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Advantages and disadvantages of videoconferencing

Quicker Decisions and Timely Intervention

The enterprise video market, which includes video conferencing, is expected to grow up to $19.8 billion by 2023. This is not surprising when you consider how much video conferencing benefits businesses.
Businesses can now lead time-sensitive projects with more efficiency since they no longer need to wait to make changes and inform others about updates. All employees can communicate with each other on an ongoing basis via video conferencing tools.
Video conferencing is also beneficial for the company reputation, since it allows executives to do damage control in real-time instead of letting the conflict brew until the next meeting.

Collaborative Work and Document Sharing

Many businesses nowadays have offices all across the world working together on projects. Video conferencing tools such as whiteboard commenting, screen sharing, and remote control can definitely facilitate collaboration on such projects.
It is much faster to work on the same file simultaneously than letting everyone make their corrections separately. Video conferencing allows just that: your employees can modify and update files in real time, without having to wait for the previous person to be done.
This tool is also incredibly useful for students, because they often work together on a lab report or a project summary.

Happier Employees and Higher Job Retention

Thanks to video conferencing, companies can now let their employees work from home without sacrificing communication.
Studies report 56% lower turnover rates among telecommuters. Overall job satisfaction increases when people don’t have to go to the office every day. Frankly, most employees now prefer to work from home as this enables them to save precious time and costs commuting to and fro the office. With remote work, the focus is on productivity and deliverables rather than the number of hours spent daily at the office. 
Students can also get sufficient sleep and still be on time for their online lecture or seminar.

Lower Costs and Higher Savings

Even the most expensive microphone set, webcam and speakers won’t cost as much as organizing a full on-site meeting. Travel, hotel, venue, meals – all those little things add up to quite a chunky sum. If you take into consideration the fact that these meetings may be regular, and not once-off, the costs of hosting on-site meetings can pile up quicker than expected. Hence, video conferencing has become a life-saver for many companies.
Of course, with online meetings, there are still costs involved. For one, you may need to update the tech tools used for your meetings. Things do get broken, and a microphone that is considered high-end now may be outdated in just a year.
However, flights get canceled, and hotels get overbooked. At least new tech purchased, unlike a new plane ticket, can be reused multiple times after the upgrade.
For example, if you are an online instructor doing numerous courses throughout a year, it is very beneficial for you to invest in video conferencing equipment. Now imagine holding physical classes all through the year as an instructor and all the costs that would go into that – you probably won’t be smiling to the bank.

Unique Contacts and Opportunities

Video conferencing allows companies to cooperate with businesses all over the globe. There is no need to spend weeks of valuable time travelling to a specific location for negotiations. All you need is a reliable video conferencing platform and some basic equipment.
Students don’t need to leave their whole life behind in order to study at their dream university. They can now do it online thanks to video conferencing platforms. It is possible to learn unique skills and get exposed to diverse cultures and opinions without spending anything on travel.
It is especially important for students from locations with limited access to education. In this regard, video conferencing fulfils the necessary humanitarian function. The possibilities are indeed endless.