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 here, but based on the formula it developed, the ROI on video conferencing services for this fake company was more than 23,000 percent.
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 the solution.
If you just plan to use this as a service where everyone connects via their computers and mobile devices, then no actual hardware is required. Users can simply log in to the service through a desktop and mobile app, and the cameras and microphones on their computers and mobile devices will provide them with all the functionality they need.
Actual hardware is required when you want to create a dedicated space inside your business for video conferencing. This could be a conference room, 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.