The importance of the Essential Eight technologies for businesses

The Essential Eight

After examining over 250 technologies in their labs, PwC first identified 8 essential technologies in 2016. These Essential Eight technologies are game-changers for businesses, enhancing efficiency and long-term strategy. Over the past 8 years, these technologies have rapidly evolved, requiring a fresh understanding of their potential. Categorized into three groups—Essential to Expand, Essential to Evaluate, and Essential to Experiment—these technologies vary in maturity and impact, demanding different levels of attention.

The importance of the Essential Eight technologies for businesses


A necessity for businesses

Business leaders need to prioritize strategic investments and foster trust in these technologies. Integrating and aligning them can unlock significant value, helping businesses overcome challenges, boost productivity, and foster innovation. Embracing the Essential Eight goes beyond adopting new tools; it entails cultivating a culture of trust, collaboration, and continuous exploration to thrive in a dynamic technological landscape.

The rise of Virtual Reality in business operations

One of the key technologies among the Essential Eight and Essential to Experiment, is Virtual Reality (VR). VR’s capacity to create immersive digital environments is revolutionizing various aspects of business operations, from training and teamwork to customer interaction and creativity. Its increasing realism and user-friendliness, coupled with advancements in AI integration and tracking technology, blur the boundary between the digital and physical worlds.

The future of Virtual Reality

VR is already proving to be a potent tool for training, collaboration, and customer engagement. Looking ahead, VR is poised to become even more integrated into everyday business activities, with applications like 3D mapping, real-time tracking, and GenAI integration offering new opportunities for virtual workspaces and autonomous virtual agents.

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A call to action for businesses

To fully leverage the potential of VR and the other Essential Eight technologies, businesses should begin with tried-and-tested applications, encourage innovation, and foster collaboration between business and tech teams. By doing so, businesses can not only drive value and ROI but also lead the way in technological innovation, providing meaningful experiences for employees, customers, and stakeholders. Curious about how companies are using VR to develop employees’ soft skills? Click here.