Role of Virtual Reality in Open Innovation Business Initiatives

Role of Virtual Reality in Open Innovation Business Initiatives

DOI: 10.4018/978-1-5225-5721-0.ch001

Abstract

This chapter gives an overview of the concept of virtual reality. It explains the importance of virtual reality in developing business models in the open innovation environment. The role of virtual reality is explained with the case illustrations in the sectors such as manufacturing, healthcare, and financial.
Chapter Preview
Top

Concept Of Virtual Reality

The concept of virtual reality facilitates in visualizing the new ideas for business purposes (Parisi, 2015). The element constituting virtual reality are audio, voice, graphics, images, sound and motion sensing. These elements along with numerical and textual data to facilitate the creation of real time simulation. Business enterprises have choices to evaluate their new ideas by making use of the concept of virtual reality. Simulated outputs resulted from virtual reality application programs help to visualize and visibilize the proposed ideas of business enterprises. These outputs help to visualize hypothetical cases in business and interact with the applications developed under the virtual reality concept. It may be noted that the concept of multimedia is required in virtual reality applications. The concept of virtual reality is the seed of innovation for developing business models.

Visualization

Information and communication technology has made the visualization process as an important component in the development of advanced business applications. Presentation of the output through simulated data helps to analyze and take decisions.

Visibilization

Visibilization makes mapping of physical reality with virtual reality for end users to understand the output generated through simulated data.

Complete Chapter List

Search this Book:
Reset