Global Banking & Finance Review Issue 20 - Business & Finance Magazine

Page 53

BUSINESS

Virtual Reality — The Growth in Immersive and Digital Experiential Learning Nowhere is this better seen than with virtual reality (VR) training — a form of immersive or Digital Experiential Learning (DEL) where participants access head mounted devices and hand controllers to interact within a virtual 3D environment and simulate hands-on training. Professional services firm, PWC, estimates that VR learning will contribute $294 billion to the global economy by 2030. Initially the domain of industrial and heavily capitalized industries, such as aviation and the military, the skilled trades industry has now fully embraced VR, making training safer and more efficient, while reducing the time to full certification — without compromising quality. A More Complete Learning Experience There are clear learning benefits to VR platforms. A June 2020 report by PWC found that “V-learners” complete training four times faster than classroom training, are 3.75 times more emotionally connected, and 1.5 times more focused than classroom learners. VR’s flexibility is ideal when learning pathways need to be changed quickly, as is the case in the unpredictable environment we live in today. Take the HVAC sector, for example, where technicians will have to make new modifications to mitigate the spread of viruses and be trained accordingly. The scalable nature of VR enables this to be done quickly with its design and characteristics encouraging collaboration and creative problem solving. Additional benefits of moving training to online, on-demand platforms utilizing 3D simulations and VR include, reducing costs and barriers to entry, and increasing safety by eliminating the need to be on site for in-person training — not only during apprenticeships, but

also for reskilling. Digitization and VR delivers safer, more accurate, faster and more efficient skilled trades operations, training and education. Attracting New Entrants A final benefit of technology such as 3D simulations and VR, is that it’s likely to attract more tech-savvy digital natives to a profession that is struggling to find new recruits. It’s only by making it easier and quicker for young people to acquire skilled trades expertise, as well as making the industry more attractive, that a sustainable future awaits. Major Corporation Adoption At Interplay Learning, software engineers, game developers, instructional designers and subject matter experts have developed 3D simulations and VR training that allow skilled trades practitioners to practice hundreds of in-the-field scenarios online and on-demand. This has led to a number of major corporations accelerating their plans to educate thousands of their skilled trades employees through this platform in 2020.

Rheem Manufacturing Company, a U.S. privately held manufacturer that produces residential and commercial water heaters and boilers, as well as HVAC equipment, plans on training 250,000 new technicians by 2025 through the use of Interplay’s VR and online solutions. Sharing Best Practices How can VR be applied to other industries? Take financial trading, for example, where VR could create the vibrancy and energy of a packed trading floor without the need to leave home — a totally immersive environment. Experiential, VR-based learning can also be adopted across insurance, investment banking and consumer banking where staff can learn to mitigate risk and build customer relationships via VR. The potential is endless. There are significant indications that COVID-19 will transform many aspects of everyday life for the long term. Learning is likely to be one of them with skilled trades leading the way. It’s only a matter of time before others follow.

Companies and organizations, which have implemented Interplay’s training solutions recently in response to COVID-19, include: • The Home Builders Institute (HBI) • HVAC specialists, Carrier Global Corporation • Trane Technologies Inc, a manufacturer of HVAC and building management systems and controls • Efficiency, controls and automation specialists, Johnson Controls • Hunt Military Communities, the U.S.’s largest military housing owner • Luxury apartment specialists Edward Rose & Sons

Doug Donovan CEO & Co-Founder Austin Texas-based Interplay Learning, the leading global provider of online and VR training for the essential skilled trades.

Issue 20 | 53


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