How Firms Can Capitalize on Augmented Reality Opportunities

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Augmented reality lets people get more context and even more information about the world around us. It’s also being used to augment human capabilities, which is changing the experience of employees and customers across the value chain. To benefit from AR opportunities, companies need to reconsider their strategies.

Most AR applications superimpose digital information onto the real world. Some are easy, such as an GPS overlay on the road’s view or information about restaurants located in the user’s vicinity. Others are more complicated, requiring more advanced technology, such as SLAM and depth tracking. These technologies are able to track a user’s whereabouts and can identify specific physical objects or features (like an item’s label, landmark, or book cover) in addition to recognize their structure.

AR allows customers to try on clothing and jewelry without having to leave the store. This is time-saving and ensures that they make purchases that are perfect for their needs. Brands can stand out with experiences that let customers interact with products in their own space, thereby reducing return rates and improving conversion. AR helps employees learn and transfer knowledge by allowing them to complete tasks in a virtual environment. This reduces costs and risk, particularly in high-risk or risky situations such as manufacturing. It could be used to allow workers to replace costly machines by using virtual simulations for testing or training purposes. It can also provide guidance during the assembly process of large machines by providing step-by-step instructions. This can increase the efficiency and quality of your work.

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