How Video Conferencing Can Save Money For Business
Video conferencing is increasingly popular among all types of businesses, from large to small startups. Video conferencing technology is an impressive business tool not only because it increases productivity and convenience, but because it also provides money-saving benefits.
The availability of fast, inexpensive broadband has done much to change the perception that only large companies have access to video conferencing. The simplicity of the technology means that using video conferencing doesn’t require a vital work conference to justify its usage; quick one-to-one conversations between coworkers can be held this way too.
More and more employees are voicing their preference for a flexible working environment which allows them to work remotely and from home when desired. According to the Office of National Statistics, half of the UK workforce will work remotely by 2020. But despite the benefits, working away from the office is often dismissed for the lack of human interaction.
This downside to working remotely can be counteracted by video conferencing, as it keeps employees connected while also cutting costs for employers through reducing office rent and building maintenance.
Rather than renting out an entire building for all employees, business owners are finding value in renting individual suites or using co-working spaces, then using video conferencing to cut their costs. All while remaining connected to their employees.
A survey of 1,000 office workers across the UK suggests an average employee spends 10 hours and 42 minutes each week preparing for and attending 4.4 meetings, with 2.6 of those deemed unnecessary, costing the UK’s 5.4 million businesses about £191 billion a year.
Video conferencing removes the hassle of meeting set up and can ensure that employees are more focused and action-oriented when attending meetings. Video conferencing provides businesses with the chance to connect geographically diverse coworkers and allow them to complete projects more quickly and effectively, productivity is enhanced, and coworkers create beneficial relationships. It makes sense that faster project completion and stronger employee relationships will help your business save money and keep clients happy.
Business travel has and always will be a crucial part of a successful business, but it can also be one of the most expensive.
Research by LyteSpark revealed that British businesses with teams and clients across the globe could save, on average, $33,200 per year on business trips abroad if they use online meeting platforms.
Video conferencing also allows your business to foster communication with clients regularly through video calls, while also reducing the time spent travelling to important meetings. Not only are your travel costs cut, but you also regain the hours, you or your employees would have spent travelling. The time and money saved can be re-invested in other pursuits such as increased sales, marketing and advertising, which of course will be a tremendous asset.
Video conferencing has a range of other benefits such as boosting employee productivity, cutting down carbon emissions and other environmental friendly outcomes and increasing employee satisfaction. It makes sense to use video conferencing within your business whether large or small.
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