Value Creation in Virtual and Augmented Reality
Vanhalakka, Joel (2018)
Vanhalakka, Joel
2018
Tietojohtaminen
Talouden ja rakentamisen tiedekunta - Faculty of Business and Built Environment
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Hyväksymispäivämäärä
2018-04-04
Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:tty-201803131365
https://urn.fi/URN:NBN:fi:tty-201803131365
Tiivistelmä
The technologies of virtual and augmented reality (VR/AR) have huge potential and their market value has been predicted to reach $100 billion within the next few years. However, the lack of peer-reviewed literature and the media-hype concerning these new technologies makes it difficult to tell the difference between quality information and exaggerated expectations. Therefore, there is a need for research about VR/AR solutions and the value potential they propose.
In this study the case study method was applied, together with a method called the business model canvas, to answer the research question: how do enterprises create value with VR/AR solutions and how this value can be communicated? Material was collected from multiple sources and qualitatively analysed to form 10 different VR/AR related business models from 5 different industries. The goal was to examine the key value creation processes in VR/AR business models.
As a result, each individual VR/AR business model case had their own specific insights about how enterprises create value with VR/AR. However, when analysed together, the 10 business model cases also revealed common themes of value creation of VR/AR solutions as a whole. The most important value creation opportunities of the technologies lie within their ability to: 1) provide more engaging experiences as well as the possibility to create more engaging content, 2) improve previous graphical user interfaces by eliminating complexity, 3) reduce costs by transforming physical resources to virtual resources, and 4) improve communication and collaboration. In addition, companies can support these value creation opportunities with various business model processes that fit the current state of the VR/AR business ecosystem.
The business model canvas works well as a method for communicating the value creation process of VR/AR enterprises. In addition, the method is suitable for creating new VR/AR business models and/or improving existing ones. However, the lack of common practices and transparency in how the method is used can often diminish its value as a communication and collaboration tool. This study proposes one possible way to use the business model canvas. However, there exists a need for further research regarding the business model canvas and how it should be used in both business and research context.
In this study the case study method was applied, together with a method called the business model canvas, to answer the research question: how do enterprises create value with VR/AR solutions and how this value can be communicated? Material was collected from multiple sources and qualitatively analysed to form 10 different VR/AR related business models from 5 different industries. The goal was to examine the key value creation processes in VR/AR business models.
As a result, each individual VR/AR business model case had their own specific insights about how enterprises create value with VR/AR. However, when analysed together, the 10 business model cases also revealed common themes of value creation of VR/AR solutions as a whole. The most important value creation opportunities of the technologies lie within their ability to: 1) provide more engaging experiences as well as the possibility to create more engaging content, 2) improve previous graphical user interfaces by eliminating complexity, 3) reduce costs by transforming physical resources to virtual resources, and 4) improve communication and collaboration. In addition, companies can support these value creation opportunities with various business model processes that fit the current state of the VR/AR business ecosystem.
The business model canvas works well as a method for communicating the value creation process of VR/AR enterprises. In addition, the method is suitable for creating new VR/AR business models and/or improving existing ones. However, the lack of common practices and transparency in how the method is used can often diminish its value as a communication and collaboration tool. This study proposes one possible way to use the business model canvas. However, there exists a need for further research regarding the business model canvas and how it should be used in both business and research context.