Data Science and the Metaverse: Making sense of data to better exploit business opportunities

When we think about the future of digital, the concept of the metaverse currently comes up very regularly in the press. The metaverse is a fusion of virtual reality, augmented reality and our physical reality. It blurs the lines between online and real-life interactions.

The Metaverse will be a place where people can work, shop, play and be entertained. Although this concept is only in its infancy, many ideas have emerged that try to imagine and outline this new “reality”. Last year, this interest was further heightened when Facebook changed its name to Meta and announced its willingness to spend at least $10 billion developing its vision for the Metaverse. This enthusiasm eventually spread to business. But without the ability to leverage the resulting data to turn it into business opportunities, organizations will likely struggle to reap the benefits of the metaverse.

An explosion of data can be expected

Faced with this promising future, many questions arise about how this metaverse will be set up. One thing is still certain: this virtual world will produce an astronomical amount of data. However, companies already have a wealth of data sources that need to be processed and analyzed. The metaverse will therefore only increase this phenomenon. Seen as the next iteration of the Internet, the metaverse will help put data scientists in the spotlight in organizations. The onus is on these teams to ensure they are fully prepared to understand this explosion of data and are able to extract insights that are actionable enough to drive the business forward.

A source of innovation, provided the data is used correctly

The Metaverse has the power to revolutionize our daily lives. It can help us develop deeper connections with other people around the world. It is also likely to change the way organizations operate and bring innovation to customers, thereby providing a new source of revenue. The possibilities are endless, provided the companies have the right infrastructure to take advantage of it. Currently, a number of organizations do not have strategies in place to maximize their data science capabilities. They are therefore limited in truly understanding the data they have about the company or its customers. In an environment where the metaverse is sure to grow and innovate at a rapid pace, it will be nearly impossible for organizations that are not well prepared to catch up.

Data scientists on the front lines to help companies prepare

To reduce the time it takes to find information, teams should ensure they have a cloud data platform that can collect and process internal and third-party data with a single point of access. To learn from the metaverse and help predict future outcomes, this model must be able to process structured, semi-structured and unstructured data, while breaking down data silos and unifying insights. Data science teams need to spend time thinking about all the current pitfalls they see in their data strategy, whether it’s siled data or an unmanageable amount of data sources. These experiences must then be applied so that they can effectively prepare for the future. Examining other recent innovations, such as blockchain, cryptocurrencies or the regulatory issues they have faced, can help companies better understand potential future implications. It’s a safe bet that regulations will be put in place around the metaverse pretty quickly, especially to ensure that companies operate in full compliance and process data appropriately.

An organization to review and lessons to learn

Companies also need to put the right processes in place so data scientists don’t have to duplicate entire data sets. This will reduce potential security or compliance issues while maintaining granular controls to ensure that only authorized users and ad-hoc applications have access to this data. While we don’t know exactly what the metaverse has in store for us, having the right platform in place will allow companies to react and be flexible in their approach. It is important for data science teams to view the metaverse with an open mind and as a unique opportunity to secure the future of the business. With all the additional information they can gather, they will actually give themselves the best chance of being in a favorable position compared to their competition. They will thus be able to utilize the virtual world to better understand and serve their customers.

While the metaverse has the power to create connections, develop relationships and expand business, it will undoubtedly come with a steep learning curve for businesses. Organizations must therefore prepare now, in the metaverse, in an appropriate manner. In particular, this approach involves ensuring that their approach to data science is simple, modern and effective. They will thus succeed in giving meaning to this new world and exploiting its new commercial opportunities.

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