Virtual events have skyrocketed in popularity as this as conventional business operations made way for a ‘new normal.’ Towards the end of March, as many as 200 million people were using Zoom as opposed to the 10 million users in December 2019. While there are still naysayers who believe that in-person meetings are superior to virtual events, the latter is fast earning the reputation of being the most efficient way to hold meetings and conduct training. Apart from being convenient, virtual meetings and conferences also boast a range of other benefits. This includes being kinder to the environment as well as saving the organization both time and money while making the events accessible to attendees from around the globe.
Reduced impact on the environment
A traditional meeting or conference can result in extensive travel for staff and speakers, food wastage, and the procurement of single-use items such as name tags and promotional materials. All these contribute to a substantial environmental footprint. Virtual meetings have a reduced impact on the environment as everything from travel to paper and plastic utilization is almost completely eliminated. By making use of virtual events technologies, businesses of all sizes can continue to engage with their staff, suppliers, customers, and other relevant parties without having a negative impact on the environment.
Reduced costs for hosts and delegates
While meetings, conferences, and other business-related events may be valuable, not a lot of thought is given to the financial burden they may be on a company. A business can save a considerable amount of money by embracing the power of virtual events as each attendee only needs to have access to a computer or smartphone with a stable internet connection. As no one needs to travel anywhere when partaking in a virtual meeting, the company’s overall travel costs are reduced significantly. Other expenses that can be avoided include those associated with catering, accommodation, stationery, and the hiring of AV equipment.
Less time is wasted
There is a popular saying in the business world that reads ‘time is money’. Organizations often spend as much as 15% of their time in meetings according to Bain & Company. Of these meetings as many of 37% are believed to add no value to the organization. Virtual events take considerably less time to organize a physical one. There is also no time wasted in traveling to a venue, waiting for latecomers, or engaging in small-talk. As virtual events can be set up in an instant, decisions are also made much faster than if every member of the team had to meet face-to-face. With less time being spent on meetings and conferences, productivity is also bound to increase.
Virtual events have increased tremendously in popularity over the last 6 months. Considering how beneficial they can be to business organizations of all sizes it is highly unlikely that the in-person business events will ever have the same appeal as they had prior to the pandemic.