Just a few years ago, using Virtual Reality for company progression seemed impossible for most companies due to their extremely high costs. Fortunately, it is now getting easier for even the smallest companies to upgrade their businesses by using VR, since virtual reality cost is decreasing.
On average, companies spend $13.5 million per year for every thousand employees trained, but their average attention span does not help in justifying the cost. According to Time Magazine, the average attention span per employee is a whopping 8 seconds long, meaning almost no information is properly retained.
Virtual Reality combats this issue by being a new and entertaining alternative to learning (60% of students find lectures boring).
By engaging an employee directly through their five senses and making them feel like they’re physically experiencing the training, the employee is more likely to pay more attention to the training.
Ultimately, the cost of virtual reality a one-time fee for a multi-use, portable, and personalized tool. Traditional onboarding (which costs $10,000 per employee) has too much room for error and inconsistencies, leading to more money spent in the long run. Using Virtual Reality for onboarding means you’re spending once for a lifetime of effective onboarding practices.
Once you decide to create a virtual reality app to lead your onboarding efforts, you have also decided to limit human error tremendously. The benefit of VR is that an employer only needs to spend time ironing out the details and perfecting the program while it’s being produced.
When the program is ready for use, it’s as close to a perfect onboarding process as one can get. Every employee will be able to receive the same, approved information as it was intended to be given. Not only will this improve employee confidence by providing a uniform learning environment, but it will also allow the employee more opportunity to experiment within the system.
According to the Bureau of Labor Statistics, 5,147 people suffered fatal occupational injuries in 2017.
Delving deeper into the statistics, 695 of the injuries were caused by contact with objects and equipment. 531 injuries are a result of exposure to harmful substances or environments.
Virtual Reality training reduces the risk of getting injured while on the job – meaning there’s less of a chance that the company will have to pay for damage fees, or even more onboarding fees, in the future.
VR application software has been proven to increase an employee's information retention rate from the very first training session. Traditional methods of training result in a 20% retention rate after a week of training, while VR retention rates reach as high as 80%.
Combine that with the fact that there is less room for human error during the process, and you cut time taken for work by 75%.
Being able to reduce training time means that money is being spent efficiently. Putting an employee who has retained a proper amount of information to work means there is one more person in the office that is making the company money.
An improved retention rate also means that fewer mistakes are made while on the job. Depending on the field, this could mean avoiding thousands of dollars spent to resolve the issue. Besides, being able to identify what information an employee is retaining allows for more time to be spent on perfecting what they aren’t retaining.
You might be wondering, “how much does virtual reality cost?” Virtual reality costs, for hardware and software, has decreased significantly since the technology was first introduced, making it affordable for companies in every way. Not only is the technology affordable, so is the development of the software due to experience in the past with similar projects. Experience in the field also reduces costs by providing fast turnaround times.
Hiring an experienced team to create a VR app lets you focus on pressing matters at the company. While you’ll definitely be involved in creating the most efficient product for your company, you also get the opportunity to work with a team that is confident in their abilities – one that you can trust to get the job done.
For more information on augmented and virtual reality software development, virtual reality development cost and virtual reality programming, please feel free to reach out to us at CemtrexLabs and we would be more than happy to assist. At CemtrexLabs, we make sure to keep our pulse on all things AR, VR and XR.
Our mission is to reimagine how people interact with brands. To disrupt the status quo and uncover values others can’t find. To solve tomorrow’s business challenges in thoughtful, elegant ways. We aim to be strategic leaders in emergent technologies, innovators in user experiences. Our mission is to arm businesses for digital revolution. Check out our VR case studies at www.CemtrexLabs.com for more information.