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5 Advantages Of Online Meetings

5 Advantages Of Online Meetings

Online meetings reduce travel costs by 30%, enhance productivity, and offer tools like real-time polling and recording, making them efficient and accessible.

Location Independent

First of all, online meetings offer the opportunity to avoid the so-called location. In the case of web meetings, people may join from every part of the world where they have access to the Internet. This, in turn, eliminates the necessity of the actual travel that can be a huge time and money waste for people involved. Besides, it provides access to a larger talent pool as specialists from all over the world can participate and help to find a solution to a problem.

Saves Cost

The major advantage that online meetings offer to the company is significant cost savings. In the case with web meetings, estimated savings may vary from 25% to up to 30% . Amongst these savings, there are figures concerning reduced airline costs, accommodation, food and beverage as well as transport costs. What is more important in the context of savings is the fact that conducting business online allows for a substantial cut in indirect costs that are related to this process. These are staff wages during travel as well as dowtime which can be wasted on sleep or simply loss of productivity. Besides, working with the aid of web communication tools allows for a 25% cut of indirect financial expenditures as the overall number reduces to 70% – from 440 to 92$ a person.

Productivity

Unlike in-person offline meeting where people need to get to the location, before and between meetings extra time will have to be wasted on making people gather for a meeting. In the case of online meeting, however, everything starts on time and even if it ends with a need to leave, an effective time margin saves up to 20% on productivity for a company. The reason is that web meetings involve people in communication straight away as no movement is required between them in the case of offline meetings. As a result, people are less likely to waste time and focus on the outcomes that need to be achieved during the allotted period.

Collaboration

One should also note that thanks to the tools that allow for the instantaneous sharing of data, web meetings save time. A company may opt for web platforms and applications that support document sharing, screen sharing and virtual whiteboard, have a chatting option as well as access to the web. All of that allows for speeding up the decision-making process that usually takes up to 15% less time with web meeting as opposed to the offline one.

Instant Connection

The major advantages of online meetings are as follows:

  • Instant connection. Attendees can click a button and join the meeting from any part of the world, which means no travel time is wasted. They can start the meeting immediately, i.e. it can be scheduled and conducted at once, not having to wait for the next convenient in-person meeting.
  • Cost. Companies can save up to 30% on their total travel costs by conducting their communication online. The immediate benefits are airfare, accommodation, and meals, the other costs are harder to calculate – for example, the loss of productivity during long transits or the impact of jet lag.
  • Efficiency. Facing no struggle with the traffic or fatigue of a long travel, people are more efficient when they work. Their minds are not pre-occupied with the future transits or orientation in a foreign city; they are better rested and in a better physical shape for meetings.
  • Accessibility. People can connect from any part of the world, which can create a truly global team for a project. It allows for a better diversity within the teams.
  • Tools. Online meetings have the advantage of specialized meeting software with direct communication, screen sharing, and other numerous communication tools available. They can also be recorded, and the record can be reviewed later by a participant.
  • Environmental sustainability. Online meetings can save up to 50% of the carbon footprint associated with meetings, though the actual number probably varies greatly from case to case .

Another advantage of online meetings is the development of skills necessary for the remote work and especially CEO skills . What I personally miss about in-person meetings are the body language and personal connection that is inevitably sacrificed in an online environment.

High Cost Performance

Online meetings have much higher cost efficiency compared to more traditional in-person meetings. This section examines all aspects contributing to their high cost efficiency.

Cost Efficiency Aspects

Online meetings help save money on travel; important as companies spend a significant share of proportional costs for travel purposes. Telli and Gozgor conducted a study to determine cost efficiency in travel and found that companies can reduce costs on total travel by almost 30%. Such reprieve is normally related to the reduced cost of airports, hotels, food, accommodation, and transportation. An example of significant cost efficiency is a company that pays for international business trips. They can save a significant budget share by reducing their travel costs to online meetings. Notably, this type of efficiency normally costs the lives of opportunity costs. This factor is often overlooked, especially in transportation costs.

Increase in productive efficiency

Online meetings ensure a higher level of productive efficiency for several reasons. First, participants do not spend time traveling to the meeting venue. The contributors are already in their own offices or homes and do not need to travel to see each other. Time, saved with travelling is spent on work duties, increasing administrative efficiency, and, hence, ensuring cost savings. Second, such meetings have less downtime between in person meetings. Finally, an extranet may allow participants to see the screens of other participants and share or edit documents with one mouse click. For instance, Gartner conducted a study which showed that online meetings and information sharing increase productive efficiency by between 10% to 20%.

Scalability and Versatility

Online meetings are considered scalable and versatile. The former means that multiple members or executives can participate in-person on the same trip. In contrast, the number of participants for online meetings does not matter. They are normally online and no additional costs are inflicted. Versatility means that online meetings are accessible by executives from any time zone. The in-person equivalent requires membership costs and a higher budget for in-person international meetings. Thus, companies benefit from global in-person meetings. Overall, these aspects are conducive to increasing the cost efficiency of online meetings.

Increase Productivity

Numerous advantages of attending meetings online facilitate the productivity of both individuals and organizations. In the following paragraphs, I will discuss several factors indicating that online meetings are productive.

Saving Time: No Need to Travel

With the help of online meetings, people can avoid traveling to meetings, which saves time and, thus, boosts productivity. According to research by the Global Business Travel Association , the average business trip requires spending 2.3 days on it, which includes both the time to get to the destination and the time of the meeting. So, when attending the meeting online, people can stay at home or in the office, providing additional hours that would be spent on traveling to work. As practicing proves, people can spend these hours on their duties. Therefore, online meetings help to optimize human resources and make people more productive.

Tools for Communication

A great number of tools are designed for online communication and collaboration. Typically, various features of online meeting software combine audio, video, and text options. An example of how it works can be as follows. Representatives of several departments are trying to brainstorm a project. They turn on their video and talk to each other and watch each other on the virtual platform. At the same time, they draw a virtual whiteboard and make notes on it. Someone sends a personal message to the manager to clarify a detail or ask for support. This all happens simultaneously, while the decision in a standard meeting would probably have been made later. As a result, online meeting and communication software help reduce the decision-making time and set optimal dynamics for problem-solving, which makes meetings more productive.

Accessibility

It is also essential that online meetings are more accessible for people, which makes their work more productive. On the one hand, due to the use of online meeting software, remote employees have the opportunity to join their colleagues. They can use these tools instead of trying to get a flight or a train just to attend a couple of hours-long meeting. On the other hand, online meetings can be recorded, and those who missed them can watch the video recording during coffee breaks or traffic jams. As a result, online meetings help employees interact and participate in their work, which contributes to the productivity of both individuals and organizations.

Time

People who attended online meetings note that they save time on them. The research proves that there is no need to travel, therefore, people are not late for meetings. At the same time, it is possible to have an agenda prepared using special software tools and templates. Besides, it is easy to adhere to the schedule with the help of the same tools, which are typically designed to track the time. As a result, preparation and holding of online meetings take much less time. Not surprisingly, people who attend such online meetings are more satisfied and productive as well.

Work-Life Balance

Finally, due to the absence of travel, people who attend meetings online have more time for themselves. Nowadays, the competition and the speed of work routine are so high that people sometimes have to devote too much of their life to work. In addition to this, time spent on the road only adds up to the stress and fatigue. In the end, employees quickly burn out. Home or office work and online meetings are the solutions to this issue. They help people feel more balanced and produce higher-quality results.

Therefore, there are numerous advantages that make both individuals and organizations more productive and satisfied. As a result, advancing technologies continuously improve the quality of people’s lives.

Data Storage

Online meetings have an advantage in terms of data storage. In this regard, information that is shared, and discussed can be kept and stored securely and efficiently for future analysis. Firstly, many platforms offer recording tools for meetings and automatic data archiving allowed to preserve important information. Secondly, the tools related to data and Moreover, these tools allow to share and store data in the process of a meeting. Finally, online meeting platforms offer features based on speech to text to indexing the data and search. Along with the above, there are also other tools related to data storage and security of data storage.

Recording

In online mode, it is very easy to record information and save it to a server or a personal computer. In this regard, the platforms have recording tools for meetings that facilitate the creation of data archives. This refers to Zoom, as a platform that is used for writing purposes . In this regard, users can record any meeting by several clicks and use data that was considered during the meeting at any convenient time.

Document Sharing

Other, no less important tools that facilitate online meeting are connected with the sharing and storage of documents. Thus, a huge number of online meeting platforms allows sharing screens and displaying the materials but they require storing such materials. Therefore, documents and slides, as well as other data, can be uploaded by the participant during the meeting. An example of a tool for sharing documents are Microsoft Teams, which allow uploading and sharing files from OneDrive and SharePoint . Moreover, all the information that was discussed and shared is safely preserved in the digital archive of the meeting.

Seminar Tools: Recording Presentations & Sharing Documents

Speech to Text

The last tools that are connected with data storage are features based on speech to text. This allows indexing the data and search it quickly and efficiently. The example of such tools is Google Meet, which helps to automatically record the meeting and write and store the full transcript. In this regard, participants who missed a meeting have the greatest opportunity to get acquainted with important information. Additionally, they are received the tools related to file indexing and search starting from November 24, 2020.

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