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Virtual reality is a computer created environment much like a video game. Participants are represented by "avatars" who symbolize the people at their controls. Buildings, landscapes, furniture and other objects can be added to the virtual world. In fact, your company's building or facilities could be duplicated in 3D virtual reality.
Avatars can walk around, interact with objects in the environment and communicate on a number of different channels. They can use public voice (like a conference call), private voice (phone call), private voice conference calling, public text chat and private instant messaging. Each of these channels adds another level of immersion, feedback and information for the participants. Presenters using voice, for instance, can watch public text for questions, comments and objections that might otherwise never get raised. Presentations are adjusted "on the fly" to respond to the incoming data in real time. Decisions and commitments are made in private IM that otherwise would have waited for that chance encounter "in the hall" -- that one that all-too-often never occurs. As one of our principals said, "There's never a cold crowd in virtual reality." Participants are engaged because things are happening, and happening fast.
Beyond simple training, meeting and conferencing functions, though, any imaginable environment and process can be recreated in virtual reality at far lower cost than in "real life." Consider, for example, the needs of emergency reponse agencies who must simulate disaster scenarios to train their members. Those scenarios can be constructed at far lower cost AND higher effectiveness in virtual reality.
For over two years, Help People, Inc. has pioneered the design and creation of training, education, and conferencing in virtual reality. We don't just advocate it, we use it successfully in our own company.