Q: Does video conferencing have a good ROI?
A: While return on investment for video conferencing services will be different for every company based on its needs and how it operates, it's safe to say that most organizations will quickly see a benefit to their bottom line.
Video conferencing software allows businesses to cut back on travel costs and increase collaboration efforts among employees, which in turn will boost productivity.
According to video conferencing service provider Highfive, these solutions also reduce a business's carbon footprint, speed up the time to market for strategic projects, allow employers to meet employee demands for flexibility, and increase morale thanks to better employee work-life balance.
To give organizations a better idea of video conferencing's ROI, Highfive developed a formula to estimate the benefit:
- ROI = investment revenue – investment cost/investment cost
In this formula, investment revenue is the money that video helps a business save or generate, while investment cost is the money you spend on the video conference solution.
Highfive conducted a sample ROI for a fictitious company of 200 people. You can see the specifics, but based on the formula it developed, the ROI on cloud-based video conferencing services for this fake company was more than 23,000%.
Q: What is video conferencing software?
A: Video conferencing is increasingly popular in today's emerging remote work environment, as it gives employees an easy way to connect with each other. With lower overhead costs, smaller offices and reports of increased productivity driving companies to accommodate remote employees, video conferencing software provides an avenue for workers to stay engaged with one another and the business.
Video can provide that next level of connection in a way audio conferencing simply can't match. For teams to be working at their best, they need to engage in the most meaningful communication possible.
Video conferencing software was developed to achieve exactly that kind of meaningful communication. With this software, teams can interact as if they were in the same room, even when they are thousands of miles apart. Even scattered teams can come together as if they were sitting around a conference table to see, hear and interact with one another. Video conferencing apps are largely cloud-based, but there are also conference room solutions that focus more on hardware and local implementation.
Q: What hardware do you need for video conferencing?
A: When it comes to video conference services, you may need a bunch of hardware or no hardware at all. It all depends how you plan to use it.
If you just plan to make calls where everyone connects via their computer or mobile device, then no actual hardware is required. Users can simply log in to the service through a desktop or mobile app, and the cameras and microphones on their computers and devices will provide with all the functionality they need.
Actual video conferencing equipment is required when you want to create a dedicated space inside your business for video meetings. This could be a conference room, a huddle space or any other area where you want to offer video conferencing. In these instances, you will need several main pieces of hardware, including a video camera, microphone, speaker and display monitor. The other piece of hardware a video room needs is a device to run the video conference software, such as a computer or tablet. This is how you access the video conference system, control meetings and share your screen.
The quality of this equipment varies greatly, so make sure you research what is available and how it matches up with your needs.
Q: What are the advantages of video conferencing?
A: Video conference meetings provide a number of benefits. One of the biggest is that everyone can see each other during a meeting. Unlike conference calls, where you only hear what everyone is saying, video calls allow all of the attendees to see each other when they are talking.
Research from Highfive shows that people can understand more of what is being said when they can see the expressions of the person speaking. The study found that 93% of communication is non-verbal. A lot of what is said can be lost in translation if people can't see each other.
When remote employees have opportunity to participate in video meetings where they can see their in-office colleagues, it can make them feel more like part of a team and not just someone who is on the other end of a phone.
Video conferencing can also save organizations a lot of money. Instead of traveling to meet with far-flung employees, customers or colleagues, video conference meetings give people a chance to hold face-to-face meetings from wherever they’re based. This can result in significant cost savings.
In addition to saving money, traveling less also benefits the environment. Research from Chorus.ai and Zoom found that virtual meetings, when compared to traveling for face-to-face meetings, can significantly reduce a company’s carbon footprint.
The study compared an in-person meeting, that required someone to travel from New York to San Francisco and a virtual meeting. When you factor in the plane trip, transportation to and from the airport, lodging and food, the in-person meeting used 1,515 pounds of carbon dioxide. The virtual meeting, which factored in a commute to and from the office, used just 9 pounds of carbon dioxide.