Augmented and Virtual reality in Manufacturing
With a wide variety of applications, augmented and virtual reality is becoming an invaluable asset to organizations. Multiple Fortune 500 firms are shifting focus on implementing augmented and virtual reality programs to be disruptive leaders and realize significant business gains. The technology presents real-time environments with simulations contained in cameras or small viewing portals that can be used to enhance the design and business processes. Researchers, business owners, and employees are expanding their efforts to explore application and solutions of these techniques in real industrial settings and deploy new business models.
Problem Statement/Challenges Faced:
The steel industry today suffers from increased costs of procuring raw materials, declining prices and onslaught of huge export by Chinese players. In this highly competitive business environment, Tata Steel faces the constant challenge of maintaining its business lead and thus, aims to stay ahead in adoption of new technologies and also pivot into related businesses. The organization is looking forward to leverage the augmented and virtual reality technologies to revolutionize internal processes over the next few years.
Critical Case Questions: 1. Whilst, many manufacturing companies are strategically investing in Industry 4.0 to generate additional revenue growth, how far have augmented and virtual reality techniques developed and deployed in steel industry? Are there some examples and use cases of best practices in steel/ manufacturing industry? 2. What is the likely broad adoption rate of augmented reality & virtual reality in manufacturing industry and corresponding impact on business growth in 10 years hence? 3. How could Tata Steel leverage AR/ VR technology to substantially improve the operational efficiencies or reduce operating costs? 4. What are the possible collaborations that Tata Steel could seek to leverage the full potential of augmented reality 5. Develop a Business Strategy with a plan for Tata Steel to stay ahead of its competitors, via adaption of augmented and virtual reality.