Impact of Metaverse and Advanced Technology on the Enterprises

Abstract

The current study sought to understand and explore the field of technological advancements in these modern times, especially after the covid-19 surge, from the perspective of Business and Management. The development of science and technology will define a new meaning and application of the management and administration of the firm. Due to modernization in technology and automation of work in managerial work, the processes of businesses become easy to handle, maintain and control. Technologies have made different elements of business such as manufacturing, communication, purchase and sales, marketing, trading and advertising became easier than before. With the present technology, machines are able to process the functions and give the desired outputs after feeding the respective commands in that machine. Technology also aids the productivity of the employees, to work better, easier and with convenience. With the betterment of AI (Artificial Intelligence), businesses are able to provide satisfaction to the customer, giving response at time, reviewing, analyzing their issues, etc., which saves their overhead costs and expands the capabilities of the firms. With many upcoming advancements like MR (Mixed Reality), Metaverse, IOT (Internet of Things), Robotic Process Automation, Quantum Computing and many others, it will surely impact the management work in the work in both positive and negative ways. This study focuses to cover both the impacts and make the future even better, majorly comprising of the Metaverse and upcoming digitalization and technological evolutions and the rise of new tech-gen.