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Houston expert: Is virtual reality just trendy tech or a viable business solution?

Virtual reality is a buzzword, but used correctly it can also be a pivotal business tool for external and internal uses. Photo via Getty Images

Due to the pandemic, various technologies have accelerated into the spotlight – one of which being virtual reality. As many begin to decipher the unique ways to connect with audiences, the question becomes: is virtual reality just a shiny toy to have, or is it a practical business opportunity?

The VR experience

Virtual Reality (VR), which most confuse with augmented reality (AR), is a digital, immersive environment a user can place themselves into as opposed to a digital reality that is based on a real-world environment. VR requires a wearable headset to immerse the user in a 3-D environment.

True VR is built digitally and to room scale. The environments people are placed in are constructed entirely in 3-D and are then brought into a program application. Once everything is entered into the system, the technology begins "talking to" the headset and sensors. These devices track where users are in relation to the environment – and allow them to interact with their digital surroundings. This VR programming "tells" the headset what it needs to show in order to trick the eyes and brain into believing a user is "there".

The role VR plays

Often times, my company, VISION Production Group, receives requests and interest from businesses inquiring about a VR project. These conversations involve a deeper dive into understanding the purpose behind the want for the technology, the target audience and the intended deployment strategy. People commonly mistake VR for other technologies or simply are interested in it for its curb appeal.

Yes, virtual reality is a buzzword, but used correctly it can also be a pivotal business tool for external and internal uses.

External facing VR not only allows companies to take advantage of VR's charm, but also creates a one of kind experience for customers. VISION was tasked by an offshore oil and gas company to create a VR experience that lives at the bottom of the sea floor. This would allow the oil and gas company's customer to see a part of the process that would otherwise be extremely difficult to facilitate. The experience took users into a guided submarine tour where they were accompanied by others using the headsets. The environment not only showcased a faraway destination but also incorporated important details such as textures of the submarine that allows it to feel like they are truly there.

In addition to the promising use of VR externally, VR can also be used as training tools internally. Many scenario-based onboarding tasks can be difficult to facilitate such as: active shooter trainings, offshore emergency drills, and other safety simulations. Many corporate companies are turning to VR to allow for safe, cost effective and transportable safety trainings. This is an excellent application that allows companies to create situations that would otherwise be difficult to arrange.

Understanding VR's value proposition

VR is different than most technologies. It's not something that can be shared on the web or can be downloaded on an app – it requires deployment and gear. That said, VR is a commonly misunderstood tactic that without the proper strategic thinking can be a limited investment. However, those who are able to take advantage of the distinctive characteristics of VR and apply them correctly are in an ideal position to succeed. Not only can VR create a special experience it can also be a fiscally savvy option for those not looking to take submarine trips every day to the bottom of the sea or facilitate a dangerous training scenario.

The future of VR

As mentioned, most technology has accelerated due to the pandemic, but VR has actually been limited due to the idea of sharing a headset and gathering people together for an experience. Although, the pandemic has suppressed VR's uses, the technology advancements continue to grow rapidly.

Those who can comprehend VR for what it is and see it as more than just a buzzword will have the opportunity to be on the cutting edge of a new reality.

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Dan Pratt is the creative director at Houston-based Vision Production Group.

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Here's what not to miss at the first all-virtual CERAWeek by IHS Markit. Screenshot via virtual.ceraweek.com

While usually hundreds of energy experts, C-level executives, diplomats, members of royal families, and more descend upon Houston for the the annual CERAWeek by IHS Markit conference, this year will be a little different. Canceled last year due to COVID-19, CERAWeek is returning — completely virtually.

The Agora track is back and focused on innovation within the energy sector. The Agora track's events — thought-provoking panels, intimate pods, and corporate-hosted "houses" — can be accessed through a virtual atrium.

Undoubtedly, many of the panels will have Houston representatives considering Houston's dominance in the industry, but here are five innovation-focused events you can't miss during CERAWeek that feature Houstonians.

Monday — New Horizons for Energy & Climate Research

The COVID-19 pandemic has made vivid and real the risks of an uncontrolled virus. Risks posed by climate change are also becoming more palpable every day. At the forefront of understanding these risks, universities are developing solutions by connecting science, engineering, business, and public policy disciplines. Along with industry and governments, universities are critical to developing affordable and sustainable solutions to meet the world's energy needs and achieve net-zero emission goals. Can the dual challenge of more energy and lower emissions be met? What is some of the most promising energy and climate research at universities? Beyond research, what are the roles and responsibilities of universities in the energy transition?

Featuring: Kenneth B. Medlock, III, James A. Baker, III, and Susan G. Baker Fellow In Energy And Resource Economics, Baker Institute and Senior Director, Center For Energy Studies at Rice University

Catch the panel at 1 pm on Monday, March 1. Learn more.

Tuesday — Conversations in Cleantech: Powering the energy transition

With renewables investment outperforming oil and gas investment for the first time ever in the middle of a pandemic, 2020 was a tipping point in the Energy Transition. Low oil prices intensified energy majors' attention on diversification and expansion into mature and emerging clean technologies such as battery storage, low-carbon hydrogen, and carbon removal technologies. Yet, the magnitude of the Energy Transition challenge requires an acceleration of strategic decisions on the technologies needed to make it happen, policy frameworks to promote public-private partnerships, and innovative investment schemes.

Three Cleantech leaders share their challenges, successes, and lessons learned at the forefront of the Energy Transition. What is their vision and strategy to accelerate lowering emissions and confronting climate change? Can companies develop clear strategies for cleantech investments that balance sustainability goals and corporate returns? What is the value of increasing leadership diversity for energy corporations? Can the Energy Transition be truly transformational without an inclusive workforce and a diverse leadership?

Featuring: Emily Reichert, CEO of Greentown Labs, which is opening a location in Houston this year.

The event takes place at 11:30 am on Tuesday, March 2. Learn more.

Wednesday — Rice Alliance Venture Day at CERAWeek

The Rice Alliance for Technology and Entrepreneurship pitch event will showcase 20 technology companies with new solutions for the energy industry. Each presentation will be followed by questions from a panel of industry experts.

Presenting Companies: Acoustic Wells, ALLY ENERGY, Bluefield Technologies, Cemvita Factory, Connectus Global, Damorphe, Ovopod Ltd., DrillDocs, GreenFire Energy, inerG, Locus Bio-Energy Solutions, Nesh, Pythias Analytics, REVOLUTION Turbine Technologies, Revterra, ROCSOLE, Senslytics, Subsea Micropiles, Syzygy Plasmonics, Transitional Energy, and Universal Subsea.

The event takes place at 9 am on Wednesday, March 3. Learn more.

Thursday — How Will the Energy Innovation Ecosystem Evolve?

Although the cleantech innovation ecosystem—research institutions, entrepreneurs, financiers, and support institutions—is diverse and productive, converting cleantech discoveries and research breakthroughs into commercially viable, transformative energy systems has proven difficult. With incumbent energy systems economically efficient and deeply entrenched, cleantech innovation faces a fundamental dilemma—the scale economies necessary to compete require a large customer base that does not yet exist. How is our clean energy innovation ecosystem equipped to be transformative? What needs to be strengthened? Is it profitable to focus on individual elements, or should we consider the system holistically, and reframe our expectations?

Featuring: Barbara Burger, vice president of innovation at Chevron and president at Chevron Technology Ventures

The event takes place at 7:30 am on Thursday, March 4. Learn more.

Friday — Cities: Managing crises & the future of energy

Houston is the capital of global energy and for the past four decades the home of CERAWeek. Mayor Sylvester Turner will share lessons from the city's experience with the pandemic, discuss leadership strategies during times of crisis, and explore Houston's evolving role in the new map of energy.

The event takes place at 8 am on Friday, March 5. Learn more.

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