Moreover, being connected allows SMEs to prevent any crisis that might arise as they are able to respond to urgent matters from partners, customers and even employees.
2) Adding the personal touch - Sustained competitive advantage
No man is an island, is the famous saying to reiterate the importance of building a relationship. Video conferencing allows SMEs to add a personal touch. Customers want to see a face behind a product or solution. They want to know that they are cared for.
Video conferencing allows that. It has capabilities to showcase the nonverbal cues, the expressions on the face, the smile or frown when an idea is shared, that makes it more human. Communication via email or phone is often faceless and the real meaning of messages might be lost in the clutter.
Video conferencing allows the one on one relationship with stakeholders, encouraging loyalty far beyond the traditional phone call.
For SMEs that work with partners across the region, the need to communicate with various teams is crucial. By communicating over video, knowledge is shared more widely, resulting in faster and more informed decisions that reduce the time to market for new products and services.
3) Improved hiring and retention of top talent
Based on the findings of the SME Development Survey, finding the right talent and manpower costs are among the highest concerns for SMEs. This is added to the fact that most SMEs are also looking abroad to grow their revenue as the market in Singapore is limited.
Video conferencing helps mitigate this process in two ways:
By using video conferencing systems, SMEs can reduce expenses and time by bringing candidates into the nearest facility and allowing interviews to be conducted both in person and via video. This is particularly useful for SMEs finding talent in their expansion plans in other regions. It saves them time and money. Moreover, video interviews can also be recorded, enabling persons unable to be part of the live interview process to see and evaluate the candidate over video.
Video conferencing facilities SMEs to retain talent and yet support organisational and pro-talent initiatives like work life balance and assisting working mothers. Employees do not have to be limited to their physical work space to get the job done. They can work from home and still be productive and efficient while utilising video conferencing. By having such practices in place, it also attracts a new breed of talent who are advocates or believers in flexible working and remote working concepts, while delivering productive work.
4) Reduced Travel Cost
SMEs are always on the lookout for new opportunities and new markets. This requires traveling to explore new markets and seek out new opportunities. Time is also crucial for owners and employees of SMEs as they progress towards a leaner organisation to minimise costs.
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