The metaverse as a breakthrough for operations and supply chain management: implications and call for action

Abstract

PurposeThe metaverse development is in the early stages in most organizations and supply chains. There has been exponential growth in metaverse investments by leading tech and other types of companies and governments worldwide. This article aims to shed light on the topic by providing detailed insights for the operations and supply chain management (O&SCM) community concerning the potential, opportunities and challenges associated with the metaverse.Design/methodology/approachThe authors mapped 15 benefits and 15 challenges regarding metaverse in O&SCM-related fields from the literature, which in turn were empirically tested by a panel with 150 experts from more than 12 countries, from operations and supply chains and with experience in metaverse technologies.FindingsThe authors found notable similarities and differences between metaverse adopters and non-adopters in the O&SCM. Accordingly, some benefits and challenges are expected before and after the implementation, but it's still relevant. In contrast, there are ones that change their importance after the implementation.Research limitations/implicationsFirst, this paper points out the need for an urgent call for action to develop high-quality research on the interplay between metaverse and O&SCM. Second, the metaverse will reshape several established business models by offering new products and services, consequently resulting in the remodeling of O&SCM. Third, our paper provides a call for action to engage the community of scholars and practitioners to consider the metaverse as one of the last frontiers of O&SCM in the digital age.Originality/valueThis paper is one of the first that investigates the metaverse benefits, challenges and expectations in the O&SCM. Also, it provides robust directions by an empirical approach to the metaverse as a new and important research stream for O&SCM and related fields. The authors provide a prospective research agenda that scholars and practitioners could use as a roadmap to capture metaverse opportunities in O&SCM.

Value creation in the metaverse age: a thematic analysis of press releases

“…Second, our findings underscore the importance of empowering businesses with the capability to effectively employ digital technology for enhancing operational processes, innovating products and services and improving communication with suppliers and consumers (Queiroz et al ., 2023). In accordance with research on digital transformation strategies (Dąbrowska et al ., 2022), firms must integrate and align digital technology with their broader strategic decisions, necessitating a reevaluation of their existing business models (Ferrigno et al ., 2023; Matt et al ., 2015).…”

“…Notably, it is also reshaping the landscape of competition for established businesses in an unprecedented manner (Dwivedi et al ., 2023). However, the literature on entrepreneurship and strategic management has yet to systematically address the central issues associated with this emerging phenomenon, and a comprehensive understanding of how value is generated within the metaverse remains lacking (Papagiannidis et al ., 2008; Queiroz et al ., 2023).…”

“…However, in the domain of business and management, research pertaining to the metaverse remains in its nascent stages. Some scholars have construed the metaverse as an immersive virtual environment that interfaces with the tangible world through a medley of cutting-edge technologies, applications and a three-dimensional (3D) representation (Dwivedi et al ., 2022; Queiroz et al ., 2023). Conversely, others have probed the extent of innovation within Meta's business model evolution (Kraus et al ., 2022).…”

“…Furthermore, a recent report by McKinsey estimates the metaverse's value to ascend to $5 trillion by the year 2030 (Elmasry et al ., 2022). Nevertheless, one of the principal quandaries confronting the metaverse is the art of value extraction from its expansive landscape (Queiroz et al ., 2023). Therefore, this article makes a partial contribution to this relatively uncharted research terrain by delving into the following inquiry: How is value generated in the era of the metaverse?…”

Guest editorial: Predictive modeling in logistics and supply chain management research using partial least squares structural equation modeling

“…An example is researchers aiming to better understand how technological developments improve and change the way people work in order to serve as technology for humans (e.g. Hofmann et al , 2019; Queiroz et al , 2023). Consequently, purely explanatory modeling is not sufficient.…”