May 26, 2020

Learn How to Save Business Money from Virtual Meetings & Collaborations

Learn How to Save Business Money from Virtual Meetings & Collaborations
Viewup Team  6 Min Read
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There is no denying the fact that the business communication landscape has improved drastically in the last decade or so. We are seeing new and progressive technologies empowering companies to become more productive and efficient. While cutting-edge technology is the right investment for the bright future of businesses globally, virtual meetings are one of the most lucrative and cost-effective tools that your company can ever lay hands on.

Now, you might have heard of virtual meetings and thought “This complex technology is not required in my line of business. I only have meetings with clients and employees a few times in a week, and a phone call or a face-to-face meeting is more than sufficient for me.” However, when it comes to virtual meetings, you can always enhance it and get rid of some of the biggest business costs.

Let’s now look at some of the ways that virtual meetings help in saving money.

How Virtual Meetings can Help You Save Money Instead of Physical Attendance?

Travel 

Let’s be honest, the amount of money that modern businesses spent on traveling can be used  effectively in expanding your business. With the help of a good virtual meeting software, it is possible to get access digitally to your clients that not only assists in maintaining quality relationships but also ensures that you do not have to be in the same room to interact with each other. 

Also, hotels, plane tickets, car rentals, and food expenses can add up when employees travel for events, meetings, or training. By using online meeting software, you can control and decrease your meeting costs by bringing everyone together online. Think of anything better?

Overhead expenses

Daily operational costs for businesses like utilities and office supplies need to be taken care of by the business owners. A solution to this high overhead cost is simply to permit your employees to telecommute. Research has proven that if a typical business allowed its employees to work from home just half the time, it could save on average $11,000 per year. Those employees would personally save between $2,000 and $7,000 a year on work-related and transportation costs. Can it get any better than this?

(Source)

Also, employees who are working from home and telecommute have greater productivity. All these things point out to the fact that by granting flexibility of telecommuting to your employees, you make them more productive which makes them stay in your organization for a longer period of time. This ultimately makes you save lots of money. 

Time

By using video meetings & conferences, you save a lot of invaluable time that can be spent doing the best things for the betterment of your business. Just imagine, if you no longer have to plan for traveling and finding meeting spaces, you can save hours of work to become more productive.

Since you have gone through some of the ways virtual meetings can save you money instead of physical attendance, let’s now at the magic of a virtual meeting software to get things done effectively in virtual meetings with several attendees.

The Significance of Virtual Meeting Software

Enables Connection Globally

With the advancement of technology, the modern world has seen a great improvement in technology such that users can easily connect and interact through the web in any part of the globe. It also saves the space needed to hold these meetings, especially if there are lots of participants. Hence, you can easily connect with your entire team wherever they are located. The added advantage is the fact that you can use these virtual meeting tools in almost all types of environments, whether it is official or personal use.

Webcam-enabled Feature

Thanks to the webcam, it is possible for the meeting participants to establish a connection with each other thereby providing a personal touch during the virtual meeting. The screen-sharing feature in the software ensures that participants are able to virtually see any operation being conducted by the presenter on their screen. This can be a handy feature especially for training and reviewing of documents.

Shares Extensive Information in Real-Time to All The Participants

You only need a specific URL to connect to the meeting. Once you enter your sign in detail, it is possible to share information irrespective of whether it is in the form of text, video, or audio without any need for expensive telephone connections. Most of the good online meeting software have the ability to share your screens with the participants and pass on the information in real-time. It also allows you to effortlessly record your webinars for future use and share it with those who were unable to attend it in real-time. 

Allows Effective Illustrations

Thanks to the whiteboard features present in a good virtual meeting software, it is possible to draw and type on the screen to sketch type illustration of ideas and capturing of notes. You can also use the text chatting feature that allows you to have effective interaction with the participants in the form of Q & A sessions, surveys & polls, sharing of website addresses and other information in real-time.

Now that you know the importance of remote meeting software for business, it’s time to divert our attention to the digital transformation in the real-time-in-meetings events.

How Digital Transformation is Evolving the Real-Time-in-Meetings Events?

Today we are seeing the latest tech on display when it comes to conferences and meetings. Thanks to the new technologies emerging across the world, the job of conference organizers to provide an immersive experience has become effortless thereby making the registration process seamless. These are two of the major changes that we are seeing. We are in an age of experience wherein every event that we experience, no matter how small, it provides an immersive experience. 

With new technologies like 3D, AR and VR syncing with the digital and physical aspects of the event, it has become easier to create real-time conversations between attendees and speakers. 

Let’s now look at the future of digital transformation in real-time-in-meetings events.

Facial Recognition

Thanks to this prolific technology, paperwork from the registration and entry process of meetings will be a thing of the past. You can also rest assured to get the utmost security when it comes to conferences and gaining streamlining access. 

Virtual Reality

This emerging technology has now integrated with social media. Thanks to an ingenious online meeting software it is possible to ensure that attendees do not have to be physically present to attend a meeting. 

Augmented Reality

Augmented reality is more efficient than virtual reality as it encourages the engagement level of attendees and creates a hype on social media thereby encouraging attendees to interact with your content and share it with their followers.

Artificial intelligence

Smart technology has made its presence felt in the events industry. With the help of chatbots in several scenarios, event planners can automate different tasks which aid them in better serving their attendees.

This is how digital transformation is evolving the real-time-in-meetings events. In the last section, we will discuss selecting the best virtual meeting software for your business.

Points to Consider While Selecting the Best Virtual meeting Software for Your Business

As with any other purchase, it is imperative that you know quite well what exactly you need the software for before selecting one for your business. A prime example of that is, a large corporate will require dozens of users to attend virtual meetings while a small company would rather have only one-on-one conferences.

Let’s look at the points to keep in mind while selecting the best virtual meeting software for your business. 

  1. Consider the number of participants who are going to attend the conferences on a regular basis. There are certain software that can help you connect with a handful of participants for free. Other software might have the specialty of connecting a large number of users. Know what you need before looking for it that will save you lots of time.

  1. There are certain software that boosts their meetings that can host hundreds of participants in a single go. However, there is a catch in it. You get only a limited number of video streams in it while others do not. Hence, it is critical to know upfront the service limit feeds before making the purchase. Also, ensure that the video quality is of top quality.

  1. Ensure that the software that you are selecting works well on mobile devices. After all, its major use is to connect people working remotely. This also means connecting through mobile devices. Opt for a software that is compatible with both tablets and smartphones so that your participants always get a positive experience in the same way as on desktops.

  1. Ensure that you can record the meeting for those people who were not able to participate in the meeting. 

  1. There needs to be a screen sharing option that ensures that your participants remain engaged and make the meeting more interactive. Always verify whether the software provides a screen sharing option to make the meeting more interactive and engaged. In case you need to explain something to the participants like points of a presentation or show a specific document to a remote employee, screen sharing can be extremely helpful.

  1. Always select a software that provides round-the-clock customer support. This is useful especially when something goes wrong and you need tech support to respond swiftly with genuity.

Final Words

Virtual meetings are a blessing in disguise for flourishing your business in the near future. As remote working gains acceptance, we will see virtual meetings and collaborations becoming a norm. They will probably replace the very popular one-on-one meetings that take place currently. 

With reputed companies across the globe understanding the needs to make our planet green, it is nearly the perfect time to practice it by allowing your employees to work from home. The greatest advantage of virtual meeting software is that it allows you to save your time and money spent on commuting to offices and traveling across cities without polluting the environment…. An added bonus! What more could one ask for?