Enhancing Return on Investment through the Implementation of VR Training

Literature reveals that corporate training is an important component in enhancing employees' motivation and competencies. Enterprise training industry in Pakistan relies heavily on instructor-led classroom training sessions, which entail recurring high costs and expenditures such as travel, venue booking, training materials, printing, and so on. Even though the sessions are interactive, estimating the ROI might be difficult. This is because the evaluation of these training results is done through forms and questionnaires, which is vulnerable to subjectivity and response bias.

Companies all across the world have started incorporating VR and AI into their training programs. In fact, 39% of large companies have already made VR and AI an essential part of their program. One of the reasons for this increase in popularity is the increased and quantifiable return on investment that VR training promises. There are a number of ways VR can impact ROI. Some of which are:

Increased retention:

The whole reason VR training is so popular in the first place is because of the immersive and engaging learning experience it provides. As a result, employees are more likely to remember information they learned during training, which results in better performance and a smaller chance of error. A report by PwC states that VR-based training can improve retention rates by up to 75%. Ultimately, this ends up having a positive return on investment.

Reduced cost

The more traditional training methods tend to be expensive. Trainers, facilities, materials, and transportation are all very expensive, and a large investment does not really guarantee results per se. A VR training facility can significantly reduce or eliminate these costs. Furthermore, it can be delivered remotely, which can completely eliminate accommodation and travelling expenses. According to a report by Deloitte, VR training can offer cost savings of up to 50%, all while guaranteeing some acceptable degree of results. This can significantly improve ROI.

Improvement in the customer experience

For any company, the employees that interact with the customer are the frontline of the whole business. As a result, it is important that they are equipped with the skills necessary to deal with any situation calmly and professionally. VR can help by simulating real life scenarios that may arise, like handling customer queries and complaints or dealing with unruly customers. A report by Goldman Sachs shows that VR can improve customer satisfaction, which ultimately builds brand loyalty, and therefore increasing revenue. As a result, the ROI is impacted positively to a great extent.

Increased efficiency

VR training is able to provide a hands-on experience without investing in additional machinery or physical equipment specifically for training, apart from the equipment required by the VR system. Employees trained using VR learn 4 times faster compared to their classroom counterparts. Additionally, VR training is known to increase productivity by 50%, which helps improve ROI.

Increased safety

Industries like construction require employees to regularly operate in dangerous environments, which can be detrimental to an employees well being if they make mistakes or don’t have the proper training. VR training can be used to provide an alternative environment that is much safer compared to the real thing where employees can practice using machinery or their emergency response skills. This reduces workers’ compensation claims and insurance costs, therefore improving ROI.

To conclude, VR training can positively impact ROI in a number of ways. However, this is only possible if a company does its due diligence before implementing VR into its program. They should keep their resources, their requirements, and their goals in mind while designing and implementing a VR program.

In what way does Orbit-Ed contribute to this situation?

Orbit-Ed, an AI-powered immersive VR training solution, utilizes behavioural scoring and personalized training routes based on research. It evaluates trainees by examining more than 50 data points encompassing speech, visual cues, hand gestures, and language, offering data-driven insights into their strengths and areas for improvement.

For instance, trainees can focus on honing their conversational abilities and receive unbiased, real-time scores on attributes like Confidence, Performance, Preparation, and Engagement. Consistent practice results in the cultivation of winning behaviours. For instance, 89.51% of the trainees who have used Orbit-Ed’s communication training solution have appeared to be more confident. Therefore, Orbit-Ed is your right training solution.

At Orbit-Ed, we are Turning Data into Behavior Excellence.