In the world of Metaverse
The metaverse is not a new concept, but it has seen tremendous growth since the pandemic.
According to a report by US research firm Gartner, A quarter of the world’s population spends at least one hour per day in the Metaverse Due to this popularity, the market size will be approximately $824 billion by 2030, with a CAGR of 39% from 2022. The industry is looking to explore various aspects of the Metaverse in more detail in the future given the opportunities it may offer.
The Metaverse can positively impact process industry supply chain capabilities in the following ways:
Collaboration with partners – Strengthening relationships and increasing transparency with suppliers and buyers are key priorities for top executives in supply chain risk mitigation strategies. Suppliers and buyers in process manufacturing are becoming more diverse and spread across the globe. To remove geographic constraints in the future, Metaverse will enable every company in the supply chain to have a digital twin of their facility, where stakeholders can take a virtual tour. This helps buyers and sellers gain insight into each other’s operational excellence, environmental management, and adaptability to market fluctuations. It also enables buyer and seller avatars to interact in real-time to negotiate contracts, build trust, and work together to improve cost efficiency and profit margins across the supply chain.
Equipment and process optimization – Metaverse allows plant operators, managers, and planners to immersively experience the layout of a facility before a single brick is placed in the ground. Simulations can be used to understand the movement of goods and resources within a facility and to train employees to operate things like forklifts in a warehouse or work in hazardous conditions for efficient operations. . You can virtually test whether your critical processes and machines operate under peak load. Its performance can then be analyzed to predict failures and operate in optimal conditions to reduce waste and energy consumption.
Logistics optimization – Transportation and logistics functions are always important and complex activities to manage within supply chains. 3D models of logistics ecosystems help simulate real-world traffic, weather, and road conditions, visualize total lead times, and make cognitive decisions to select the right transport modes and optimal transport routes for sustainable operations. I’ll take it down. Self-driving car algorithms can be tested in virtual environments without real-world risks, serving as a catalyst to accelerate the adoption of self-driving cars in the transportation industry.