The Hidden Benefits of Video Conferencing for Businesses

The Hidden Benefits of Video Conferencing for Businesses

The latest release of Wainhouse Research’s annual study of the videoconferencing market covers all phases of the enterprise videoconferencing equipment market, including telepresence systems, room videoconferencing devices, and personal/desktop videoconferencing solutions.

According to Wainhouse Research, the overall endpoint market will grow from $1.3 billion in 2007 to over $4.9 billion in 2013. Videoconferencing infrastructure product revenues, including MCUs, gateways, and gatekeepers, are forecast to grow to $725 million during the same time frame.

Videoconferencing represents an attractive market reaching $2 billion in annual sales in 2008. Despite a dismal economic climate the videoconferencing market grew at 18 percent year over year in 2008.

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Cost Saving and Greater ROI

An alternative approach to international and domestic business travels – eliminated flight charge, airport and tax charges, local transportations, accommodations and meal expenditure, overtime charges and even labor cost for travel bookings.

The cost of video conferencing equipments, both hardware and software will continue to drop, giving businesses the opportunities to reduce overhead expenses for business sustainability.

Productive and Efficient

Businesses gain productivities by cutting down employee’s travel time. Depending on the distance of travel destination either in local, out of state, or out of country, video conferencing technologies save tremendous amount of time on business travel, such as flight, local traffic, airport/ hotel check-in, packing and unpacking, etc.

Quicker business decisions are made through video conferencing. Video conferencing system can be setup quickly. It allows more than two parties to join from anywhere at any time. Communications can be more efficient with video conferencing system as opposed to messenger, email, or phone calls, which are time-consuming and may cause misinterpretations.

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Relationship Building

Conventional phone conference sure gets the basic messages across but it lacks of visual elements and interpersonal connections. Videoconferencing technologies combines audio and visual communications through live broadcasting. Some higher-end video conferencing systems provide state-of-the-art meeting experience through high definition LCD displays and high quality speakers. These systems also include multipoint which give you the ability to have several parties collaborating on one call. Also with the advent of interactive white boarding software this allows for the parties to brainstorm in real time on documents.

Videoconferencing users find it more efficient in building relationship with business partners and employees. Interpersonal connection and real-time communications capabilities have indirect impact on business relationship development.

Balance between Work & Life

Videoconferencing technologies integrate employees from different parts of the world, making telecommuting and home office equally productive. The given flexibilities enable employees to find balance between work and life, which contributes to greater creativity and strategic thinking.

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Sustainably Green

Videoconferencing benefits companies and the environment equally. It reduces resource consumption and carbon emission, aligning with green planet initiative. From corporate brand management perspective, this helps reinforce a company's identity and image with its customers, business partners, and the public.