The Metaverse is abound with business opportunities, and some companies are already grasping these head-on. Experts Ralph Eckardt and Ruki Jayasuriya explain why the Metaverse matters and how it can enhance procurement.
There’s no other technology that has dominated the news in the last year like the Metaverse. And rightly so. Once only possible in sci-fi stories and films, now the idea of immersing oneself and living a life in a virtual world is becoming reality.
According to Statista, the Metaverse market is expected to increase by 47.48 billion US dollars, before surging to 678.8 billion dollars by 2030. In addition, Bloomberg research calculates that the global Metaverse market presents a close to 800 billion dollar market opportunity.
Companies are already moving fast to seize the moment. Adidas and Sotheby’s, for example, have bought properties in decentralized 3D platforms. Adidas even launched virtual apparel, while Sotheby’s hosted their first auctions in the Metaverse.
And the opportunities don’t stop there. There are also significant growth possibilities in the supply chain space, especially in procurement.
Value levers and potential enhancements to business growth
- Supplier collaboration:
Buyers will be able to collaborate more closely with suppliers during the manufacturing phase of the final product. This is because the Metaverse will enable further product adjustments and optimizations before manufacture. It can also allow companies to view an innovation virtually and evaluate whether it can add value to the business.
- Digital twin:
Buyers and CPOs will receive early indications of disruptions in a supplier’s production capacity or a real-time report on existing inventory buffers, alternative suppliers, and similar parts and services. After agreeing to find a new supplier, buyers can simulate their supplier changing plans and select the company that minimizes the change impact.
- Buyer training:
Virtual negotiation coaches, who have an intelligent overview of all important and value-adding information (e.g., spend or market view enriched with external data), will better prepare buyers for negotiations. They’ll also assist in developing negotiation strategies and simulate negotiations virtually under real conditions to strengthen buyer core skills.
Don’t sleep on the Metaverse
To many, the Metaverse may still seem as nothing but a game. However, this is a mistake. This “fictional” universe will become more important as consumers and companies, alike, flock to the platform. To that end, it’s crucial to recognize the use cases that are generated for certain business units – such as procurement.
Reach out to our experts if you would like more information on how the Metaverse can improve your supply chain and procurement operations.
Ralph is an experienced partner with more than 25 years of professional experience in management consulting and in industry, serving in several senior leadership roles in the past. Ralph has deep expertise in global and local supply chain operations, its issues and challenges, as well as in transforming global organizations to ensure future business growth. He has extensive experience in helping clients transform SC operations, drive cost reduction programs, and create resiliency and insights through emerging tech and optimized business processes. He has worked with leading organizations in life sciences/healthcare, chemicals, FMCG, manufacturing, mobility and high-tech sectors, working in several countries in EU and in US, LATAM and China.
Ruki is an experienced professional and has worked with international clients across multiple industries, adding value through strategic and management competence, leadership ability and digital mindset. His core consulting expertise is in supply chain, procurement and operations transformation.