IMMERSIVE TECH OFFERS WIDESPREAD OPTIONS

Tithi & Gautam Tewari, Founders of SmartVizX and Creators of Trezi, feel that through collaboration,millions of dollars can be saved worldwide which would have otherwise been spent on shopping samples and mock-ups across ever-increasing distances—benefiting the environment greatly.

- Sunil Rajguru

Online collaboration tools are on the rise, what are the reasons for this and what is the current status of the collaboration industry?

Each industry is different, and painting all cases with a broad brush wouldn’t be a useful heuristic to assess the need for collaboration. However, collaboration—especially when enabled through cutting edge technological developments such as IoT (Internet of Things), Immersive Tech, or Predictive Analysis—serves, broadly, the same purpose regardless of the field within which it is practiced: That of bringing all stakeholders on the same page and enabling informed decision making.

Let’s take the building industry, for example. One of the most prolific sectors for growth and investment, the building industry is presently valued at US$8 trillion, with the numbers predicted to rise to US$ 15.3 trillion by 2030; China, US and India alone will account for 57% of all global growth. However, behind the stunning statistics lies the stark reality that nearly 2/3rds of all projects run behind schedule, or go over budget—owing to these time and cost overruns, nearly 10% of the total project value is typically lost.