The corporate virtual landscape has shifted significantly in the last few years, highlighting the benefits of video conferencing and helping with “crossing the chasm“. Its confirmation as a powerful business tool means video conferencing is here to stay.
Although most of us had made a business video call before the pandemic, lockdowns made them commonplace, and fast tracked the transition to regular remote working and hybrid meetings.
Video conferencing has many uses in a business context and is more than an efficient replacement of face to face meetings. But if you’re wondering whether it’s a worthy investment for you, here are the biggest benefits of video conferencing for business.
1: Increased Profitability
Hosting a video conference is cheaper than a face to face meeting which helps the bottom line of your business. Travel costs, arranging client meals or refreshments, and the need for large office spaces to hold everyone attending, are greatly reduced. Office sites can often be downsized as a result of hot desking made possible by effective remote working and video collaboration.
The benefits of video conferencing for business profitability also include training which can take part online, so the entire company can join simultaneously. This not only reduces employee travel costs but also the number of sessions required.
2: Time Savings
Time saved travelling to and from meetings can be utilised for other projects. After all, it’s not always feasible to work on a train if you can’t get a seat or a table, and is limited to hands free calls if driving.
Video conferencing is a very effective method of resolving a problem compared with going back and forth on email. Not only does a visual aspect aid understanding, it allows for quick and spontaneous bouncing of ideas so that a resolution can be found within a single session.
Product demonstrations can take place more quickly and within a greater geographical region than what would have previously been possible. The increased use of B2B video conferencing means many more demonstrations can be done in a single day compared with travelling from one customer to another. The result is that a product can be brought to market more quickly than ever.
3: Improved Communications
Businesses can have offices, or at least employees, from all over the country and even the world, which can hinder effective communication. With video conferencing everyone can attend a meeting no matter their location which has a significant and lasting impact on your company.
Not only is inclusivity facilitated, insight and valued opinions can be gained from all areas of expertise within an organisation. This creates an environment which fosters engagement, learning and development.
Audio conferencing can suffer from a loss of engagement among attendees because it feels less human than face to face interaction. The increased personal connection created by video conferencing will also lead to a reduction in misunderstandings. Email communication is a perfect example of where emotions can be misinterpreted which can negatively impact a project or working relationship.
4: Improved Collaboration
Your meetings will benefit from a higher rate of attendance, especially those who travel regularly. This clearly means a greater presence of decision makers to help get that project over the line.
Visual collaboration can take place on a global scale using a virtual whiteboard or digital canvas which can be edited by all participants in real time. As well as this, sharing files and screens is quick and easy during a video conference and doesn’t require the need to plug and unplug laptops.
5: Increased Productivity
With a reduced travel schedule, employees will benefit from more time to complete a project and will generally lead to a better work / life balance. Also, a well planned video conference will have the agenda and any notes shared beforehand along with a host who can help maintain a tight and efficient schedule.
Video conferences allow a more effective use of time by being more structured and including only those who are relevant to the core subject. So, although we might find we have more video conferences than we did traditional meetings, they should be quicker and more focussed, leading to an increase in productivity overall.
6: Negotiation Advantages
In-person meetings are open to domination by an individual but video conferences naturally create a more level playing field. Some of the pressure of face to face negotiation is removed meaning you might find it easier to say “no” to something which you’re not completely happy with.
On the other hand, being able to deal with a human you can see rather than an email, or just a voice, will allow you to build stronger business relationships, helping you in the long run.
7: Improved Records
The ability to record video conferences creates consistent and accurate records and avoids the need for someone to spend time taking and distributing minutes.
This has the added benefit of providing valuable digital assets which can be used later on, such as for training, or for those who weren’t able to attend a meeting.
8: Reduced Environmental Impact
Less travel means a reduction in your carbon footprint which will benefit any business in modern society.
As well as this, a reduction in waste across all meeting paraphernalia from printouts to leftover food and drinks, means you will be doing your bit for the environment.
9: Higher Skilled Workforce
As video conferencing enables remote working, it means that companies are able to choose from a truly global pool of talent. Without geographical working restrictions, the business world has become more connected, allowing for new job opportunities.
Some workers require an element of remote working so, while a role might still require occasional trips into the office, having a high quality video conferencing setup means you don’t need to close the door on potential talent.
The importance of group collaboration in a face to face environment is clearly something we don’t want to lose as a society, so it’s understandable businesses still want staff to make regular trips to the office. But when meetings are involved, video conferencing makes them more efficient and frees up all members of the workforce to be more productive. The result is a better work / life balance which is something we all want to work towards.
Digital Vision AV are video conferencing experts who live and breathe the industry, with a passion for the latest technology. We install video conferencing hardware and software solutions for all budgets and make practical recommendations for your organisation using decades of technical experience.