The video conferencing industry is set to be worth 2.3 billion by 2016, due mainly to the prediction that businesses will be making greater use of video conferencing systems in the years to come.

But what is all the fuss about? Why do so many companies around the world consider video conferencing as an essential business tool?

Firstly, in the current unsteady economic climate, many organisations view video conferencing as a highly efficient way to cut costs – costs that can be then diverted to other projects, such as the staff salary pot.

Use of video conferencing means that it is no longer necessary for employees to travel around the world and for employers to pay for costly flights or reimburse fuel. Additionally, the saving on man hours, which could be wasted waiting for delayed trains, lost luggage or cows in the road, is yet another benefit.

Using video conferencing also demonstrates a concern for employee well-being. Workers that are not spent trawling the globe and are instead free to dip into meetings via video link will enjoy an improved work/ life balance, be more energised, alert and productive.

A huge benefit of video conferencing is the increased speed at which business transactions can take place. Decisions can be made immediately, face-to-face with colleagues or clients from all over the world, queries answered and problems ironed out. Ultimately, more business can be carried out and the results seen on the bottom line.

Plus investment in or use of the latest telepresence technology can build a company’s reputation, whether internally or externally, as forward thinking and environmentally conscious organisation. Both of which serve as an attraction technique when recruiting staff.

Naturally, the environment is a consideration and reducing emissions is quickly achieved through minimising the requirement for national and international travel.

No wonder video conferencing is so attractive to businesses. Can you afford to not to make use of it?