Video conferencing is a communication technology that is a staple in today’s workplace transforming both internal and external communication. Its success in this dynamic business world, organizations must be planning for the future adopting new technologies. Video conferencing is a technology that helps businesses connect and escalate by transforming the way people interact across geographies and time zones.
Video conferencing brings people together wherever they are, mimicking the face-face interactions in a convenient digital environment. With the right video conferencing technology, employees can gain access to aspects like screen sharing and sharing of files with each other during virtual meetings. Not only does video conferencing strengthen connections with people in a virtual environment, but it also plays a significant role in making meetings efficient as well. This is essential as most businesses, especially in America, host over 11 million meetings every day.
Knowing the real impact of video conferencing on businesses can make it easier for you to simplify your meeting requirements. In this blog, let’s explore in-depth about the importance of video conferencing in communication and look into the various benefits it offers from a business perspective.
What is the use of video conferencing from a business perspective?
Driven by the demand for remote and virtual work during the COVID-19 outbreak, the importance of video conferencing in business communication is rapidly increasing. According to researches, the global market for video conferencing was worth $3.85 billion in 2019 and is expected to grow at a rate of 9.9% by 2027 with more people using this functionality than ever before.
With the number of the global remote workforce accentuating in 2020 due to the CODIV-19 outbreak, the usage of video conference platforms has become more popular among households and businesses in the United States.
Here is a statistic that shows the impact of novel coronavirus on tech service usage in the United States in March-July 2020.
Recently Facebook has announced that it is planning to expand its Facebook Live and message features to help users to connect with up to 50 people. This smart move from the social media giant is to compete with popular video conferencing apps like Google meet and Zoom as video chatting is exploding in popularity due to the Coronavirus hit across the globe.
What are the benefits of video conferencing?
Business leaders and employee travel to attend board and client meetings, meet business partners, and for various other purposes. Most businesses rely on business travel to keep in contact with clients, make sales, market their products. However, video conferencing technologies have an impact on how business meetings are conducted.
If you wonder what are the benefits of video conferencing, its advantages are not just confined to reduced business travel, there are a lot more.
Let’s explore the benefits of video conferencing for business.
Reach out to several people at the same time
Most face-face business meetings are either conducted on a one-one basis or involve a few important team members alone due to constraints to manage collaboration with a large number of people. Where video conferencing apps allow a large number of members to be a part of remote meetings held online regardless of the geographical constraints and other restricting factors. Opportunities offered by video conferencing is limitless when it comes to reaching out and engaging several participants at the same time.
Reduced Travel Costs and Expenses
Business travel is one of the significant aspects of the success of an organization but it also involves a lot of expenses. As video conferencing apps allow people to talk face-face, it can be used to replace business travels which can save time, efforts, and especially unnecessary travel expenses.
As meeting timings are typically short via video chatting, productive time can be regained along with reducing the travel expenses. Video conferencing helps organizations to establish a more productive working relationship without affecting their travel budgets.
Healthier work-life balance
In today’s technology-powered digital workspace, the corporate workstyle means flexible hours, variable locations, and less business travel resulting in a healthier work-life balance. Most importantly more and more businesses are allowing their employees to work from anywhere and every and adjust their work hours to accommodate their personal life, communication. This flexibility prevents employees from becoming frustrated with unbalanced work-life balance which is one of the main reasons why most people chose to quit their jobs.
Major factors that contribute to the frustration include work stress, low job satisfaction, heavy work pressure, etc. can be mediated through flexible and convenient working style, business video conferencing helps with these efforts when employees are working from home or from remote locations.
Better productivity and collaboration
Most companies swear by video conferencing apps in making the workspace and employees more engaged. Reduced business travel requirements help employees maximize their time. Holding video chats with employees, customers, and partners around the globe boosts productivity.
While collaborating over phone calls and emails might cause misunderstandings in conversation, video chatting delivers a more complete message. Participants can speak up in real-time and clarify the information. Video conferencing maximizes the productivity of human resources and projects can be completed faster and it helps members feel more synchronized with meeting objectives and with each other.
Bind all your employees through one software
When equipped with all the essential tools they need to effusively participate in a remote meeting, people are more likely to show on time and actively contribute to the meeting. Business video conferencing binds all your employees with one software and facilitates an environment to conduct important key meetings. With that said, sometimes it is not possible to get everyone together at the same time for a virtual meeting especially if your workforce is dispersed across different time zones. However, members who are not able to join at a particular time can still catch up on an important meeting later with a bit planning to keep up the work flowing in the right direction.
Improved efficiency
Visual communication brings in a level of efficiency that is not possible with voice calls. Due to this, team members of a meeting get a lot more done via video conferencing. You can display product demos, mock-ups, or impress potential customers. People admit that video conferencing is more efficient than face-face meetings as it facilitates a more focused discussion. With video conferring, strict time constraints, and remote call-ins help to create a productive environment with less side chatter. Additionally, when members can be seen by colleagues, the contribution and focus would be higher. Seeing one another boosts efficiency, more interactions, and therefore less distraction.
Increased employee satisfaction
Employees who remain happy and healthy are the most productive ones. Business video conferencing helps to achieve employee satisfaction. Frequent business travel to different places can take a physical toll and replacing it results in greater employee satisfaction thereby boosting performance and productivity.
It also helps to reduce job turnover and support the professional and personal life balance. Between the years 2005 and 2016, work from home time has considerably increased by 103%. Researches show that working from home is as productive as office working due to advanced technology support. Employees with the option to work from their home or remotely are the happiest, and more efficient.
Improved communication and culture
Business communication is always complex. The tone of voice, body language, everything plays an important role. Phone calls and emails reveal tone but it leaves out facial expressions and body language which is often crucial for improved communication and more solid relationships. However, visual communication generated more efficient collaboration which can be achieved through video conferencing apps. Video chatting is the key to successful working relationships in digital space.
This real-time connection among the participants promotes group loyalty results in a disciplined and shared commitment towards the work. Video conferencing helps to build relationships, trust, and loyalty among employees contributing to healthy office culture. Teams feel more connected and project managers can interact with team members in different geographies who they may never have a chance to meet in person.
Provides more structure for business meetings
As participants are joining from different geographical locations, the beginning and end timings of video conferences are generally clearly defined before the ending of the video call. This means less relevant and idle conversations and more productivity during the allocated time. Mostly, your team members will stick on to the already planned agenda which will increase productivity and efficiency in timing.
Helps with employee retention
It is no secret that a good professional and personal life balance is important for employee retention. The flexibility offered by video conferencing allows people to have more control over work timings which leads to improved retention. With video conferencing, you can keep remote employees feel more connected and part of the team when they can connect face-face with each other online regularly.
Gain a sustainable competitive advantage
Businesses that communicate via video conferencing apps share knowledge more efficiently and faster. Supporting departments and teams can establish personal customer relations and improve the quality of business meetings. Leveraging video conferencing allows organizations to be more efficient. With low costs, increased team unity, and more efficient business meetings, you can productively streamline most of your business tasks and facilitate enhanced collaboration at the same time. Better meetings are generated and creativity abounds when you adopt video chatting to power your remote business functions.
Future of Video Conferencing
In the coming years, video conferencing will begin to shift from being an advantage to a necessity for business. As expectations and preferences of younger generations entering the workforce take hold, video conferencing is all set to become the new normal over email exchanges and voice calls and will continue to replace global travel for in-person meetings and collaborations.
As video communication and technology rise parallelly, we will also witness more technological tools like Artificial intelligence and machine learning integrated into online business meetings that help organizations to approach the quantifiable workplace replacing geographical and cultural barriers.
However, even with increased adoption of video conferences, business travel will rebound after COVID-19 but it might never be the same. Businesses will always have to rely on in-person meetings for certain scenarios. At the same time, there would be businesses that won’t risk business travel for the foreseeable future and will continue to allow employees to work from home. With many organizations expect travel to return to pre-pandemic times by the end of the year, some feel it will take until the end of 2021. Mostly the in-person communications and video conferencing will go hand by hand which has its own advantages in different scenarios.
Considering the need for video conferencing apps, in the business environment, it is important to think about building a video chatting solution. With the availability of white label solutions, it might not be difficult to create a customized video conferencing and communication app. However, it must be understood that it is not just the app idea that makes video chatting apps popular and successful.
It is the product as a whole with a wide range of advanced features. the zoom clone script from StreamHash is the right white label solution that helps to bring brands to the forefront of the industry with advanced technology that ease business communication. From screen sharing to the most profitable revenue model, our solution brings innovation to video conferences at an affordable cost.
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Conclusion
Video conferencing works as an excellent communication tool and is growing at a record rate. Businesses understand the importance of video conferencing in business communication and reap the benefits of improved communication and efficient collaboration. Quantifiable advantages include reduced travel costs and enhanced productivity. Even more impactful advantages of video conferencing include better collaboration and business relationships. Great meeting efficiency can enhance employee satisfaction and improve competitive advantage.
Video conferencing facilitates team building and collaboration, for customer retention, sales, and any other person-person aspects of your organization. If you are ready to integrate the benefits of video conferencing apps to your business, we are here to help you. As a reliable solution provider who can cater to your custom requirements, we can offer you expert guidance on creating a video conferencing solution for you.