Business travel accounts for a huge chunk of expenditure. It is estimated that in the US alone, business trips will reach over 480 million by 2016.
Luckily, the cost of video conferencing has decreased vastly since 1998 making it much more accessible. Basic video conferencing can be achieved via Skype and iChat, but when it concerns businesses a better quality, secure solution is needed.
6 video conference benefits for businesses
Reduces travel costs
Travelling to and from meetings is very costly for a business. Not to forget about the transportation, meals and accommodation costs as well. Being able to communicate face-to-face, whilst not needing to travel results in massive annual savings.
Increases productivity
Meeting participants can see the facial expressions and body language of other video conference users which keeps people engaged, increases collaboration and makes the conversation highly productive. CEOs can also use video conferences to hold company-wide meetings in real-time with global and regional offices, making employees feel more like a team.
Saves time
With the ability to connect instantly with other video conferencing users, a business could gain weeks and months worth of time back. Video meetings also keep participants more alert and focused on what is being discussed – compared to a phone call or email chain. As a result, projects are completed faster and productivity increases.
1 hour driving for a meeting = 1,000 hours web conferencing in electrical power
More sharing and clearer outcomes
Many video conferencing solutions allow users to share media and data at the same time. Video meeting software can also let you to tape and archive important meetings, so if anybody misses the meeting or wants to refer back to the discussion, they can do so quickly.
Noticeable return on investment
Saving time, reducing travel costs and raising productivity allows a business to make a considerable and measurable return on investment. Video conferencing software requires an upfront cost, but it takes hardly any time to start making a return.
Competitive advantage over your competition
Businesses can create and maintain a competitive advantage by allowing their teams to communicate through video. By having the ability to quickly share knowledge globally, new products or services can be refined and launched faster. Support departments can use video conferencing to establish a more personal relationship with customers, which encourages loyalty. HR can also benefit as they are no longer limited geographically when interviewing for new hires.
Sources
https://www.statista.com/topics/1832/business-travel/
https://searchunifiedcommunications.techtarget.com/answer/How-can-you-determine-video-conferencing-ROI-before-investing
