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The Advantages of Video Conferencing

Recent Statistics....

  • In 2015 there were already 1.3 billion mobile workers
  • In 2016 it has been predicted that the growth of video conferencing will have surpassed both email and telephone
  • 94% of employees believe that video conferencing increases produtivity and efficiency
  • 87% of workers believe that using video conferencing accelerates decision making
  • 87% of staff think video conferencing reduces travel costs
  • The global market for video conferencing is expected to surpass £2.4 billion in 2016

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Cost

Huge savings can be made by reducing the necessity for your workforce to travel for meetings both with colleagues and customers.

Time

Reducing travel time also means significantly more hours in the day for your staff to be productive.

Communication

55% of all communication is conveyed through body lanuage - visual meetings improve clarity and reduce misunderstanding.

Flexibility

An effecive video conferencing solution allows staff to set up meetings without notice and have face-to-face meetings from any device.

Understanding the Tangible Benefits

Creating any sort of tangible benefit needs to be looked at in two ways. The obvious tangible benefits are the ones that have £ signs attached to them, known as the hard benefits. They are the benefits that make the CFO’s very happy. However, there are the other kind of tangible benefits, known as soft benefits; that whilst harder to prove the exact £’s saved or made, they are clearly there and with some effort can be given an approximation of £’s.

The necessity to travel for face-to-face meetings generates costs in two ways: literal costs incurred from the transportation and accommodation and time lost in transit that could be spent working.

The following calculation takes these factors in to account to provide a detailed understanding how the ROI that video conferencing could offer.

case-study--in-brief

Evc = ((Tr + Ti)*nM)*T

Evc = Expenditure on Video Conferencing Technology

Tr = Travel (A cost that is based in £)

Ti = Time (A cost that is based in £ per hour)

nM = Number of meetings

TP = The number of travelling participants.

At this point you may wish to work out all of the individuals (Tr + Ti)*nM) and add them together rather than multiply a mean to get an accurate figure.

It's worth noting that costs associated with time can be exacerbated by additional factors such as changing time zones and jetlag.

Example

A company has sites in London and New York; Once a month 6 of the senior staff from London have to travel to New York for a board meeting.We could calculate their annual costs as:

- Return Business Class Flight = £3,000 per person

Hotel for 1 night = £350 per person

- Dinner Expenses = £50 per person

 Sundries = £200

For the 6 people = £20,600

case-study--the-problem

Hours lost:

         - Due to travelling approximately 10 hours (flight + travelling and airport time)

         - Due to time difference = +2 on way out and -5 on the way back = -3 overall

         - Due to jetlag down time = approximately 2 hours

For the 6 people the total number of hours lost = 90 hours

£6,057 or 2 full working weeks lost by 1 person

(Average per hour salary of the 6 senior staff = £67.30 - based on an average salary of £140k per year)

Total cost for 1 meeting = £26,657

Cost for 1 year = £319,884

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