help you meet their demands accurately. The 3D web configurator allows your customers unparalleled freedom to bring their dream product to life, ensuring their satisfaction.
5. Distinguish your brand with a “wow” factor
Consumer attention has created intense competition between brands, forcing them to spend billions in an attempt to find the magical ingredient that will capture and retain the attention of their customers.
What determines whether their attention sticks or moves away is the “wow” factor that keeps them returning for more. A 3D configurator will help you ensure that your customers are “wowed” each time they visit your website because they would have truly enjoyed the experience. Your configurator can boost customer satisfaction by delivering the experience needed to attract and amaze your customers repeatedly.
6. Boost sales
3D web configurators increase conversion rates and revenues as your customers can make informed decisions without delay. It gives them all the information they require to make a quick purchase. For example, it offers details such as customization of the product, price, immediate and direct contact with the salesperson, detailed descriptions, and a strong call to action. Additionally, you can avoid cart abandonment scenarios through increased engagement.
Make 3D Web Configurators Your Launching Pad
Customer engagement and interactive product visualization can customize a product of choice and provide a tangible in-store experience to your online customers. It can become a launching pad for increased growth, higher sales, and conversions. Would you like to experience the power of a 3D web configurator and don’t know where to start? Get in touch with us right away.
Top 5 Misconceptions about AR and VR in eLearning
In this tech-savvy era, computer-based realities are a new way to perceive a surrounding. Two of the most trending reality technologies are Augmented Reality (AR) and Virtual Reality (VR). Over the last few years, AR and VR have taken strides to become the most prominent consumer technologies. With developments in technology and broader accessibility, we started to discover more ways AR and VR can benefit various industries such as entertainment, automotive, transportation, oil & gas, aircraft, etc. AR and VR have helped many industries since their onset. Both technologies have a massive potential in immersive learning. The COVID-19 pandemic forced physical classrooms to go virtual globally. Since then, the education sector is witnessing the extensive application of reality technologies such as AR and VR to promote immersive learning.
What is immersive learning?
Immersive learning refers to a learning strategy – a future training method – that uses an artificial or simulated environment that puts learners in a highly interactive learning environment. Augmented and virtual reality technologies play a crucial role in today’s immersive learning scenario by offering a new way of using an eLearning screen.
Role of AR and VR in eLearning
Augmented Reality or AR is an interactive experience that enhances or augments real-world objects and projects computer-generated images and animations into it – like Snapchat lenses, Pokémon Go (game), and so on. It overlays or adds digital elements or imagery –in the form of text, graphics, audio, and other visual extensions – to a live view. On the other hand, Virtual Reality or VR is a ‘computer generated’ experience created inside a simulated environment. It immerses the user in a replicated/imagined world using a head-mounted device (HMD), shutting down the physical world. With the help of special manipulators, users gain the potential of intuitive and multifunctional interaction with virtual elements in VR.
Both the technologies create new and interactive experiences for users through their immersive environment and accessibility in 3-dimension. Especially in the eLearning industry – which is all about using advanced technologies to enhance the learning experience – the alternate reality technologies AR and VR have been warmly accepted by modern learners because of the diverse benefits they offer. Few benefits include:
- Makes the learning more engaging and exciting
- Better online training mock-ups
- Makes learning a practical experience
- Customizes learning paths in courses
- Provides visual feedback in assessments with advanced learning analytics
Though AR and VR are trending immersive learning strategies, they are new in the Learning and Development space, and therefore, several myths are revolving around the topic. This blog will debunk five common AR and VR myths in eLearning.
Myth #1: AR and VR are the same
Many people believe that AR and VR are the same and can be used interchangeably. People often get confused between these two computer-based realities. Though both AR and VR play a massive role in immersive learning, the fact is that both these technologies have two entirely different concepts. Virtual Reality (VR) entails a complete immersion experience that displays a virtual environment to a person that blocks out the physical world by using a virtual opaque headset. At the same time, Augmented Reality (AR) adds digital elements or animations to the user’s real world using the camera on a smartphone.
Myth #2: AR and VR based apps are difficult to use
Even with an increasing number of users worldwide, some organizations still believe that AR/VR apps are more difficult to use than any other apps. This doesn’t seem right because such applications mainly meant for learning use high-end technology, making them more user-friendly. Skilled augmented/virtual reality developers ensure that the user interface is simply leading to the applications’ success perspective.
Read more: Accelerating AR/VR Adoption Among Customers
Myth #3: AR and VR are very expensive
Many organizations consider other training methods, as they believe learning through AR and VR is too expensive. When used right, AR and VR techniques can reduce costs and provide organizations with a high ROI in the long run. Many believe that VR apps can only be used with expensive gears and headsets. There are many affordable options and multiple authoring tools that businesses can consider to make AR and VR learning easy at a relatively low cost.
Myth #4: AR and VR are mainly for gaming and entertainment purposes
Because of the popularity gained by AR and VR with its practical use in the entertainment and gaming industry, people tend to think that AR and VR are primarily focused on these industries for entertainment purposes. But the fact is that AR and VR are not just limited to games. Though gaming and entertainment are the most prominent applications for computer-based realities, many industries embrace AR and VR in their marketing and advertising efforts, with widespread success.
Usage of AR/VR is trending in diverse sectors such as Manufacturing, Education, Event Management, Tourism, Automotive, Real Estate, Healthcare, Retail and E-commerce, Media and Entertainment, Defense and Military, and more. For instance, a global leader in medical imaging solutions, AccuVein uses AR to project an image of veins over skin for all medical imaging purposes.
Myth #5: AR and VR may not stay for long
Many people say that AR and VR are just fads. The truth is that, as AR and VR offer many innovative ways to interact with the data around us and visualize it, reality technologies are expected to enrich users in the future years too.
Research & Markets reports that the global AR and VR market is projected to reach $1,274.4 billion in 2030, rising from $37.0 billion in 2019, and is predicted to progress at a robust CAGR of 42.9% during the forecast period (2020-2030). Key factors leading to the AR and VR market’s growth include the rising penetration of smartphones and tablet computers, increasing technology adoption among enterprises, and vendors’ surging focus on price reduction.
AR and VR lead among the emerging technologies and are being updated continuously. AR/VR development is a highly appreciated career today.
So, AR and VR are not fads and are going to stay for a long time.
Misconceptions are lifted for about every potential revolutionary technology, just like myths about AR and VR are prevalent in the mainstream now. AR and VR are emerging as crucial reality tech in 2021. Especially during this COVID-19 pandemic, which has turned our lives upside down, organizations need innovative eLearning techniques now more than ever. These computer-based realities can help enhance the learning experience more safely, engagingly, and productively.
Watch Video: How AR can be a powerful learning tool in the future
Fingent’s AR/ VR development team allows you to leverage the power of immersive learning with AR and VR and enjoy the experience! Contact us to know more.
Medical Virtual Reality offers excellent opportunities for healthcare providers, practitioners, researchers, residents, patients, and chemists. Here’s a brief overview.
Virtual Reality: Increasing success rate and establishing trust in medical education
In 2013, the World Health Organization (WHO) estimated a shortage of approximately 7.2 million health care professionals worldwide. The report also stated that this shortage is expected to reach 12.9 million by 2035. Besides the deficiency and disproportionate distribution of healthcare workers, the inadequacy of training programs also affects the delivery of uniform healthcare services worldwide. Leading healthcare organizations have been focusing on developing strategies that can increase the number of healthcare workers and enhance the quality and relevance of medical training.
In recent years, several modes of eLearning have been used to disseminate information and impart training to medical students, out of which Virtual Reality Applications deserve a special mention. Virtual Reality Environments (VREs) allow users to experience real-life scenarios via simulated counterparts and gain practical knowledge that would otherwise be difficult to comprehend in a real environment.
Here are a few examples of how VR improves medical education standards and how it enables novice medical personnel to learn concepts in environments that replicate real-life scenarios.
1. Reduce stress and anxiety among medical students
Medical and traumatic emergencies can be daunting and stressful, especially for the early-career medical personnel. Preparing novice doctors to respond effectively to medical emergencies before being confronted with a real scenario is challenging. Unnatural or high-cost training modalities fail to replicate the stress and gravity of real-world trauma management realistically. Immersive virtual reality (IVR) may provide a unique training solution.
VR-based medical training recipients report better learning of anatomical positions, reduction in surgery time in the real environment, increase in the safety of both physician and patient, positive psychological effects on learners, reduction in training costs and efforts, and overall improvement. 68% of nursing and 58% of medical interns reported that VR-based training has significantly reduced their anxiety about occupational needlestick or sharp injuries (NSI) prevention.
2. Ensure uninterrupted in-hospital training
During April-July 2020, when most countries went to stringent lockdown measures to curb the spread of the coronavirus, several medical colleges and universities adopted virtual reality to supplement the traditional in-hospital medical training. Due to in-hospital access bans, the training providers offered students virtual patient-based training, debriefing, and simulated clinical scenarios on a case-by-case basis, all via virtual reality environments.
A recent report on students’ perception of VR-based medical training found that:
- 77% of medical students considered VR training to be a trustworthy platform for initial clinical assessments
- 94% remarked that VR is ideal for diagnostic activity, and 81% appreciated its usefulness in treatment options
- Furthermore, 84% of students felt that the scope of VR training would move beyond apprenticeship at a patient’s bedside
3. Immersive VR environments help develop empathy
The most significant advantage of virtual reality is that it allows users to experience any situation from any perspective. In that way, it can be called the “ultimate empathy machine.” Patients suffering from traumas such as memory loss, physical or mental abuse, age-related health issues, Alzheimer’s disease, drug addiction, and other ordeals need a soothing atmosphere and reassuring words to recover quickly. Immersive VR training is an effective teaching method to help medical students develop empathy towards such patients.
An educational project conducted by the University of New England (UNE) successfully used VR to teach empathy to medical and health profession students. The project used a VR tool called “Alfred Lab app” – to teach students about macular degeneration and hearing loss from a 74-year-old African American man’s perspective. Realizing an aged and ailing patient’s thoughts and concerns enables the residents to develop empathy towards such patients.
4. Improve practitioners’ skills, speed, and mobility in operating rooms
From rote memorization of theories, the modern medical training practice has evolved to imparting skills in life-like environments using virtual reality simulations. Even in the absence of faculty, VR systems enable students to learn practical surgical concepts when faced with a given patient. VR systems make medical training access more broad-based and flexible. Medical professionals can use VR to visualize the human body’s interior and learn better about human anatomy.
According to a study published by the Journal of Advances in Medical Education & Professionalism, the American Board of Internal Medicine (ABIM) has proclaimed that residents need to be trained by simulation tools before attempting any patient interventions in real life. The board also finds immersive VR training to be effective in mechanical ventilation and invasive hemodynamic monitoring.
Dr. Dimitris Stefanidis, professor and research scholar at Indiana University School of Medicine, concluded in a study that surgical residents who underwent training in laparoscopic suture using video simulators had reported improved operative performance, speed, and mobility at the end of the practice. Performing surgeries that require vast experience and sensitivity, such as an osteotomy (bone-cut surgery), can be simplified for surgeons through virtual simulations. Immersive simulations along with tactical feedback are safer and cost-effective than traditional teaching methods.
5. Impart health education and awareness among patients
In addition to practitioners, patients also can gain awareness of their medical conditions and treatment principles using VR. Clinical professionals can use simulated environments to communicate the impact of unpleasant lifestyle practices such as noxious drug usage, metabolic dysfunctions, obesity, growth of certain tumors, the effect of smoking and drinking on lung and liver functions, etc.
Chronically ailing and hospitalized patients can use VR goggles or headsets to experience their home in an immersive environment and chat with their family members. By installing a 360-degree camera in their home, the patient’s family can make sure that the patient experiences the interaction just like how he/she used to feel it while at home. During the COVID-19 pandemic, VR was highly applied in remote sites to facilitate telemedicine, control the spread of infection, plan, treat, and provide proper awareness to people regarding this disease.
Getting started with VR
Medical VR is no more a sci-fiction. VR-trained surgeons report a 230% boost in their overall performance compared to their traditionally-trained counterparts.
VR can help you conduct engaging medical conferences, help women get through labor pain, train surgeons and medical residents, reduce pain and anxiety among patients, and expedite recovery in physical therapy by tailoring exercises to patients’ therapeutic needs.
If your next question is how to start with VR, Fingent helps you develop these virtual simulators:
- ACLS (Advanced Cardiac Life Support System)
- Accident Trauma Care Standard Operating Procedures
- Orthopedic or Cardiac surgical procedure that involves using complex tools
- Neo-Natal Resuscitation Simulator (GOLDEN MINUTE PROTOCOL)
Would you like to discuss that with our expert? Drop us a line, and a member of our team will get back to you shortly.
How AR and VR augment employee safety training programs in industries
Employee Safety has taken on a new meaning as the world totters and tries to wrap its head around COVID-19. The pandemic spared no prisoners as it touched every aspect of our life, including our work and our businesses. It has changed the way people work and accomplish their jobs and altered the way employers look at employee safety training.
For starters, traditional employee safety training usually takes one of two forms: on-the-job and classroom learning, which might be a problem at this time. Fortunately, the latest training methods that feature immersive technologies such as Augmented Reality (AR) and Virtual Reality (VR) demonstrate their ability to close the current gaps in employee safety training. This blog discusses the impact AR/VR has on employee safety training. Before we discuss that, it is crucial to understand why businesses require augmented and virtual realities now.
The increasing significance of AR and VR in employee safety training
Adapting to the new normal, most employees will continue to work from home. Others will face new measures and procedures when they return to workplaces. It can pose a challenge to employers as they struggle to find new methods to train new employees while following physical constraints like social distancing.
Before we look at the solution, let’s have a look at a few drawbacks of the traditional classroom training:
Drawbacks of the conventional classroom training
– Ineffective training procedures
Usually, safety procedures are taught with a combination of computer testing and classroom exercises. These methods do not allow repetition training. It is good but not good enough because it lacks effectiveness and does not encourage knowledge retention. Besides, social distancing norms make it difficult to arrange for classroom training.
– Doesn’t engage employees
As traditional learning techniques are not imparted in a realistic environment, they do not simulate the hands-on experience in scenarios that are tough to be recreated. Classroom learning is often not a useful or engaging teaching style for workers who are in highly mechanical roles. With such training, employers cannot risk a technician to perform their jobs effectively and safely on day one.
– Classroom trainings are expensive
According to the 2019 training industry report, on average, companies spent 1,286 dollars in 2019. The same report also mentions that, on average, employees received 42.1 hours of training. It proves that traditional training methods and materials are a significant expense for financials and lost work time. Employers must look for newer ways to train their employees. Thankfully, AR and VR technologies help support employee safety training.
Top 7 ways AR and VR impact employee safety training
Workplace injuries cost businesses more than 59 billion dollars per year. However, companies cannot cut back on employee safety training under any circumstances. In professions where inadequate safety procedures are a huge risk to the employee, employers must ensure that safety training is practical and accessible.
1. No more trial and error
Specific jobs, such as working in power plants or manufacturing units, require that employees be trained before assuming full responsibility. Augmented and virtual reality help make simulations that allow for training that is safe and free of consequences. Employers can create an exact simulation of their operations and enable new employees to practice repeatedly. Such training allows them to see and correct their mistakes before they start using the actual equipment.
2. Risk-free immersive training
AR and VR technologies allow instructional designers, animation engines, and game designers to combine fun with practical learning. It raises levels of engagement in trainees. Besides attractive and fun components, AR and VR appeal to learners because of the risk-free training element. It eliminates the need for employees and trainees to be in the same location during the training session.
3. Increased retention and skill acquisition
Practice is the best way employees can sharpen their skills. It is a well-known fact that we retain much more information when we combine learning with “doing.” Compared to discussions, reading, lectures, or even audio-visual learning, hands-on-practice is the best way to retain information. AR and VR technologies allow for such training that increases knowledge retention and skill acquisition. These technologies enable employees to practice the concepts they have learned immediately.
4. Allows self-paced learning
Each employee is different with varying levels of learning abilities. AR and VR allow each person to learn at their own pace. It means they can work on the same concept multiple times without the risk of injury to themselves or the machinery. This risk-free approach allows for self-paced learning and the ability to take the training until they master a particular concept.
5. Enhance the effectiveness of learning
Most employers have deemed it unsafe for their workers to share headsets to receive safety training in the current situation. Augmented and virtual reality allows employers to develop solutions where an employee can point his phone camera to a portion of the training manual that opens up additional materials or resources on his screen. This technique allows companies to train their employees about specific products, solutions, or services.
6. Prepare employees for emergencies
Augmented and virtual reality are ideal for training employees to handle real-life situations. This technology is apt for safety training. It can minimize damage to the equipment and the cost of training. AR and VR allow firms to train employees to handle emergencies or real-time threats such as controlling a shooting situation.
7. Easy to customize training
Each organization and its requirements are different. Employees may encounter unique challenges and problems because of location, weather, or just the project’s complexity. AR and VR provide a considerable advantage in terms of flexibility and costs to offer company-specific training. It can accommodate a more tailored training experience.
The future of AR and VR in employee safety training
The safety risk is a real challenge that all industries face. Whether it is theft or operating potentially dangerous machinery, employees face risks, including physical hazards. Besides, the pandemic has necessitated a transition to a new way of life. There is currently a desperate need for new solutions that allow businesses to continue with some semblance of normalcy. AR and VR technologies provide organizations effective ways to train their employees while still preserving physical distancing norms. The use of augmented and virtual reality in employee safety training will become the new normal!
Want to explore how you can start with Augmented Reality and Virtual Reality technologies? Talk to us right away.
5G and the World of Work – An Overview
- COVID-19 to act as a Catalyst
- Remote Work: Story so far & Roadblocks
- 5G to the Rescue
- Impact on Video Conferences
- Impact on AR and VR
- Improved VR Training with 5G
- Improved AR Training with 5G
- Other ways in which day-to-day work will be different with 5G
- Real-world example
- Security and other concerns for 5G
COVID-19 to act as a Catalyst
Did you realize? The working world is evolving, forcing organizations to think and act differently. Nothing happens without a trigger. In most cases, these triggers are trends.
What are these trends? Globalization, Mobility, Changing Demographics, and Technology are a few to mention.
If we focus on Technology alone; Big Data, Collaboration Tools, Wearable Devices, IoT, Cloud Computing, and 5G are some of the recent trends. This blog will take you through how 5G is enabling organizations to Reimagine and Rethink the way they work and how 5G is solving a lot of tech headaches.
It was already predicted that an economic recession will spur investments in technology. The owners and CEOs will need to find alternate ways to increase efficiency, drive revenue, and meet customer needs. Remote work is one such measure companies are adopting to make it work. As firms worldwide embrace remote work in the wake of COVID-19, we expect remote working culture to be the next trend.
Remote Work: Story so far & Roadblocks
In fact, remote work culture was one of the most defining tech trends of the past decade. The report by GetApp found that remote work expanded by nearly 400%. Quoting the report “The rise of remote work during the last decade has been driven by the proliferation of powerful mobile devices, ultra-fast internet connections, and the pervasiveness of cloud-based storage and SaaS solutions.”
With all the above-said factors which enhanced the adoption and acceptance of remote work culture, companies also faced a lot of tech headaches in implementing it properly. The shoddy WiFi network will lead to the slowdown of internet speed, digital distractions, inefficient communication, poor video calls, heavy buffering, etc. Besides, in-person sociability or daily face to face interaction is a major factor that boosts employee productivity.
5G to the Rescue
To accelerate business capabilities, 5G is addressing the fundamental needs such as:
- Connecting more devices faster than it is now
- Reduce the lag time between devices
- Enabling the bulk volume of data transmission from a large number of devices with better responsiveness
- Higher bandwidth & lower latency
The above concerns can be addressed once 5G is implemented. Thus, 5G is going to reinvent the way people are working from home and the above factors enable 5G to host new business applications.
The current internet revolution makes it possible to work remotely without many disruptions, but 5G will enable VIRTUAL WORKING.
Let us look at the changes it will bring to different work functions:
5G will augment changes in remote work, virtual meetings, hiring, training, or other work functions.
According to the Consumer Technology Association, once complete, 5G will be 100 times faster and 5 times more responsive than today’s networks. Download speed of 20 gigabits-per-second means 5G will enable more specialized tasks at the workplace like:
- Hold remote meetings in virtual spaces, remote trouble shootings, remote business meetings, thus saving the operational cost
- Interactive digital whiteboards – 5G enables transmitting a lot of data in a very fast and responsive way and thus digital displays will be able to interact with mobile devices, applications, and cameras.
- Virtual and augmented reality – With 5G, it will provide more immersive & interactive content experience, to make it as fully-realized collaborative technology.
- 5G will enhance highly data-intensive services Multiperson video conferencing.
- 5G will empower IoT by allowing real-time collaboration between employees and things
- Real-time cloud processing will be easier with 5G as the speed and processing capabilities increase. It will boost productivity. How 5G Will Boost Enterprise Investment In Cloud
Impact on Video Conferences
It seems that the combination of 5G and increased remote work will lead to more video conferences. This may be a piece of welcome news to people who have suffered through meetings, whether it was due to video freezing up, or forgetting to put the mute button on before making an awkward comment. 5G is all set to eliminate these deficiencies. Let’s see how:
- Speed: As mentioned above, 5G will be 100 times faster and five times more responsive than today’s networks. The increase in speed can improve streaming speed, download speed, video calls, and conferences with much more ease. More devices can work much more quickly and simultaneously with 5G.
- Bandwidth: The increased bandwidth, which is approximately allowing for 1,000 devices per meter on a connection will boost the network speed and fewer dropped connections. 5G bandwidths are projected to be 10 times higher than 4G LTE.
- Video Quality: Better speed and bandwidth can facilitate calls in HD and 3D without lag, latency and other interruptions
- Mobility: Mobility is one of the underrated advantages of 5G, one can easily connect with their partners, stakeholders, and colleagues via video, anytime, and anywhere. This is possible because 5G relies on higher frequency radio bands. The frequency of 5G ranges from 30GHz to 300GHz while 4G operates at 6GHz. It is a massive improvement.
Impact on AR and VR
5G can improve virtual meetings with the help of Virtual Reality and Augmented Reality. With 5G remote meetings could be held in virtual spaces. What would this look like? Each participant could be at home but feel like they are sitting around a table with the other participants, thus making use of VR technology. Also, new capabilities like digital whiteboards would also be available.
AR augments elements and other things in the real-world environment, whereas the task of VR is to immerse users fully in a virtual environment. The objective here is to manipulate and trick the minds of employees to feel and enjoy the immersive experiences. Although VR & AR is in use now with 4G, it hasn’t attained it’s full potential yet. AR and VR solely rely on network connectivity. Any disturbance in the connectivity will result in an unsatisfactory and unpleasant customer experience. By offering rich levels of computing power, 5G can take it to the next level.
For example, the NBA has tried weekly broadcasts in virtual reality (VR). It was providing viewers with a chance to see the action from the best seats anywhere in the house. However, due to blurred pictures being reported, the VR broadcast was turned down. But with 5G this problem can be solved.
Improved VR Training with 5G
The limitation of 4G when it comes to the application in VR is already proven. With 5G and it’s better bandwidth and speed, VR training will be much smoother and effective. 5G will help unlock the full potential of VR by causing a 10X decrease in latency. In VR, users will lose interest when the latency is over 20 ms. 5G guarantees a latency of sub-5 or sub-2 ms latency, which will provide an amazing user experience. As VR is all about immersion – feeling like you are in the virtual environment – this is incredibly important. For VR head-mounted displays (HMDS), currently, it requires a powerful PC to run them, which limits the application and enjoyment of VR to a certain location. Implementing 5G will push the power consumption, storage, and processing power away from the PC and will push into the edge cloud.
Read more: Virtual Reality: The Revolutionary Force
Improved AR Training with 5G
AR is highly data-intensive – even a minute of AR will consume 33 times more traffic than one minute of a 480p video, so you can see the impact 5G is going to have on AR. One peculiar thing about AR is that it expands on human potential, allowing people and machines to function better together in a collaboration that what they both could do alone. AR superimposes digital information, enhancing the real world we see, offers additional information that improves the comprehension.
Imagine the conceptualized design of a product you are going to build printed in a piece of paper, and imagine you are seeing that product right in front of you, appreciating all the specifics, and realizing what it would look like in real life, this is the difference between AR training and traditional training. AR aids point-of-need visual learning in real-time. AR training organizations can enhance the experience of training around the existing data and information.
Organizations can train their employees and partners more effectively using AR. AR provides a highly visual and interactive format that is far better than normal text and video approaches. For example, imagine a SAAS platform or an Office Collaboration Software that enables employees to scan the product and receive direct training in a highly immersive experience. This will further increase productivity, reduce the time, and provide better flexibility.
Other ways in which day-to-day work will differ with 5G
Remote work was made feasible by high-speed broadband internet, video conferencing, and other technologies, thanks to the increase in communication speed. Now, the next challenge is simulating the collaboration and co-worker interactions of the traditional workplace. That’s where holographic calls come into the picture. It is possible through remote meetings that could be held in virtual spaces with the help of 5G. The holographic calls show us a 3D projection with the help of 5G. This is one such example of how day-to-day work will be different from 5G.
A holographic call allows companies to organize meetings in a shared holographic workspace. Participants can share the content, both 3D and 2D within this workspace. It will be visible to all other colleagues or clients attending the meeting.
It is also possible for anyone to interact with each other differently, like in the real world. Suppose, If a person decides to roam around the workspace, which is shared, their avatar, the disembodied version of their head and shoulders will move as well. Such movements are visible to everyone except the same person.
For digital whiteboards, 5G can further enhance connecting a large number of IoT devices from movement sensors to smart printers to usher the workspace environment to go digital.
Volvo Car is using HoloLens to demonstrate the extensive safety features of their cars to clients. The technology helps educate clients, close sales, and ultimately places the emphasis on safety, the key element of Volvo’s brand.
Read More: 5G Network Vehicle Safety and Security
Security and other concerns for 5G
Even though 5G offers huge potential for businesses around the world, it seems the technology is much more complex when it comes to security concerns.
- 5G will enhance location tracking and personal data collection. Since 5G signals are short-range, it requires more cell towers covering a much smaller area. It means they know your exact location which is a piece of sensitive information.
- As per a research study by Purdue University & the University of Iowa, 5G inherits many security policies and subprotocols from its predecessors, which are more error-prone and thus raise privacy and other security concerns.
To summarize, 5G is enabling us to work in new ways while keeping us more engaged and enhancing productivity. The role of technology is shifting from being a luxury to a necessity by acting as a central nervous system for the organization, and 5G is one among them. Thus, the world of work is changing rapidly and the organizations have to adapt. Is your organization ready for the 5G revolution? Get in touch with our experts today and know how your company can embrace the benefits of 5G.
5 Technology Trends Every Travel and Tourism Business Needs To Invest In 2019
If we look at the sheer number of customers involved, the travel and tourism sector is one of the world’s largest industries. Back in 2017, it was a USD 1.6 trillion industry worldwide and over 1.32 billion international tourist arrivals were recorded worldwide according to emigration agencies. With such a phenomenal target audience base, businesses that want to flourish in this sector from hotels to travel companies to flight and cruise operators are continuously seeking new differentiators to win customer loyalty and survive profitably in the face of intense competition. And the competition is not just from peers in the industry.
Today, there are thousands of technology companies that have transformed the conventional travel and accommodation experiences for the common man by shifting the power of choice to the consumer from the hands of the service provider. To remain viable, traditional players in this industry have also shifted their investment priorities to technology that helps them provide better services with lower costs.
There has been a paradigm shift in how the travel and tourism industry works. What was once a monopoly of travel agents, today an end customer has the freedom to chart their own travel itinerary, arrange every necessary and ancillary service throughout their journey and ensure hassle-free travel experiences anywhere in the world.
The best part is, they can accomplish all this from the comfort of their homes using just their mobile phones. The proliferation of smartphones and a large digital savvy guest base necessitates players in this industry to continually invest in technology platforms that help them connect with potential customers across all channels, be it booking offices or online portals.
Today, we shed light on the top 5 emerging technology trends that travel and tourism-related businesses need to keep a close watch and invest wisely if they want to remain successful. Here are our picks:
1. Mobile Friendly
Did you know that over 47.96 percent of global web page views have been from mobile devices alone? This implies, that irrespective of which travel or tourism service you offer, you need to ensure that every presence you have for your business on the internet needs to be mobile friendly. Additionally, businesses need to ensure that they offer customers access to critical services on their premises through smartphones. An example would be a hotel offering customers to book ancillary services like spa, cabs, recreational activities, restaurant, and in-room dining services, etc., through a mobile app rather than having to call up the reception to do so.
Check out the video to learn more about how hotels are embracing technology to provide better customer service.
This video is made using InVideo.io
Some of the world’s most premier hotel chains have gone one step further by creating smart room keys that help guests unlock their rooms with just their mobile phones or a wearable device like a smartwatch. Even more, if such services can be offered by integrating the hotel’s technology back-end with popular services that users already use will ensure greater customer satisfaction as they need not download another app on their mobile phones to use the new feature.
Related Reading: Find how realtors are winning tenants with innovative mobile apps.
2. Artificial Intelligence
Gartner predicts that by 2020, consumers worldwide will handle 85% of their interactions with a business without the need of a human agent. For the travel and tourism sector, customer engagement and the subsequent experiences are critical for continued success. AI can be a game changer in this regard. By serving multiple roles ranging from a virtual assistant or chatbot, AI enabled platforms to help businesses keep their businesses open to customer queries 24 X 7 without dedicated human staff.
Considering the fact that the travel and tourism industry is a global sector with business opportunities available without time zone restrictions, AI becomes even more special. By using machine learning, AI systems can study user behavior and offer automated recommendations and services during interactions for booking a cab or tickets to a nearby destination and so on.
AI can also help businesses automate much of their intense manual data management jobs like generating reports for management, staying compliant with local and regional laws, facilitating verification of guest background and biometrics and much more. The list is endless and in the coming years, AI will turn into a significant contributor to profits for key players in the travel and tourism industry.
Related Reading: Read on to know the top artificial intelligence trends of 2019.
3. Immersive Visual Experiences
What if you could offer a virtual tour of your hotel or resort or a popular tourist destination where your business operates, to a potential customer in another country? Well, this is possible today, thanks to the advancements in immersive visual technology like augmented reality (AR), virtual reality (VR) and mixed reality (MR). It can be used for virtual simulations of travel destinations and accommodation facilities and even for interactive content marketing campaigns. With hardware costs going south every year, more users would buy devices that facilitate such experiences.
The popular Oculus Rift that had a hefty price tag of $799 when it launched in 2016 now sells for just $199 and this is an indication that hardware hindrances will not deprive AR, VR and MR technologies of their worth in the coming years. Businesses can offer interactive opportunities for other ancillary service providers to market their services in their properties like for example, a hotel chain, allowing AR-enabled shopping from popular brands for their guests or running promotional campaigns of nearby attractions that guests can explore virtually before making a decision. The possibilities are limitless.
Related Reading: Check out which technology has a better future: AR or VR
4. Internet of Things
Today, technology is moving from the bounds of computers and smartphones and integrating into almost every physical environment surrounding us. The Internet of Things (IoT) paradigm has opened new possibilities for improving customer experiences considerably. The travel and tourism sector too can leverage the potential of IoT to serve their customers more efficiently. From hotels offering a smart room environment controls to guests and airlines facilitating smooth check-in and boarding through beacons within airports, the number of offerings in this segment is numerous.
With the advancement made in hardware sensors, it is possible to gather a large volume of data from a customer or potential customer’s physical surroundings and businesses can use this data to offer personalized services. With an increased focus on data security, today’s IoT platforms will assure end users of personalized services without the risk of unauthorized access by imposters. From an operational standpoint, businesses such as airlines and hotels can use IoT platforms to automate several key operational tasks such as maintenance activities to improve their efficiency, save costs and reduce manual labor risks in the long run.
Related Reading: Read along to know where and why should you invest in IoT.
5. Big Data Analytics
From the huge gamut of data generated by guests and travelers, businesses in the travel and tourism sector can derive insights that help them make the best decisions for growth. This is facilitated by powerful big data analytics platforms that are today available even on a subscription basis. This makes the proposition sweeter for even smaller businesses as they can now compete with the giants in their respective business community by gaining vital knowledge about customer behavior, their spending habits, and their interests.
By analyzing data on past travel experiences, hotels and travel companies can provide personalized recommendations to customers and aid their decision-making process considerably. These systems allow travel companies to suggest the most profitable itineraries for both them as well as the customer making it a win-win situation for everyone. It also allows them to segregate travelers, according to several criteria such as cost preferences, location preferences, interests and much more. This allows them to create personalized marketing and promotional campaigns for each segment and gain more business opportunities.
Related Reading: Check out how big companies are using Big Data to boost business
The travel and tourism sector will undoubtedly rank among the largest in the world when it comes to investment potential. However, the future of this industry will largely be decided by who makes the wisest technology investment decisions among competitors. By converging human interactions and technology, businesses in this sector can serve their customers better and run their infrastructure smarter.
The choices are numerous and it requires an expert advisory partner for travel and tourism companies to realize the full value from their technology investments. This is where our consultants can be your differentiator. Talk to us today to know how your business can survive and succeed in the age of digital disruption by investing intelligently in technology that matters most to your business.
5 Technology Trends Real Estate Players Should Watch Out For
Digital transformation is today the hottest area of interest in almost every business sector. With the huge growth in a digital savvy user base, enterprises big or small are continuously investing in new age digital technologies and tools to help them serve customers better and survive the tough market competition. The real estate sector is no different in this regard as digital technologies have reshaped both the customer and property landscape over the past couple of years. From facilities such as a simple listing of properties online to AI enabled best property matching based on preferences, the list of digital innovations in the real estate sector is huge. If your primary business is centered around real estate, then the following 5 technology innovations should certainly be on your watch list for 2019.
Augmented and Virtual Reality Applications
Today, real estate is a globally accessible commodity and not restrictive to localized demand. A property may attract interest from buyers across the world and not just in the vicinity or city that it is located. The challenge then lies in providing a holistic experience for the interested buyer to have a good look and feel of the property before investing. It may not always be possible to bring them physically to the place due to cost or other travel related concerns. This is where technology such as AR and VR can make a difference. With hardware devices, making AR/VR capabilities, inexpensive and accessible, property managers can easily facilitate an AR/VR demo for buyers to make faster and better decisions from anywhere. Another useful application would be for homeowners to use AR/VR to decide their home décor or construction techniques. For example, the positioning of furniture, temporary or permanent interior fixtures, etc., can be decided way before the actual construction begins. This allows more planning and elimination of cost overheads wherein both buyer and builder would have a clear understanding of how the building is to be constructed.
Check out how AR and VR are revolutionizing the real estate industry.
This video is made using InVideo.io
Big Data Analytics
Real estate is one sector where pricing is a highly dynamic constituent. There are a number of factors influencing property or land prices and very often owners or enterprises that manage properties find it hard to offer competitive or profitable pricing to prospective buyers. However, several forward-thinking players have now started to utilize the power of big data analytics to get the most preferential pricing schemes that bolster both interests from buyers as well as maintain a competitive profit margin for sellers or property owners. Historical rental or property cost data along with trends such as demographic changes, population density, preferential behavior, amenity choices, spending patterns, etc., are supplied as data insights into powerful analytical systems. These in turn offer insights or in other words recommendations for property owners to price their offerings competitively and enhance the overall buying or rental experience for a consumer.
Related Reading: Find how Big Data is influencing the health care industry.
Innovative Property Management
The rise of start-up culture and the global workforce paradigm has impacted the real estate sector considerably. Today, it is not just one major tenant that leases an entire building or space within a building to set up its office, but several players invest to take up co-working spaces. In fact, studies have shown that shared workspaces have grown at an incredible rate of 200% over 5 years from 2013 to 2018. Co-working spaces facilitate companies to set up a presence where their best employees prefer to work thereby helping in boosting retention levels. For the real estate sector, this change in occupancy trend has called for the rise of innovative property management software that incorporates several new technology offerings. For example, power and other utility services have to be shared among multiple tenants in a co-working space and this requires the property management tool to be integrated with an IoT powered building management system that can monitor occupancy levels, adjust power and other environmental support features like lighting, temperature control, etc. Doing these tasks manually would require considerable overhead and hiring of a large workforce. Autonomous IoT integrated property management solutions can easily facilitate multiple tenants to collaborate in a workspace saving them the hassle of worrying about unwanted costs and the owners can have peace of mind without having to deal with manual supply and maintenance of essential support services.
Related Reading: Check out tips to select the right software for property management.
Blockchain Powered Smart Contracts
While some of the technology advancements we mentioned before require autonomous property management, blockchain is the key ingredient that can help make it possible in real time. The decentralized and highly immutable features of blockchain can help transform real estate management and property leasing considerably. An owner or landlord can easily rent out or sell portions of his property with agreed terms and conditions all recorded on smart contracts. The contract makes the details of the sale or rental highly encrypted and complies with all local laws and regulations. Besides, several government agencies are increasingly investing in blockchain to set up regulatory repositories that can autonomously validate land records, property and tax implications and much more. So, if real estate buyers can bump up their investments in blockchain, they can turn to become more compliant and legitimate in the market. This would increase affection for their offerings for prospective customers.
Digital Advertising and Sales
Today, a large portion of prospective buyers or leasing clients are hooked to social media and other digital channels to gain information. As a real estate dealer, you need to ensure that your properties are marketed in the right digital channel and reach the right audience within such channels. There are tons of social media advertising platforms that help you filter your target audience to the finest level. If you do not want to spend time on the filtering part, there are AI-powered tools that help do the job even better than humans. AI is not just limited to ad filtering for the real estate sector. There are intelligent chatbot applications available today for deployment in your website. These bots can converse with potential buyers when they inquire on your website, collect their information, suggest them the best choices based on their preferences, pass the right information to sales agents to take the lead further and ultimately help them close it quickly. From marketing automation to intelligent sales conversations, there is a host of digital solutions that the real estate players, can utilize to win customer hearts with personalization in highly competitive markets.
Related Reading: Watch out for the emerging technology trends of 2019.
No longer can the real estate sector be labeled as a laggard in terms of technology innovations. There are plenty of digital avenues where smart players can invest and stand out from the competition. We have showcased 5 of these avenues that are increasingly driving more value for adopters and we believe that these should be on the watchlist of any real estate player in 2019. Going digital friendly is no easy task, especially if you do not have a sizeable technology team in-house who is well versed in all these innovations. But that is where a technology partner like Fingent can prove to be the decisive factor in on-boarding the best technology innovations in your real estate business. If you are aspiring to be a leader in the real estate space through technology, talk to our experts today to explore the vast opportunities in digital transformation for your business.