Three Part Discussion – Description
Part 1: Summarize chapter 16 of the attached doc 200 words APA format
Part 2: Reply to the below prompt. 150-200 words Apa format
Most people are familiar with Warner Bros. 1999 Sci-fi hit, The Matrix. The setting of the film is based in a virtually simulated world where people lived out their lives in a ultra-realistic environment unbeknownst to them. Minus the maligned and deceptive undertone, the captives of the “Matrix” experienced, the “Metaverse” represents a virtual reality space where users can also interact with a virtual environment. Experiences in the Metaverse include interaction with other people through avatars, the potential to purchase goods (virtual and material). The concept of the Metaverse can be partially summed by the phrase “persistent virtual worlds that continue to exist even when you’re not playing” (Ravenscraft, 2023).
The significance of the Metaverse and its impact in technology is complicated. The Metaverse represents something of a new frontier for user interfaces and business interactions, but has several enormous gaps in achieving advertised social interactions and digital currency exchanges. The computing infrastructure required to build and to host a handful of digital store fronts or meeting places does exist, but the “raw computing power” required to create real-time or near real-time social interactions that encompasses virtual reality, augmented reality, and the real world simply does not exist (Ravenscraft, 2023). A key question that relates to the Trusty Carpets scenario extends the infrastructure question into, what would it take for a business amidst a modernization project to create and maintain digital spaces to conduct business in? How much would that cost? And, what would be their expected return on investment? The Meta-economy also does not possess a clear path to profitability when conducting business in a virtual space. The Meta-economy is based on the exchange of cryptocurrencies and non-fungible tokens. There are two prime issues with using these two currency forms, valuation of data through NFTs and the “extreme volatility generally observed in the cryptocurrency market” (Vidal-Tomas, 2023). Goods and services purchased with Bitcoin at $10,000 today could be worth pennies next week. Metaverse, NFTs, and cryptocurrencies all use blockchain to secure their data elements but how does that affect the traditional economic systems of governments? What type of banking regulations and international trade laws need to be applied or reviewed to facilitate digital currency exchanges?
The outlook however is not all doom and gloom. One potential area that could have an impact sooner rather than later is the Metaverse’s impact on remote work. Microsoft Mesh, Nvidia Omniverse, and Horizon Worlds (Meta) are all representations of companies leveraging investments in virtual environments to virtually collaborate for work. For an old business like Trusty Carpets who are undergoing an IT modernization, the metaverse can offer employment opportunities to people they would not traditionally have access to. With an increased digital presence however, businesses also need to consider potential security challenges. How can businesses ensure data security and privacy in the metaverse environment?
Part 3: Reply to the below prompt. 150-200 words Apa format
Instead of simply focusing on the technology or operational aspects, the business value of IT refers to how IT supports accomplishing the goals and objectives of the business. It is determined by the IT stakeholders and beneficiaries, who have various goals and expectations for IT’s function in managing and transforming the business.
Asset value and business value are the two unique ways that enterprise IT adds value. Asset value refers to the purchase of new hardware and software that keeps the business operating. Whereas company value, which includes changes to company priorities, innovation, and digital efforts, has a broad impact on the business model and the way business services are dispensed.
A company’s CIO must create compelling value narratives that speak to business leaders, aid in their decision-making, and align with their primary goals or issues to show the business value of IT. Instead of measuring the amount of work done or the resources used, these insightful narratives should concentrate on the results and advantages that IT has produced.
The value narratives for running and transforming a business’s IT should be distinguished by CIOs equally because stakeholders have varying perspectives on each. To keep the business running effectively, IT must be operated in a dependable, secure, and efficient manner. By utilizing technology-based innovation and digital initiatives, IT is being transformed to help business expand and develop. The evidence and measured benefits should back up both narratives.
Three questions:
What are a few diverse ways to measure the business value of IT?
What are some ways to improve IT alignment with business goals?
How does the business value of IT measure and communicate the return on investment (ROI) of its projects and initiatives?
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