Video conferencing: Changing dynamics and technological innovation for business

With work from home becoming the new norm for many businesses around the globe, video conferencing keeps teams connected. It’s no wonder that 55% of companies have adopted video conferencing into the routine of their daily operations. Now, more than ever, a future is possible where the commute to work is no longer mandatory, and virtual teams can communicate through video chat instead of always having to be there in person.

With video conferencing, none of the traditional communication issues – accessibility, various locations and time zones, and costs are cumbersome concerns anymore. The ease of access and its ability to facilitate communication make video conferencing an essential technology for businesses today.

How has video conferencing evolved over the years?

Video conferencing has evolved into a big industry as more and more companies adopt remote working arrangements for their teams. Earlier, video conferencing was mainly a means of connecting friends and family, but the growing requirement for video conferencing from the corporate sector has helped it evolve into an accessible, affordable communication medium for businesses of all dimensions. Video transformed from being a medium to communicate to a platform to host meetings, to a platform to collaborate and brainstorm and finally to a platform where enterprises conducted business & closed deals. Today, everything from interviews, employee onboarding, team meetings, pitch presentations, annual general body meetings, product demos, consultation happens on video. With the level of innovation this industry has been experiencing, team collaboration and online meetings are becoming better and easier to manage than ever.

Meetings are More Likely to Be Held “Anywhere”

Long gone are the cubicles. Open offices, collaborative furniture, biophilic design, flexible office spaces: these are the hallmarks of the modern workplace. And just as the notion of what constitutes the typical office has been upended, so has everyone’s idea of the usual meeting space. We now have meetings being held in non-traditional spaces – someone’s personal office, for example, can suddenly become a conference room if the right technology is enabled. Virtual team meetings allow you to work together, no matter where you are enabling you to save thousands of dollars in unnecessary travel expenses.

Adaptive technology

Tech is playing a pivotal role in shaping how we collaborate. The implementation of cloud-based applications has stimulated, enabling new and more efficient ways of working. Video conferencing as a service is having a significant impact on the market, making it affordable for organisations to scale the deployment of collaborative technologies. Productive visual communication is essential to building trust among increasingly task-orientated, categorised workgroups. Today’s employees expect to be able to collaborate with video, and that's why video is becoming more pervasive in the workplace. No longer just a standalone technology, videoconferencing, video is now embedded in workflow productivity applications.

The assistance of AI/ML

Tech leaders are creating machine learning programs that can transcribe audio, count video attendees and provide insights into attendee engagement. This can help you focus on the most impactful aspects of your meeting. AI can erase a lot of background noise in meetings, and machine learning algorithms will be able to discern which speaker should be active.

Increased efficiency and improved communication

Video conferencing has completely transformed the way people do business. Instead of relying on countless email chains, video conferencing lets colleagues interact in real-time as if they were in the same room. It results in agile decision making, the ability to bring products to market more quickly, and the opportunity to be more competitive. Besides, video conferencing is a means to improve management communications. Also, it results in meaningful dialogue and a more lifelike interaction.

Conclusion

To thrive in the 21st century, businesses should embrace new technologies and map for the next-generation digital workplace. Also, companies must change their business practices to accommodate the needs of growing markets to survive. Using video conferencing, companies can gain a competitive advantage, freeing more of their resources, time, and effort to focus on more critical issues such developing high-quality products, customer acquisition and retention, and product quality.

By Satya Yeramsetti, Founder and CEO, Telebu