IMPACT OF PREDICTIVE ANALYTICS IN BUSINESS WORLD

Abstract

By the emergence and development of the new technologies in economy, the level of competition raised several times faster than the previous periods. Companies are facing the challenge of diminishing the production costs on high quality goods by implementing the modern technology in production, management, marketing, sales and all the other fields of the product realization. This paper is based on wide literature review and researched the latest virtual world business model tools, such as Virtual and Augmented Reality, the ways of using them in modern economy. I also investigated the patterns of different companies that applied for these technologies and their results. I introduced the main features of virtual world, and explored major technology waves that are Augmented Reality, Virtual Reality, and USEMIR (Ubiquitous Sensory Mixed Reality). Under the concrete examples, monetization of the virtual world business models had been explained to the readers. The main direction of my essay was introducing the previous precedents of technology implementation in macroeconomic level, its gains, challenges and future perspectives. Article revealed the strong relatedness between the Virtual World and Real- World Economies. It will be used on conducting surveys for first research. Moreover, readers can get the initial knowledge on the topic and the patterns that previously were investigated.