Virtual Reality (VR) and Mixed Reality (MR) have largely been associated with entertainment and gaming industry, its immense potential for enterprises is the real cause for excitement. From smart goggles providing metrics, instruction and remote support to factory workers to virtual prototypes allowing rapid iteration, assembly simulation, advanced testing and remote collaboration, Mixed Reality has huge potential in enterprise solutions. Mixed Reality brings forward opportunities that can potentially redefine business tools, models and business processes. Enterprises can find benefits from enhancing communication to more effective training and product development, to improving the customer experience.MR can empower industries with unbounded communication and collaboration capability. The applications can range from Face-to-Face meetings to mass participation through Virtual Conventions. Bosch Auto Parts has designed a AR based solution for Daimler vehicles which helps first response support in case of accidents. Rescue personnel are equipped with smartphone and tablet based app which displays a superimposed view of the vehicle and help them analyze the least dangerous vehicle part to cut into to rescue a passenger. MR is also revolutionizing the design, engineering, and manufacturing (DEM) professionals work. Virtual Prototyping has the potential to shorten time and cost of iteration in product development as well as improve end product quality by allowing DEM staff to visualize the product in 3D. Lockheed Martin has saved nearly $10 million a year by implementing VR/AR tools in the production line of its space assets. In manufacturing, VR can enable performance and reliability testing under every condition, far more cost-effectively, quickly and safely. The current platforming and tooling cost is expected to be mitigated by the arrival of VR-As-a-Service. Safety inspections and routine maintenance at manufacturing facility can be performed more efficiently with virtual systems. Virtual system brings the possibility of remote inspection, enabling timely issue detection and therefore preventing loss of life and manufacturing time.How VR is helping Ford improve its product design Ford has utilized virtual reality in all its processes. Engineers can design and build an entire car in a virtual environment. The Ford Immersive Vehicle Environment (FIVE) system translates CAD designs into virtual cars. Using the virtual reality space, engineers are able to inspect car components down to a millimeter. The technology also allows Ford designers to collaborate across geographies in real time without incurring travel costs.How DHL is helping warehouse workers deliver packages more efficientlyDHL piloted an augmented reality program in 2015 to improve efficiency of their warehouse. Using the technology workers were able to engage in Vision Picking sending them directly to the aisle and shelf for the assigned package. The AR display highlights the package allowing workers to quickly identify the requisite package from other similar ones. During the pilot phase, 10 warehouse workers were able to deliver 9,000 orders consisting of total 20,000 items. The technology allowed workers to perform more efficiently and with fewer errors.Digital Twin or virtual copy of machines is another application of MR which has the potential to become the epitome of Industry 4.0 by providing optimized machine design, reducing changeover times and enabling smooth operations. The twins – the physical plant and the digital copy is formed by connecting them permanently thus developing a common object memory from the very first prototype. As per projection by German Association for Information Technology, Telecommunications and New Media (BITKOM), digital twin will have an economic potential of USD 92 Billion by 2025. With Digital Twin, it is possible to validate design and test configuration of control system in virtual environment. With machine information being available on integrated data platform, introduction of new product becomes easier by modifying, verifying and optimizing characteristic parameters for production. Digital Twin also facilitates documentation of products, components and features allowing process engineers to pin point exact reason in case of failures. In Germany, Airbus used Mixed Reality Application or MiRA to integrate production environment with digital mock-ups, giving workers access to complete 3D models of the aircraft under production. Airbus reported that MiRA reduced inspection time of A380 fuselage from 3 weeks to 3 days.How Siemens is helping manufacturing industry implement Digital TwinSiemens Digital Twins supports product design, manufacturing process planning and production planning. Siemens portfolio offers a holistic approach to digitally support the entire value chain for manufacturing. The network provides a basis for data exchange from different production modules and collects operational data. Using these elements, Siemens enables almost 100 percent virtual validation and testing of product design. This reduces the time needed for prototypes, improves quality of final manufactured product as well as enables faster reiteration based on customer feedback. Their Defense-in depth concept enables industrial plants to be effectively protected against internal and external attacks. Siemens has helped machine manufacturer Bausch + Ströbel to digitalize and bring consistency in its engineering. The increase in efficiency from this is expected to be at least 30 percent by 2020. Siemens also uses documentation to achieve extremely low level of errors in repeat production.   Construction Industry – The application of MR can be extended to construction as well. In construction industry, MR system with wall penetration radar allows builders to avoid costly mistakes by showing them what’s inside the wall instead of breaking them up to see.   Retail Industry –  Retailers are using VR to enable customers to experience products from the comfort of their home by virtually viewing its fit and feel. The Audi VR experience allows customers to experience their dream car virtually in real time. They can explore every detail of the vehicle clearly. Forbes reported that at the pilot location in London, this VR experience helped Audi increase new car sales by 60 to 70 percent with 75 percent of the sales coming from first time buyer. 50 percent of customers purchased the car without a physical test drive in the first year at the London Audi dealership. Lowe’s rolled out Holoroom with Oculus Rift to help customers make remodeling decisions. Ikea also offers virtual showrooms to its customers.  Learning and Training – Simulation Based Learning (SBL) is another revolutionary application of MR which can disrupt learning and development at the workplace. The technique is already being used by surgeons to practice critical surgery procedures virtually, as they get physical experience of performing the procedure as well as feedback on how their work is affecting the patient. The cost of Pilot simulation training, which usually rely on sophisticated simulators, can be greatly reduced if replaced by cost efficient VR solutions. Houston based Training Center of Air Conditioning and Heating have collaborated with Brown Technical Media to deliver a VR hands on simulation training experience to students. Similar, learning mechanism can be adopted for industrial training as well.    Customer Service –  MR can disrupt the customer service market. In case of machine breakdown, remote troubleshooting has the potential to improve customer experience by reducing the time for repair and cost for service. Using MR, the technical representative can view the exact technical issue and can guide the customer through remote troubleshooting process.   Travel and Tourism – VR application can also be useful to travel and tourism industry for promotion of tourism. A VR experience program called Wild Within promotes tourism in Canada’s British Columbia. Through the VR experience viewers can travel through rainforest either through the coastline or a mountain. The Wild Within program is available both through Oculus Rift VR headset and iOS and Android mobile VR app. With VR gears like Taclim VR boots from Cerevo, tourists could soon virtually take a stroll on a beach and actually feel the sandy terrain beneath their feet. Effects like ocean breezes and the sound of waves breaking and shorebirds, could heighten their travel experience.The mixed reality trend is being fueled by investments in platforms, devices and software ecosystem. The VR, AR, MR technology is expected to reach USD 110 billion in market size by 2025, according to a forecast by Goldman Sachs. Organizations need to start experimenting with this revolutionary technology today. Businesses that delay adoption, run the risk of being left behind as the market opportunities become clearer and the innovators and early adopters capitalize on their investments.Mixed Reality and Virtual Reality has found applications in many fields due to their characteristics and benefits that they provide in solving complex real business problems. The enterprise potential of Virtual and Mixed Reality continues to grow as more and more companies explore VR and MR use cases for their business. Interestingly, the VR and MR efforts intersects with opportunities made possible by Internet of Things like sensors and connected devices that helps build an integrated digital landscape of the physical world. Though it may take several years before mixed reality’s ultimate end game materializes, the time to begin exploring this dynamic technology and the digital assets that it brings in is now.