Breaking Down the ROI of Video Conferencing: Why It's Time to Invest
First Published November 2015, Updated November 2019
Making the decision to invest in new technology is vital for organisations looking to thrive amidst the ever-changing technological landscape.
Video conferencing solutions have firmly established themselves as a must-have tool for businesses looking to improve upon their productivity, processes and services - thanks to the many benefits it offers adopters and the long-term advantages to choosing to invest in a voice and video conferencing solution.
When's the best time to adopt a video conferencing solution?
Maybe you've looked into video conferencing in the past, and felt overwhelmed by the volume of choices and decisions you needed to make. Or perhaps you enquired about a solution, only to have a consultant try and sell you everything but the kitchen sink, on the premise that you'll "definitely need" each and every item. Well, times have changed. The cost involved in implementing a voice and video solution is far less than perhaps you might imagine - and thanks to technological developments, the leap towards implementing it is far smaller than ever before.
We often have clients who're looking to move premises, or upgrade their networks, and they ask us to help them roll out a solution along with everything else they may need. But whether or not you're like the aforementioned, the right time to implement a video conferencing system is now!
8 Benefits that Sum Up the ROI of Video Conferencing Solutions
1. Improved Corporate Image
If your organisation has a client-facing element, or deals regularly with clients, video conferencing has the advantage of going the extra mile in terms of creating and portraying the right image, by showcasing your business's willingness to adopt high quality communications technologies.
2. Reduced Travel Costs, Improved Productivity and Time Efficiency
It's not uncommon to find company employees losing several working days a month to travel - take that income loss into account and combine it with the actual expense of travelling and it all adds up to a hefty amount. As a result of implementing a video conferencing solution, businesses can enjoy an upsurge in productivity and efficiency within their offices by avoiding displaced meetings, unnecessary travel time, reducing costs and boosting response times.
3. Boosted Training Opportunities
The opportunity to create webinars that can be shared, and to host training sessions regardless of distance, makes video conferencing a valuable tool for companies looking to train employees in different locations or offices.
4. Improved Customer Support
Customer service efforts are enhanced by video’s ability to convey facial expression and body language that furthers company and client interactions, and builds better relationships and trust going forward. Consider the benefits of being able to see the challenges your clients are facing from being able to be virtually on site to see what they are seeing.
5. Faster Response Times
Tying in with enhanced collaboration between dispersed offices, video conferencing also facilitates an improvement in the speed of response times during the completion of work or in the resolution of problems that may arise.
6. Improved Productivity and Time Efficiency
By avoiding displaced meetings, unnecessary travel time and costs, and by boosting response times, businesses can enjoy an upsurge in productivity and efficiency within their offices as a result of implementing a video conferencing solution.
7. Widen your Pool of Talent
We're now seeing lots of organisations who have embedded video into their day-to-day activity, replacing many face-to-face meetings with video calls. This means that key talent - especially in fields like knowledge work - does not necessarily have to be in the office for the majority of the time. This in turn means those organisations can recruit people who are geographically distant from the office without imposing the burden of a long daily commute.
8. Better Engagement Within Meetings.
Forbes Magazine recently quoted Srini Koushik, CTO for Magellan Health, on why video conferencing even beats audio conferencing. “The entire feel and etiquette of the meeting changes,” says Koushik. Participants can see each other, and this leads to closer relationships—even when regular collaborators haven't met in person. When they do meet, says Koushik, “it no longer feels as if I’m meeting a stranger. We recognize one another.”
The above is a list of but a few of the benefits video conferencing brings to an organisation, and just several of the reasons why you should consider implementing a video conferencing solution. And remember, experiencing the true ROI of a video conferencing solution relies on ensuring you factor in your unique needs during the planning and implementation phase, and that you then encourage your employees to embrace the benefits!