In a mid-market enterprise report prepared for Cisco, analyst firm Analysys Mason says, “revenue from video communications equipment—including hardware, software, and deployment services—for midmarket enterprises will grow at a 21-percent compound annual growth rate (CAGR) between 2012 and 2016, to US$982 million.” In a similar report, Cisco forecasts video will represent 79 percent of all consumer internet traffic by 2018, and overall business IP traffic will grow 18 percent from 2013-2018.
The rise of video in the enterprise
As the costs associated with video production decrease, the interest in the enterprise is increasing. It’s easy to see why video is becoming so popular. Video helps employees retain messaging and creates engaging experiences. There are many ways to use video in the enterprise, let’s take a look at the top five:
CEO / Executive Talks / Town Hall Meetings – Streaming video is a secure way to hold live video chats with a selected group. Video can also help executive leadership connect with employees in a town hall style meeting. Just think about large meetings held via a conference call versus those held via video conferencing – which one would capture more attention?
Knowledge transfer and training – With the baby boomer generation retiring and tech talent turnover, businesses need to capture knowledge to help support enterprise growth. One way to capture this knowledge is via video screen capture. Video provides a visual “show and tell” that even appeals to those who don’t necessarily need visual learning.
New hire acclimation – As stated above, video training is a way to onboard new employees via knowledge transfer and training. Senior management can also use video to deliver personalized messages to new hires, welcoming them to the company and sharing corporate level mission and vision.
Better collaboration – Video encourages teamwork and active sharing of ideas and processes across the entire enterprise. Products such as Lync, Skype, and WebEx can connect remote employees to a local office. Industries that you wouldn’t think of, such as the NFL, use video collaboration to share digital playbooks and game video.
Reduced travel expenses – Changes in video conferencing technology and price structure make video an optimal way to communicate from a distance and avoid the heavy expense associated with corporate travel. In fact, video conferencing is the top tip on business cost reduction strategies from the Australian Government Department of Finance.
When it comes to keeping employees engaged and reducing costs, video is the clear choice. If you’re new to enterprise video, check out our tips on enterprise video management.