It’s no secret that large corporations have been under speculation for overspending on top executives. Extravagant trips and parties for these executives seem to be a thing of the past, at least for the time being. Once it was leaked how some executives were being treated, companies began to cut back. In the fall of 2008 there was a major drop in business travel which hurt the hotel and flight industries. Will it ever bounce back to where it was, or are companies looking at other options?
It appears that they are. There are less major conventions and more conference calls, less meetings and more emails. Virtual business seems to be the popular alternative to expensive travel. Many companies have begun to utilize technology by having these virtual meetings and conferences. This is cutting down on the travel expenses for companies while still getting the job done.
These virtual meetings are an especially good idea for businesses functioning on an international level. International flights are very expensive and can take a long time. It often requires a lot of unnecessary time to simply arrive at the location and prepare for the meeting. With virtual meetings, you can connect with partners with the push of a button. Not only is this more convenient, it is less expensive and less time consuming.
While there is nothing that can completely replace meeting with someone face to face, sometimes the costs outweigh the benefits. Many customers appreciate the effort it takes to meet with them, and the interaction in person is far superior to any virtual interaction possible, but is it worth the cost?