AR focuses on integrating digital information and physical reality, VR focuses on replacing the real world with a much more virtual computer-generated environment. 

VR and AR are essential tools used to create visual and interactive experiences for all types of industries. COVID-19 has increased the use of digital technologies such as AR and VR for better experiences for both employees working from home and customers. As a result, augmented reality and virtual reality are gaining popularity since it helps customers sit at home and feel the products and services much more effectively and efficiently. According to research by Gartner, 30% of individuals prefer companies integrating AR and VR for a better customer experience. 

Companies that focus on research such as Statista have stated that AR and VR markets will continue to grow. Augmented reality and virtual reality are proliferating and are being implemented by different industries in various ways. IDC researchers claim that by 2024 the market size will grow to $72.8 billion.   

The different types of industries that are unlocking the capabilities of the two most potent tools AR and VR

AR and VR are snowballing due to their feature of letting people experience different types of services anywhere in a more creative, comfortable, and exciting manner. 

Education – Virtual reality and augmented various schools, universities are implementing AR & VR and online platforms to make teaching more fun, exciting and realistic. It helps focus on a more practical approach rather than just theory-based. It increases customization and more hands-on learning, which increases curiosity. Research shows that it helps improve skills and knowledge for both students and their mentors. 

Health and Wellness – VR and AR are being used for various meditation programs. Using technologies such as VR and AR will have a significant impact on the GDP, according to PwC. It is stated that it will boost the GDP by £316 billion in 2030. VR and AR have been used for training purposes to perform different complex surgeries. Other than training, AR can reduce anxiety, phobias, and psychological disorders since patients interact with virtual objects in real-time. 

Retail – Using AR and VR for effective and efficient performance by better displays of products, body scanning technologies, perfect fit outfits, and better interactive store layout versions. PwC states that by 2030, using AR and VR will boost the GDP by £184.2 billion. VR and AR are being used in the different stages of the retail industry, such as planning, research, modifications, and design. 

Real estate – Using AR and VR to give virtual tours of properties is much more effective, innovative, interactive, and time-saving. It is much more beneficial because of 3D walk-throughs rather than visiting different properties. It allows clients to understand the entire construction project by virtual tours and going through the whole project. It even eliminates the time-consuming process of inspection since it will help in collecting real-time data. 

Automotive – AR and VR are being used by companies for better performance and training for workers and step-by-step learning processes for complicated fixing. Many companies use VR technology for effective implementation, training, efficient results, reduced time and costs, and better design. In addition, 60% of consumers in the automotive industry prefer companies that use AR and VR to help understand the product and features.

Construction – Using virtual reality as a tool to train employees in a safer environment. With the help of AR and VR, companies can avoid many work hazards. It helps the workers and owners to keep an eye on the site without being there in person. AR and VR help in the whole design process since architects and planners can virtually be in the construction site and feel the place. Focusing on a more AR and VR approach increases accuracy and outcome. It even helps in saving time, reducing costs and errors. 

Banking – Making use of AR and VR can enhance customer experience and engagement. Using AR and VR has its benefits, such as a much more personalized experience for customers. It even can help with better assistance and understanding of various banking procedures. In addition, it can help reduce physical visits to different bank branches, and it is much safer due to safety authentication procedures. 

Oil and Gas industry – Using AR and VR helps increase outcomes for training programs, understanding different structures for better mining, reduced errors, and drilling malfunctions. Focusing on an AR approach helps guide workers regarding additional steps and the tools needed to complete a task. In addition, it helps reduce the time-wasting procedures of visiting the site. 

Tourism – Using AR and VR helps in better planning management, increased customer experience due to virtual tours, and real-time experience and navigation. It opens the tourism industry to a much more exciting and personalized experience. Many companies use virtual reality trips, which include various tickets for top tourist spots and destinations. In addition, agencies use 360 videos to showcase beautiful tourist sports and top hotels and landmarks.

Logistics – Better training for employees, effective and efficient, time is being saved by 25%. Using AR and VR helps in reducing object pickup time in warehouses. Planning is easier with the help of AR. Focusing on VR in logistics can help plan load and the best routes for faster delivery. It helps in speeding up orders and avoiding errors. Better results and outcomes since such technologies help keep an eye on all locations without being there physically. It can even help in understanding important information such as cargo weight and traffic routes. Drivers who use AR glasses can work more effectively since it helps in understanding the best routes to take and leads to reduced errors and mishaps.  

Benefits of focusing on a more AR and VR approach for smoother and effective results 

A picture is worth a thousand words, and it helps us remember things better and faster; AR and VR are great ways to interact and visualize different data around us. 

AR and VR are the two leading digital tools to create value for the business by being the product itself for customers and smoothening the value chain model from better product development to manufacturing, training, logistics, marketing, sales, after-sales, and much more. 82% of companies have stated that using AR and VR has proved to be beneficial and effective. Focusing on AR and VR can benefit companies and consumers in many ways since it reduces costs, increases productivity, a better understanding of consumer behavior, increases revenue, and better training measures. In addition, focusing on a more AR and VR approach helps redefine the customer experience. Using technologies such as AR and VR has various benefits such as better work environment safety, product safety, product development, and increased effectiveness and collaboration. 

AR and VR will increase GDP, income, and job opportunities by 2030. According to McKinsey, they are making use of AR and VR even while promoting advertisements and websites. As a result, it is seen that the engagement rate and conversion rate are much higher. 

AR and VR even boost the online experience, efficiency, and effectiveness and benefit critical skill training. 

In conclusion

Integrating technology with the vision of any industry is a great way to increase success and outcome. Making use of AR and VR will increase effectiveness, efficiency, and better performance and help companies simplify, streamline, and improve processes to deliver a better and personalized experience. 

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Like many other industries, supply chains, which are the backbone of national economies, also had to change their strategies to stay efficient and meet the new market requirements. As a result, they have embraced digital solutions to cope with our current times’ uncertainties, challenges, and restrictions.  

The supply chain ecosystem became all the more critical once the vaccines for COVID-19 were developed – it was the need of the hour to get the vaccines to the public quickly and in the right quantities.    

Challenges and roadblocks in the COVID-19 vaccine supply chain    

The biggest problem in any supply chain management is matching demand & supply efficiently.  

Supply chain management companies are currently facing issues due to the disparity in demand and supply for COVID-19 vaccines from region to region. In addition, the lack of raw material and human resources has caused delays in the supply of COVID-19 vaccines.  

Inequalities regarding vaccine distribution have become a global problem, as well. For example, reports show that financially stable countries are getting vaccinated 30 times more than those with lower incomes.   

Vaccine management issues such as storage capacity, handling management, effective distribution between supply chain levels, and shipment procedure are also of rising concern as two doses are required for most vaccines.    

Security issues such as theft and mishandling are other grave concerns, especially considering the demand for COVID-19 vaccines is higher than the supply. Time delay and lack of visibility into supply are also issues researchers have noted.   

Digital solutions reshaping Supply Chain Management  

Digital solutions have played a crucial role in helping retailers, suppliers, and distributors drive the transformational changes required to address the challenges posed. Therefore, the accelerated adoption of these solutions in supply chain models is essential not only for the present but also for the future.  

Here are some of the ways digital solutions have made an impact on supply chain ecosystems:   

Machine Learning: 

Shifting supply chain dynamics, changing ways of working, and increasingly volatile demand has been a concern for suppliers, distributors, manufacturers, and retailers globally when it came to an efficient distribution of Covid-19 vaccines.  

McKinsey predicts that machine learning’s most significant contributions will be providing supply chain operators with significant prescriptive insights into how supply chain performance can be improved by anticipating anomalies in logistics costs and performances before they occur. In addition, machine learning models and techniques can ensure streamlined production planning, inventory management, and anomaly detection and can offer an exceptional customer experience.  

Artificial Intelligence: 

AI-based tools can help understand which geographic regions to target for vaccine supply to flatten the curve of the pandemic sooner, provide insights in customizing the supply chain management system to ensure maximum vaccination in the least amount of time, and ensure the processes are being followed as designed.  

Artificial intelligence tools can also be leveraged for capacity planning, predicting the demand for raw materials, work-in-progress components, and post-vaccination surveillance. With AI, supply chain management companies can improve responsiveness to vaccine demand, minimize risk, and increase visibility & transparency across the supply chain.  

Data Analytics: 

The race to vaccinate the global population is a daunting task and needs data-driven strategies and action plans to optimize the supply chain. Data analytics tools capture inventory, demand, capacity, and other related data across the distribution chain, to create a strong distribution strategy to help supply chain management companies handle the fluctuating demand and supply.  

Data analytics tools like predictive analytics have also helped distribution companies predict vaccine demand in any geography and streamline production and distribution accordingly. In addition, using advanced data analytics technologies, governments can identify and create priority populations in different geographic locations and formulate a vaccination policy that maximizes vaccination rates and minimizes wasted dosages.  

IoT: 

IoT sensors are used to keep track of the temperature in storage facilities and vehicles during transportation. Armed with real-time alerts, IoT solutions let stakeholders be aware of any system failures & let them monitor and optimize the vehicle routes. IoT systems can also track vaccine stocks in financially stable countries to ensure a smoother redistribution of any surplus vaccines to developing countries across the globe.  

Blockchain: 

Blockchain-based solutions have been recognized as the backbone in developing a reliable and transparent supply chain management system to manage COVID-19 vaccine rollouts.  

With its unique capabilities, Blockchain technology can help supply chain companies to track the transportation and storage of vaccine batches in real-time, verify vaccines’ provenance and authenticity, quick detection and identification of faulty products, and identifying and blocking counterfeit vaccines from entering the supply chain. Blockchain-based solutions ensure accurate traceability, enhanced security, and greater transparency in vaccine distribution. 

In Conclusion   
COVID-19 has revealed the fragility of existing supply chain management systems and has proved the potential of digital solutions to cope with unprecedented disruption effectively and efficiently. Advancements in digital technologies such as machine learning, the internet of things (IoT), blockchain, artificial intelligence (AI), and data analytics will pave the way for agile, reliable, and efficient supply chain management systems capable of handling dynamic supply and demand.  

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