Abstract

Companies are keen on using novel technologies like Virtual Reality (VR) in order to achieve competitive advantages. However, the economic impact of the integration of such technologies in a company is difficult to quantify. Especially small and medium enterprises encounter difficulties when trying to quantify the benefits of instruments like VR. During the decision process, companies need extensive support and expensive consulting. In this paper a methodology for an efficiency analysis of industrial VR integration is presented. It includes both cost- and utility-based considerations. The user-friendly analysis allows the decision-maker to access a deeper understanding of VR and it results in a customised VR solution. The proposed economic assessment methodology is being validated by two companies in the mechanical engineering sector and it is proved to be a very useful tool to enable the decision for VR integration.