Three ways to achieve a higher ROI from your virtual collaboration investment
By Stephanie Byrne, Global Marketing Coordinator, Advito
Virtual collaboration delivers virtually amazing ROI almost instantly
What travel management strategy presents the greatest opportunity to recoup costs and fund itself in a very short period of time and to a greater degree than any other practice existing today? Virtual collaboration. By reducing just a small percentage of internal travel and using collaborative technology to connect instead, some companies save millions of dollars that can be channeled into more profitable trips or simply to improve the organization’s bottom line.
In our webinar, “3 Ways to Achieve a Higher ROI from Your Virtual Collaboration Investment,” Dr. Dave Aiken, senior director of business development, and Tyler Rittmaster, senior manager of business development, explore the advantages of Total Collaboration Management, the collaboration offering we use with leading-edge corporations. Replay the full webinar here.
Among the compelling highlights:
- Virtual collaboration can result in a savings of 4% to 7% of total travel spend
- Most companies recoup the cost of equipment and implementation within the first few months of the program
- The same approach does not work for all organizations; it’s important to align the program to fit the company’s business objectives
Our experts discuss some of the challenges companies encounter when embarking on these initiatives. Virtual collaboration not only rethinks WHY people travel; it changes the way people interact with each other. This cultural shift requires leadership commitment, as well as involvement from key departments beyond travel, including HR, IT and facilities.
In addition, people don’t yet trust virtual collaboration, primarily because of negative experiences with early equipment. Yet, technology has evolved tremendously – not only sound and video quality, but also the ability to share files. It is now possible to connect two rooms full of people and it feels as if they are seated across the conference table from each other. This is important, Aiken says, because “55 to 75% of our communication is visual.” When people can see each other, outcomes improve.
Among the secrets to success:
- Advito starts the process by measuring data related to why people in a company travel and the purpose for their trips. These metrics help build a case for the program and provide a baseline by which to measure success.
- It is vital to market the program properly, so employees understand the purpose and benefits and can easily determine, “should I stay or should I go?” Training is also essential so individuals are comfortable operating the equipment.
Our presenters share a real-life case study from one Midwestern corporation that saved $2.85 million in travel costs in the first month of the program by replacing 444 trips with immersive collaboration experiences. In that same period, the program also improved productivity by saving 7,511 hours of time and contributed to sustainability initiatives by eliminating the carbon equivalent of what 54.7 homes would use annually. Read more about this engagement in our latest case study.
With the potential for such powerful results, your company may be interested in exploring its own Total Collaboration Management strategy. For more information, contact firstname.lastname@example.org.