Building Value for the State of Indiana in the Metaverse®
Last week, MetaCX gathered with a variety of businesses, government organizations, and NGOs that aspire to drive progress in the state of Indiana. The purpose of the event? To discuss new opportunities that have emerged from the metaverse.
Most of us have now been exposed to the word ‘metaverse’, especially in light of Facebook’s rebrand to Meta. But on a broader level, dozens of technology companies have begun using this word to describe a new computing paradigm that promises to revolutionize how we interact with computers and information.
The host of the event, Scott McCorkle, CEO of MetaCX, explained how the concept of the metaverse offers a future where organizations are able to digitally connect with one another to better define and manage the value expected in business relationships, and extend this alignment across entire ecosystems—like the state of Indiana.
Scott pointed out that in order to see the potential of the metaverse, it’s important to first understand what is missing from traditional enterprise software. What technology solution can the Indiana Economic Development Corporation (IEDC), for example, adopt to help them align with all their partners on economic and talent development initiatives? What is Innopower’s “system of record” to align all their stakeholders on the acceleration of economic development in Black and Brown communities? How can Lilly organize the collective efforts of multiple healthcare stakeholders to achieve positive patient outcomes?
Such technology has not existed historically—that is until MetaCX. As Scott shared at the event, “MetaCX has provided the business world with a path into the metaverse and a way into the future.”
The Perception of the Metaverse
During his presentation, Scott addressed a common perception of the metaverse. Much of the world associates the metaverse with avatars and immersive VR experiences, which are key for consumers and some business applications—in fact, VisionThree was at the event and offered attendees interactive demos of their virtual training and sales software. But the metaverse offers an even more foundational opportunity for the business world that MetaCX taps into.
Within the metaverse, MetaCX has built the Business Value Network, a first-of-a-kind network that companies join to manage the expected value from their business relationships. By joining the network, companies are able to establish persistent digital connections with partnering organizations to align on shared initiatives and monitor progress toward desired outcomes.
Scott explained that companies exist once in the network just as they exist once in the physical world, enabling a new level of interoperability among different technologies and seamless collaboration across entire ecosystems. Instead of individual companies using their own instances of B2B SaaS solutions to manage value, the network is a shared environment that businesses join as equals.
Specifically in the government and nonprofit sectors, organizations that join the network are able to collaborate with partnering agencies to ensure the collective achievement of key economic, social, and job growth initiatives. By tying numerous companies to an initiative, network members can visualize the impact each organization has on an initiative’s success as well as understand the cumulative effect of an entire business ecosystem.
How Indiana Organizations Are Using MetaCX
When trying to comprehend such complex concepts, it’s often helpful to hear from those who have first hand experience. Fortunately, Lawrence Walters, VP of Strategic Futures at the IEDC and Katherine Wolgemuth, Manager of Economic Development Programs at TMap were at the event to explain how their organizations are using MetaCX to create and manage value in the metaverse.
Lawrence detailed how the IEDC is building out their strategic partners and suppliers ecosystem in MetaCX through the lens of five strategic initiatives. One of the initiatives involves working with TMap to develop and execute a scaled talent mapping and engagement program with the goal of supplying talent to growing companies in Indiana as well as new and prospective employers. Through the Business Value Network, TMap is tracking the progress made with each Hoosier employer and surfacing these insights back to the IEDC. In the coming months, TMap plans to connect directly with employers within the network to manage talent leads more effectively.
Trent Decatur, CEO of VisionThree, also shared how his company is using MetaCX. VisionThree provides VR technology to help augment training and sales processes within corporations to decrease cost of travel, time to onboard, time to close, and more. They are using MetaCX as a dynamic instrument to quantify and prove the value of their solution in order to justify each customer’s investment and continued partnership.
It was a great event and inspiring for all who attended to see such respected organizations willing to embrace a new way forward. The future of Indiana is bright and will undoubtedly be influenced by the power of the metaverse.