The objective of this study is to investigate the impact of the implementation of the metaverse on B2B firm operations. This study is explorative in nature because very little is known about the subject and the study of an emerging technology is a highly complex phenomenon. In total, 16 semi-structured interviews were performed with a mix of B2B executives, metaverse consultants, metaverse platform executives and academics to combine insights from different perspectives and generalize the findings. Interview questions related to the definition, benefits, challenges, preparation and sustainment of a metaverse implementation in B2B firms as these were the relevant themes to answer the main research question. Interviews were transcribed and analysed with template analysis, an inductive form of reasoning where a bottom-up approach was adopted to develop a template for the interpretation of the data. Themes were not stipulated in advance but developed throughout collection and engagement with the data. The following research findings were found and they all contribute in reaching the objective of the study. An unambiguous definition of a B2B metaverse was established which sets the foundation for understanding what it is and its impact on B2B operations. The metaverse in B2B was defined as a persistent and immersive virtual environment, consisting of four core layers, where businesses and organisations can interact, collaborate and conduct operations with each other and the environment. Then, the benefits and challenges evaluate the consequences of the implementation on operations. Five benefits and seven challenges of the implementation were identified. It enhances collaboration in B2B firms, it improves the B2B customer experience, it augments the overall productivity of employees within the firm, it increases the firm’s profitability and it upgrades the current marketing practices. On the other hand, the implementation needs to fit in the business model, interoperability & standards have to be developed, lacking managerial capability & skill gaps are hurdles for the implementation, security, safety & governance need to be on point at all times, the implementation requires a strong technological support, the uncertainty around the return on investment is high and user adoption needs to be accelerated. Finally, a preparation roadmap was set up for the anticipation of the implementation and a sustainment strategy was outlined for maintaining the implementation. The preparation and sustainment strategies make B2B firms adapt their operations to leverage the metaverse and overcome the challenges. The preparation required for the implementation is an iterative threefold process: 1) Develop a value-oriented strategy, 2) Test & learn and 3) Adapt the workforce and expand capabilities. The sustainment strategy consists of two majors components, continuous monitoring and user feedback, which allows to maintain the metaverse implementation on the long term. In sum, the implementation of the metaverse has a significant impact on B2B firm operations, due to the benefits and challenges it brings, as well as the need for thorough preparation and sustainment measures. This study has both scientific and managerial implications. The scientific implications of this research concern the advancement of knowledge on the conceptual understanding of the metaverse and theoretical contributions were made on metaverse implementation in the B2B sector with findings concerning its benefits, challenges, preparation and sustainment based on theory that emerged from the data. This approach can be replicated in future studies on technology implementation. Methodological contributions were made with the inductive approach in the use of template analysis and interdisciplinary collaboration occurred as this research fostered knowledge exchange and bridged the gap between technical and managerial literature fields. Finally, the generalizability of the research due to the combination of multiple perspectives enhanced the relevance and applicability of the research findings. This study involved a few managerial implications as well. Managers are equipped with the knowledge necessary to identify, modify, and abstain from essential practices regarding the implementation of the metaverse. The revised conceptualization and the discovered advantages allow managers to assess the potential role of the metaverse for their firm and effectively harness its most valuable benefits. Moreover, the identified challenges highlight the risks that managers must address and alleviate. Finally, the formulation and implementation of preparatory and sustainable strategies outline a pragmatic course of action for managers to adopt in order to successfully implement the metaverse within B2B enterprises.
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