Increasing Competitiveness Through Video Communication

Increased competitiveness through video

Increasing Competitiveness Through Video Communication

Now is the time to embrace internal video communication

In the current world of fast-paced digital transformation, it can be difficult to choose which technologies to embrace fully and which to leave to mature further. Making the right decision can give you an advantage in leveraging new opportunities and help your competitive position in the market considerably. One technology that is transforming the manner in which companies communicate, internally and externally, and increase competitiveness is digital video communication.

There are many reasons why organizations are embracing video. A primary one is a reduction in the cost of video capture devices and the software used to edit and publish video. Also, it is now simple for anyone to edit and digitally distribute video. It wasn’t long ago that you needed to burn CDs, replicate tape, or buy satellite time to reach your audience – now it’s as easy as turning on a video camera on your personal computer.

People are now also getting more comfortable recording video and being in front of a camera. Social media platforms are enabling everyone to communicate with their audience using video. First, there was YouTube, followed by Snap, then Instagram and now Facebook is following with live and on-demand personal or professional stories. The reach of social platforms continues to grow as they become easier to use and more people feel confident being publishers.

Another critical factor in the growing adoption of digital video is the improvement in the networks and technologies that deliver and display the video. Broadband is now ubiquitous, and to watch the video; you no longer have to download a player. Video distribution over the internet is now actually user-friendly! Now when you watch your favorite vlogger, or the latest episode of Game of Thrones on your HBO app, the chances are that you have a flawless experience, without buffering or low- resolution blurriness.

Enterprises, on the other hand, often can’t use the public internet to produce and distribute video. This is often due to security and privacy reasons. Sadly, many times there’s a huge gap between the public internet and most corporate enterprise networks when it comes to performance and scalability. Provisioning bandwidth into offices can be a costly challenge. Video traffic dwarfs data – a single HD video stream is often over 1,200 Kbps – so if you are delivering 1,000 unicast streams, you will need to provision well more than a gigabit of bandwidth. That’s a lot of bandwidth if you are only live streaming once per quarter. It’s not cost-effective to provision your bandwidth for these infrequent video-driven bandwidth spikes.

As you are probably aware, Hive Streaming solves this problem with software, by allowing everyone to view the same video stream, rather than everyone is fetching their own. This blog is about how internal video communications can help you stay in front of the competition. If you wish to read more about the Hive Solution then:
• Read this compelling Case Study on how we solved the challenge for Hexion,
• Download our white paper on the Cost and Effectiveness of Enterprise Video Delivery Solutions, and/or
• Read an introduction to our service here.

So, how will video increase competitiveness for corporations? I believe there are two major dynamics at work.

1. Retaining talent and bring meaning through storytelling

People, not products, are increasingly becoming the differentiator in today’s service orientated economy. Having the most committed and talented employees is a growing competitive necessity. But how can big corporations retain their talent in these times of high employment and high mobility?

CEOs and other leaders need to be great communicators, with an ability to convey a compelling and meaningful story.Why should I work here? What are our values, our strategy? Is this believable? Are we contributing to society? To be able to get their story out, they need to be able to communicate with impact to the broader team. They need to be able to engage employees in a transparent and convincing manner. To read more about the importance of transparency, read this earlier blog post. How can they do that when their workforce is spread out over different continents, over hundreds of sites?

The answer is simple: through high-resolution video. Video is the most vibrant and intimate venue that executives can use to convey information to large, far-flung audiences within their organizations. More engaging than a conference call, more impactful than email, streaming video is described as an “effective” tool for business communications by more than 90% of executives (see the 2017 study published by Wainhouse Research).

2. Exploring new possibilities through democratizing video in the organization

It is easy to forget that the art of producing a professional looking document not long ago was reserved for a few. The advent of typewriters and later the word processor and email changed all this. What this revolution has meant is probably hard to grasp, but textual communication is now everyone’s tool. Document creation was democratized.

Many things in the world around us have been affected by this development. Today, we can communicate anything we like to anyone we like at any time we like and in any format we like. Regarding formats: as the saying goes, an image says more than a 1,000 words. Can that be extrapolated to say that a video says more than a 1,000 pictures? Whether that’s true or not, we humans seem to like expressing ourselves with moving images.

Of course, each format has its own beauty, and none of them should completely replace the others. But video has a directness that is appealing. The influencers of the social media world grab followers by the thousand by posting videos that are easy to relate to.

So, in what way would corporations benefit from giving their employees the means of video production and distribution? Can we repeat document creation democratization also for video? What would happen if everyone could create and distribute video to anyone?

Just as with the explosion of document and email creation, the consequences of video democratization are hard to foresee. But in general, enabling new ways of rich communication between people on all levels in organizations creates new possibilities for employee engagement.

To leverage the power of video in all layers of the organization, the enterprise video distribution problem must first be resolved. At Hive Streaming we can help, just ask one of our global customers Hexion, Inc.

“Our deployment of Hive Streaming has been a huge success for Hexion and especially the Information Technology organization. Deployment was incredibly straight-forward, and the response from employees has been tremendous as they feel we have now arrived and caught up with their social media habits.”

– Dennis Ryan, Vice President & CIO

 

by Niklas Hagen, COO Hive Streaming