Getting the ‘Why, What, and How’ Right About Your Metaverse Strategy

Resource Type
RTM Publication
Publish Date
08/19/2024
Author
IRI
Topic
Strategic Planning
Associated Event
Publication

The metaverse is widely expected to become the next generation of the Internet and to have a comparable business impact. Thus far, however, many companies have experienced significant challenges and disappointments with the metaverse. This article introduces a method for companies to create a metaverse strategy and to ask the right managerial questions to move beyond the hype and derive tangible value from metaverse technologies. We also propose three alternative pathways for implementing a metaverse strategy in practice, thereby helping managers respond effectively to metaverse-related strategic questions.

Mika Ruokonen is a business professional with broad experience in digital transformation, data and AI, digital media, ecommerce, digital marketing, and software solutions. He has held several leadership roles that have covered strategy and business development, innovation management, and business transformation, as well as sales and marketing. He has written business-focused books covering digitalization, data, and AI and regularly gives keynote speeches on strategies enabled by digital technologies. He has a DSc in economics from LUT University, Finland. Currently, he is an industry professor of digital business at the Business School at LUT University.

Paavo Ritala is a professor of strategy and innovation at the Business School at LUT University, Finland. His main research themes include ecosystems and platforms, the role of data and digital technologies in organizations, collaborative innovation, sustainable business models, and circular economy. He has a PhD in business administration and economics from LUT University. His research has been published in leading academic and practitioner journals such as Journal of ManagementResearch Policy, and California Management Review. He is closely involved with business practice through research projects, education programs, and advisory roles. He is the co-editor-in-chief of R&D Management and he serves in the editorial review board of Journal of Product Innovation Management.