Video conferencing: How it could help reduce your business costs
With more businesses operating globally and more employees working remotely, here’s how virtual communication could keep your business on track
Communication is an integral part of any business. Leaders have to communicate with their managers and employees on a regular basis. It’s a vital way of ensuring that directions and goals are understood by everyone.
However, keeping communication flowing is often easier said than done, especially in huge businesses that span several locations.
The rise of video conferencing
As many business leaders will have discovered, verbal communication will not always be enough. Although you can contact employees via the phone anytime to relay messages, you don’t have visibility of their facial expressions and other non-verbal clues. In any business communication, it is imperative that you get a clear grasp on whether everyone understands what their tasks are. It won’t do to have to re-do everything just because you didn’t take the time to check everyone’s understanding before moving ahead.
According to Pew Research, 58% of US adults own a smartphone with 21% using it to join video calls or chats. This data shows that businesses are finding ways to lower costs and still be able to hold business meetings in a virtual setting. Some companies will even provide smartphones for employees so they can join video conferences while on the go.
The growing trend of Bring Your Own Device (BYOD)
A study by the Cellular Telecommunications Industry Association (CTIA) shows that more and more businesses are going wireless. About 55% of businesses in the US encourage employees to bring their own device (BYOD) to work. 70% of these businesses also invest in mobile solutions. This is to save on costs related to holding traditional business meetings and can offer an excellent alternative to having all participants sit in one place where finding a common, open schedule timeslot is a struggle.
Video conferencing can help businesses get people virtually in one place at the same time and in an efficient manner. There are also a number of other tangible benefits including:
1. Reducing your business’ carbon footprint
Carbon emissions continue to hound the world with harmful environmental effects. Where traveling was a necessary part of business before, this has now been largely replaced with video conferencing. Business executives are doing their share to reducing carbon footprints. Less business travel results in environmentally friendly policies, but it also reduces unnecessary costs. A report by Carbon Disclosure, as reported by Tree Hugger, projected financial savings to hit $19bn by 2020. The recent economic slump has forced businesses to look for more cost-effective ways to do things.
2. Fast deployment of information
In any business where competition can be stiff, you will need to be on your toes for milestones and breakthroughs to get ahead. There will also be times when policy changes happen in an instant and everyone in the organisation needs to know. Or you may have received a report which required top level decision makers to respond. There are many other scenarios that come up where video conferencing can give your business that edge. You can gather people together in one virtual meeting to be able to talk through company issues – fast. This will help you find the solution you need while keeping leaders looped in. The sooner your business responds to these instances, the better the result will be for your business.
3. Smooth business operations
Emails have always been the constant means of business communication. But there could be times when the recipient may have misinterpreted some of the instructions in the email. You then end up having to revise them to meet the deadline. Video conferencing can help you get the right results the first time, especially if you are looking at a complex project. Video conferencing lets you reach out to people so they know exactly what you want and how you want it done. You can get instant feedback based on their reactions and they can ask questions too.
Your business has to be responsive and provide prompt guidance to employees. Less confusion will lead to fewer mistakes. In the end, you can complete tasks with better results and in a shorter amount of time, ultimately ensuring savings and bigger profits for your business.