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Written by: Vitec
Businesses have the opportunity to enhance their company with the use of technology. But specifically, video streaming is proving to be an important asset to many industries.
As of 2021, the global video streaming market was estimated at $59.14 billion. And this is expected to grow between this year and 2030 at a compound annual growth rate of 21.3%. With this in mind, it’s essential for businesses to stay current and competitive by acknowledging the importance of video streaming.
But how exactly are businesses excelling with video streaming technology and how is this driving efficiency? We explore the topic here.
1. Communication in meetings
Communication can become quicker and much more efficient thanks to video streaming. Particularly for companies on a global scale, it’s not always possible to have in-person meetings and discussions that are essential for the success of the business. But with this technology, these in-depth conversations can still go ahead on a virtual scale. Not only that, but with enterprise video streaming, sessions can be recorded for employees to watch back to refresh their memories or even for those who are in different time zones and need to catch up on any updates in the business.
2. Enhanced presentations
Customers and clients are of course a crucial part of your business. When it comes to implementing strategies and improvements, it’s important to consider how their experience can be improved. Video streaming can be used to make presentations much more efficient to ensure that the customer and client experience is positive. For example, you could be presenting a strategy or idea to a new or prospective client, so you will expect some questions. But with video streaming, there are tools that you can use throughout the presentation for them to ask questions along the way rather than waiting until the end. The use of polls is a great addition to gather feedback throughout, and it can even help you understand their needs to deliver that more efficiently while presenting.
3. Opportunities for employee training
Employees can also reap the benefits of video streaming. Business leaders should be staying competitive and looking for new ways to enhance their company, and this can often require training employees in areas such as resources, software, or much more. But with so many new advancements, it might be tricky for employees to grasp something straight away – but training can be made much more efficient with video streaming.
Over 4.7 million people in the U.S work remotely at least half of the time, therefore you won’t always be able to have all your employees in one room at once. But when it comes to training, it can help your employees to be together to engage and help each other, which is where video streaming proves useful. With this technology, you can train up employees through a live stream which can allow comments and questions for those who can’t be physically part of the session. This can also be recorded for employees to view at their convenience, whether they are remote or not, to help them review the information when required. This reduces the need for delays in producing work by providing assistance through video, thus driving efficiency.
4. Improved customer service
Delivering a quality experience to customers is, of course, a priority. But it must not be forgotten about past the purchase point. After all, customers can face problems and difficulties that they may need help with, so it’s a necessity to make sure that they receive plenty of assistance in these instances. And according to research by Salesforce, 89% of consumers are more likely to make another purchase after a positive customer service experience.
Video streaming can be implemented into your company for customer service to help deliver efficient problem solving. Live streaming helps agents to understand the difficulties that the customer is facing clearly to quickly discover a solution. While many companies may use live chats, this can cause confusion and misunderstanding, leading to a frustrated customer. But by opting for video streaming, efficiency is promised, and as a result, more customers’ problems can be dealt with.
Of course, there is an abundance of technological advancements happening around us, but not all of them will be suitable for your business. But video streaming is a great addition that has many purposes for a range of industries – and given its prediction to rise, it’s certainly something to consider for your company.
Related: Are You Catching the Big Fish? Colorful Ways to Delight Every Customer
Sources:
https://www.grandviewresearch.com/industry-analysis/video-streaming-market
https://www.forbes.com/sites/kimberlywhitler/2021/08/17/how-marketers-are-leveraging-video-conferencing-technology-to-drive-efficiency/?sh=791ec39d56ff
https://www.apollotechnical.com/statistics-on-remote-workers/#:~:text=Statistics%20on%20remote%20workers%20reveal,companies%20hire%20remote%20only%20workers.
https://www.helpscout.com/75-customer-service-facts-quotes-statistics/#:~:text=89%25%20of%20consumers%20are%20more,(HubSpot%20Research)