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As innovative technologies become more commonplace, the opportunity to unlock value becomes more accessible. <\/span><\/p>\n And with the <\/span>news<\/span><\/a> Friday (June 14) that industrial metaverse company DataMesh<\/a> raised a new funding round to develop its enterprise metaverse platform, tapping into the potential that digital ecosystems offer is top of mind for forward-thinking firms, particularly those in manufacturing and industry.<\/span><\/p>\n That\u2019s because a new wave of innovations that use extended reality (XR) and metaverse-native digital twins are being positioned to help businesses digitize the management of factories, optimize production, improve efficiency, and introduce new workflows. <\/span><\/p>\n As just one example of how the marketplace is responding to the need for metaverse applications, on Monday (June 17) synthetic data generation firm Parallel Domain launched <\/span>PD Replica<\/span><\/a>, a simulation platform for autonomous system development that promises pixel-accurate digital twin 3D environments for product testing. <\/span><\/p>\n The killer use case of the metaverse, it turns out, may not be <\/span>consumer-focused<\/span><\/a> at all.\u00a0 <\/span><\/p>\n Industrial metaverse solutions can help streamline business-to-business (B2B) processes and global commerce by allowing suppliers to showcase their products in a virtual space and giving buyers a chance to interact with products in a simulated environment. Digital twins can enable suppliers to offer highly customized products and services by simulating and adjusting to specific buyer requirements before physical production.<\/span><\/p>\n Read more:<\/span><\/strong>\u00a0 <\/span>Virtual Prototyping Powers Industry 4.0 Transformation<\/span><\/a><\/p>\n After all, as businesses within the industrial and manufacturing sectors embrace the advantages of the metaverse across their supply chain, customer, talent and production ecosystems, the benefits for both themselves and their B2B partners become apparent.<\/span><\/p>\n \u201cOne thing that\u2019s very <\/span>clear<\/span>\u00a0is that every industrial player who is <\/span>digitizing their processes<\/span><\/a> is looking to capture efficiencies as a result of that modernization,\u201d <\/span> Prateek Kathpal<\/span><\/a>, president and CEO of\u00a0<\/span>SymphonyAI Industrial<\/span><\/a>, told PYMNTS in December. <\/span><\/p>\n Kathpal added that he envisions a future where artificial intelligence (AI), Internet of Things (IoT), and the metaverse converge to improve monitoring, industrial operations <\/span>and<\/span> sustainability in manufacturing. <\/span><\/p>\n That\u2019s because creating immersive environments can facilitate real-time collaboration and training without the constraints of physical presence. This is particularly beneficial for global manufacturers with teams spread across the world. Engineers, designers and managers can meet in a virtual environment to discuss project details, review designs, and make decisions swiftly. This real-time interaction reduces the delays associated with traditional communication methods and accelerates the decision-making process.<\/span><\/p>\n And<\/span> when combined, the metaverse and digital twins create an ecosystem that spans the manufacturing process, from design and production to deployment and maintenance.<\/span><\/p>\nRevolutionizing Traditional Industries<\/h2>\n