1. Save Time
The process of organizing business meetings is quite tedious, especially if the participants come from different locations. A lot of time is wasted on travelling. Besides, other factors such as traffic, jet lag, and fatigue, which are associated with travel, contribute to this time wastage. One of the key benefits of video conferencing is that it makes the planning and scheduling of meetings much easier.
2. Save Money
In as much as face-to-face meetings are essential for any business, they are a very costly affair. It gets really expensive when you have to organize a meeting that brings together representatives from all around the world. Some of the costs involved include air tickets, accommodation, entertainment, subsistence allowances, as well as the time lost organizing the meeting. All these could be avoided through video conferencing, because you will only have to pay for your internet connection and/or web-based service. By using video conferencing, planning a meeting will be much easier and will take significantly less time and effort.
3. Increase Productivity
Over the years, significant improvements in technology have seen the benefits of video conferencing grow from the simple concept of “talking heads” on screen to various capabilities such as sharing media, documents, and many other types of information. For this reason, it offers multiple channels for a business to create and maintain its competitive advantage. Teams can easily share knowledge over video in order to facilitate faster decision-making. In addition, the business is able to make informed choices, regarding their products and services in the market, and thus gives them sustained competitive advantage.
4. Improved Business Relations
Just like the traditional face-to-face meetings, video conferencing gives you an opportunity to meet partners, clients, colleagues, suppliers, and other stakeholders in order to facilitate and promote better working relations and create further opportunities for the business. It allows you to make presentations to investors, catch up with colleagues, hold board meetings, train your teams, and brainstorm, among other applications. Video communications enable you to create one-to-one personal relations with your clients.
5. Environmentally friendly
Some businesses involve substantial travel, either locally or internationally. The trips are essential, since they help the businesses to build crucial relationships. However, the burning of fossil fuels by vehicles and aircraft increases the corporate carbon footprint. Video conferencing provides an eco-friendly option, whereby, business meetings can still take place, but the need for frequent travel is eliminated. On the other hand, a business may use video communications to prove their commitment in protecting the environment.
6. Improved Hiring and Retention of Staff
Hiring employees is an expensive and lengthy process. It becomes more complicated if your business is targeting top talent from outside the boundaries of your city, state, or country. In addition, the interviewing panel may consist of people located in different places. Hence, planning for an interview might be a bit challenging. With video conferencing, prospective candidates can gather at the nearest facility, thus save time and money in conducting the interviews. Moreover, the interview process can be recorded to enable further evaluation and give a chance to members of the interviewing panel that were absent to participate.