‘Unbelievable’ Future To Merge Metaverse With Erp !!!!
A metaverse is a network of 3D virtual worlds focused on social connection and it can be defined as a simulated digital environment that uses augmented reality (AR), virtual reality (VR), and blockchain, along with concepts from digital media, to create spaces for rich user interaction mimicking the real world.
Metaverse in the today’s times
For technophiles, the metaverse represents a nirvana: a place to immerse yourself in any digital world, and participate in any physical reality, at any time — and also to be able to see and feel anything, even if you are thousands of miles away from that real place.
The digital economy is also growing in Metaverse. Now an individual can create, buy, and sell goods. And, in the more idealistic visions of the metaverse, it’s interoperable, allowing you to take virtual items like clothes from one platform to another. In the physical world, you can buy a shirt from the mall and then wear it to a movie theater. Metaverse might allow you to create a person that you can take everywhere as easily as you can copy your profile picture from one digital space to another.
WHERE ARE THE OPPURTUNITIES?
Cloud ERP systems can provide the commercial backbone of an organization’s foray into the metaverse — if they have the flexibility and scalability to evolve along with the metaverse itself. They can succeed where legacy on-premises solutions either completely block the path, or need costly extensions and integration projects to add essential functionality.
Capabilities of metaverse-ready ERP systems will have to include:
Flexibility : Organizations must be free to innovate without worrying that their financial systems won’t be able to keep up. Any solution will need the ability to rapidly add new capabilities as the need arises. In addition, the early years are likely to see a great deal of M&A activity. The best ERP systems will be those that can connect with and merge disparate systems as seamlessly as possible.
Scalability and performance: The metaverse represents a scale that only a small number of global organizations can currently achieve. Any ERP solution would have to be able to handle large transaction volumes in real time, without lag or delay.
Subscription support:Your ERP should be able to manage subscription billing at scale without difficulty, and account for the revenue recognition guidelines that apply to recurring revenue.Subscriptions represent a huge opportunity for recurring revenue, but they also create unique administrative challenges.
Cryptocurrency:It’s likely that cryptocurrency and other blockchain technologies will become ubiquitous in the metaverse, so any ERP system used to support commerce must support these technologies.
Security:The security of an end-to-end ERP system will be of paramount importance, especially when it comes to building trust with consumers with an unfamiliar technology.Greater complexity and scale mean greater risk.
The metaverse may be virtual, but the business opportunities it represents are very real. Enterprises need a highly flexible and scalable ERP backbone to free up innovation as they stake their claim in the latest technological frontier.
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