• Post Graduate Program in Business Management with NMIMS
    Co-created with NMIMS
    4.8 out of 5 by 6071 learners
    4x Industry Demand
  • Post Graduate Program in Banking and Credit Underwriting
    4.7 out of 5 by 1376 learners
    12 X industry demand
  • Post Graduate Program In Finance And Accounting
    Co-created with Grant Thornton
    4.9 out of 5 by 238 learners
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  • Professional Certification in FinTech
    Co-created with SP Jain School of Global Management
    4.8 out of 5 by 534 learners
    6X industry demand
  • Credit Risk and Underwriting Prodegree
    Co-created with Moody’s Analytics
    4.5 out of 5 by 526 learners
    4X industry demand
  • Banking And Wealth Management Bootcamp
    4.7 out of 5 by 460 learners
    3X industry demand
  • Post Graduate Program In Capital Markets
    4.7 out of 5 by 807 learners
    3X industry demand
  • Certified Investment Banking Operations Professional
    4.8 out of 5 by 7600 learners
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    4.6 out of 5 by 1726 learners
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  • Financial Analysis Prodegree
    Co-created with KPMG
    4.7 out of 5 by 3311 learners
    4X industry demand

Learning and development is a very important process in today’s era for companies and firms. The budget for L&D has grown massively over the years. LinkedIn reports suggest that the L&D budget has grown from 27% in 2017 to 43% in 2019. It helps increase productivity and employee loyalty. But nowadays, new techniques are coming which provide learning in an effective way. One such trending technique is L&D through virtual reality.

Let us see how virtual reality is helping in L&D processes.

What is virtual reality?

It is a 3-dimensional architecture/environment created through devices/computers which can be interacted and explored. It gives us an idea of how real-life situations are going to be. For example, medical science workers are sometimes shown 3-D representation of the human body to give them an idea of what a real operation might look like. Firms are finding unique ways to introduce virtual reality in their training programs. The challenges are already tackled by the employees through virtual reality and this gives them an edge when real-life scenarios arrive.

Future of virtual reality

There are immense possibilities in virtual reality and also scope for enhancement. It can also be used with augmented reality to ensure real-life scenarios. There are many more military programs, aero science programs that are driven by virtual reality. There is a lot of future virtual reality in the gaming field. You must have seen the videos of various virtual reality gamers across the globe.

They provide such a fantastic simulation that it almost feels real. There are also virtual reality 3-D shows which give us a richer experience. According to reports, there were around 171 million users of virtual reality in 2018 and the global market of virtual reality is expected to be around $44.7 billion by 2024, let that sink in. There are financial profits higher than in other fields.

How virtual reality is changing L&D for the better

  • Many big CEOs attend their meetings and brainstorming sessions through virtual reality. They can connect with their colleagues and clients from anywhere to anywhere. Volkswagen has its own virtual reality application for discussions and brainstorming sessions.
  • Gamification is an important part of L&D in which employees learn through games. They compete among themselves and get to know more. Gamification can be done through virtual reality nowadays. Many institutions provide real-life scenarios to pilots through virtual reality which helps them in having a prerequisite about the vulnerabilities.
  • People can bat in a cricket match made completely from virtual reality. They can play games in which they fly a plane in virtual reality. There are many famous virtual reality games like Vader immortal, No Man’s sky, etc. The standard is a simulation that is high and gives you the feel of real-life experience.
  • Companies have started to find solutions for their everyday problems through virtual reality. There are glasses/outfits which you can try on your body before buying with the help of virtual reality.
  • Govred technology is a firm based in Iowa. It has created a virtual reality environment that provides training and combat experience for police personnel. Many defense forces use virtual reality programs to train their cadets mentally and physically. This may be expensive at the beginning but at the time of output, you will be satisfied.

Conclusion

With each day passing by, people are creating infinite possibilities for them through virtual reality. It gives us the real-life experience of any required thing or event without even manufacturing it yet. This will result in fewer errors and higher accuracy. This article was all about how virtual reality is changing the L&D process drastically. I hope it helps!

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About Imarticus
Imarticus Learning is India’s leading professional education institute that offers training in Financial Services, Data Analytics & Technology. We’ve successfully transformed careers of over 35,000+ individuals globally through our Certification, Prodegree, and Post Graduate programs offered in association with leading and renowned global organisations in the Financial Services, Data Analytics & Technology domain.
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