Tag Archives: Management

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Video Conferencing in Project Management

As technology keeps on progressing, industries are constantly adapting to a dynamic world. With the development of business at a faster rate, it is increasingly significant to execute improvements on projects. The fundamental key of effective project management lies in excellent communication specifically in conveying goals, updates and other information to the people/stakeholders involved.

video conferencing Connect Two Boardroom 2_edited

The Elephant in the Video Conferencing Room

The fundamental challenge of running enterprise-wide video conferencing (VC) is keeping users happy. Happy users feel empowered, not foolish when confronted with the challenge of setting up or running a VC meeting. If you keep users happy you have most likely cut support costs while increasing utilisation – both metrics critical to any AV service manager come review time.

However for some inexplicable reason the VC industry as a whole has done a very poor job of keeping users happy. Regardless of what the respective vendor marketing departments say, most VC users consider the experience to be at best annoying, at worst completely off-putting. Integrators try to put lipstick on the vendor-grown pig, but inevitably only add cost and introduce unneeded complexity.

Effective Communication with Clients and Colleagues

Business communication is defined by Wikipedia as “communication that promotes a product, service or organization; relays information within a business; or functions as an official statement from a company”. Topics communicated usually include marketing; brand management; customer relations; consumer relations and public relations. In each one of the above you are representing your company so you need to handle yourself in a professional manner.

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When you have to go speak on behalf of your company you need to determine what you are trying to communicate and to whom. Sometimes you have to communicate with your co workers and at other times with clients. If you need to show a presentation to one of your clients face to face, PowerPoint will always work best but you need to be able to communicate to present your presentation. You cannot prepare for this too much, and you need to be simple and to the point.

5 Things You Should Not Forget When Inviting To A Meeting

Today I would like to show you 5 things to consider when inviting others to a local meeting or video conference. These methods have developed throughout years of hosting and participating in meetings all over the world and I hope they will be of value to you. So without further ado don’t forget the coffee and … enjoy!

1 – Identify Participants

Meetings can be a nice way of bringing relevant people together on a table (or virtual table) to analyse the status quo and decide for the best way forward towards a common goal. However a meeting host, who is to send out the meeting invites, has to consider carefully who should participate and who does not add value. That might sound harsh but the reality is that even people often forget it, every person’s time costs money. Maybe they are not charged for it but at some point the time they were involved in this meeting could also have been used differently. That is especially a critical factor if meetings happen with more than just one organisation involved.

Are you being served?

Mike Horsley, CTO at VQ, throws some light on the self-service video trend among enterprise video conferencing users 

Our customers – among which are some of the largest enterprise users of video conferencing in the world – have traditionally been highly advanced users of the technology. They often approached us because the video service delivery solutions supplied as part of the manufacturers’ toolsets didn’t fully meet their needs.

These early adopters and visionaries knew what they really wanted in terms of management and reporting and we basically listened and built it, allowing us to exactly deliver the services they envisioned. They used our solution to deliver video conferencing that worked well and their users liked; adoption and usage-levels grew as a consequence.

Several generations of refinements later, we’re at the stage where users trust video and want more; the problem now is one of success. Delivering an exclusively managed service to a large user-base is not economically viable in the long term and the challenge is to enable that user-base to take control and serve themselves, whenever and wherever they need video – this is where a growing number of our bigger customers are heading.

Mike Horsley VQ Chief Technology Officer

Mike Horsley, CTO at VQ Communications

Several key pieces of the jigsaw have dropped into place in recent years that now enable self-service. One of these pieces is Microsoft Lync. Users like its simplicity and the fact that it looks and feels like they expect (click-to-call is a great example of this); the barriers to using it are suitably low, which encourages mass-adoption. Another part of the jigsaw is the infrastructure needed to host enterprise video and allow previously incompatible technologies – whether voice, audio or video – to work together. New entrants to this side of the market, and one I really like in this respect is Acano, solve the problems of making the slightly proprietary Lync work with traditional video equipment. This has been possible before but only just, and not without a great deal of hoops to jump through. Where Acano is different is that it makes the ‘joining the dots’ component of the problem significantly easier. For example, the Acano MCU automatically handles many of the differences between the various flavours of Lync – it just works. Acano also solves many of the scaling issues with traditional video conferencing MCUs, which have limited capacity and therefore the complexity of video conferencing was traditionally compounded by requiring lots of boxes. With the Acano MCUs, a single server can host many hundreds – if not thousands – of calls. So, essentially, anything can call anything and it scales like you wouldn’t believe. Technology like this makes huge self-service deployments viable for the first time.

Many customers are now exploring platforms that can deliver a traditional managed service but also allow them to introduce self-service. Managed video services will probably stay about where they are in use-level terms, but we are seeing a transition to planning and deployment of self-service systems; this is where we see the most future growth. Consider the voice conferencing model (people give out numbers and the participants dial-in to join the call). This is the model self-service video is moving to; users understand it and are already using it for conference calls.

To enterprises considering self-service I would highlight several factors that influence success and are worth considering. Firstly, video conferencing is inherently complex, whether managed- or self-service. It pushes your network harder than normal data and it will find all of the network issues you were blissfully ignorant to before. Technology solutions and partners will help make this easier but it is never truly easy (and don’t trust anyone who says it is). If you don’t have any experience, go to the experts first: video conferencing managed service providers. They have been through the pain before and having them on board will increase your chances of launching a service that works and meets your users’ expectations.

Not only is it not easy, it is also not a ‘quick fix’. Cutting corners predictably results in poor experience, low adoption and therefore higher overall costs due to low return on investment. Do it right and work with experts.

High levels of adoption massively reduce the cost-per-call-per-minute to the business so remember, just as with managed-service video, it is good user experience first and foremost that drives adoption. When developing a self-service solution, the focus must always be on guaranteeing reliability, usability and convenience.

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What is “the Cloud”? And what is it not?

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Clouds on summer sky (Photo: fastjel)

The Cloud – One of the hottest buzzwords and most abused in describing products or services recently. In this article I would like to mix facts with personal experiences I made, in order to assist everyone, who would like to find out what the cloud is and does and the things that is does not do (hence the title). Cloud has been buzzing around for a while now but when I witnessed both my parents talking about “the cloud” and how they use it in private I understood that this technology has arrived in mainstream and it is here for good.

Cloud??

So what is the cloud in few words? The cloud, or cloud computing is a technology design to enable users working with solutions independent from device, location and network. Of course there are specialisations with a larger or smaller focus on one or two subjects but in general this is it.

Origin of the Term

There are many theories on the origin of the term, yet there is no proven story. Feel free to check some good options on the Wikipedia article for cloud computing. My theory is that it developed from the use of cloud clip-arts and stencils in technical drawings or presentations, created to visualise a network setup. I am sure that even before the term became a buzzword, most of you have seen presentations with little black boxes, switches and routers in and around a large cloud to set a virtual border between realms.

Is the Cloud something new?

I am afraid it is not. The ideas and designs for such concepts have already been around since the 1950s but like with many breakthroughs in the user world, it required certain cultural and technological thresholds to be reached before the adoption could take place on wide-scale.

What is the Cloud?

  • Agility – The cloud is agile and therefore allows users to upscale or downscale their service based on business demand. Further the actual hardware, used to host a virtual machine, can be re-purposed if necessary. This is however not a cloud-only benefit, please read further down on infrastructure virtualisation.
  • Availability – Services have the technological possibility of being available independent from devices, network and location. This is of course relative to the design of each service along with its purpose but technically this is no limitation. For instance you can use cloud video conferencing services to join any enterprise-grade video conference call from your smartphone, notebook, office workstation, tablet or even from a private computer at your home or maybe somewhere else. Of course your conference partner needs to have their own environment set up to accept connections from outside in general. Cloud technology is not a wall-breaker and cannot bypass security of an organisation, if they don’t allow such connections by policy.
  • Business Continuity – Cloud services are set up with redundancy and failover automation in place. So that even if single devices would fail, users would not notice and can proceed using the service. Such reliability would traditionally cost a lot of money when investing in owned or dedicated infrastructure black-boxes.
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Asus product presentation event of cloud-enabled tablet device with Windows 8 (Photo: Tecdencias)

What is the Cloud NOT?

  • Cloud = VirtualisationVirtualisation of infrastructure is a great way of deploying new solutions and upgrading your environment. But if you do this within your WAN this does not automatically mean you are using the “cloud”. You are just virtualising your infrastructure. Fair and square.
  • “No more hardware” – Well that’s a lie. Using software solutions or virtual infrastructure there will still always be servers and databases that require a physical body. Only the deployment and usage is changed but there will always be hardware. You might not own the hardware and you will most likely never see or touch it but it’s there, somewhere in a physical data centre.
  • Grid computing – No, grid computing is not the same as cloud computing in my opinion. Even though, it might be its scientific opposite. Where grid computing allows many computing units to work on a common target (e.g. movie rendering in render farms or Bitcoin mining), cloud computing allows a single user to utilise just any infrastructure in the pool offered by the cloud service provider to achieve their objective.
  • “Private Cloud” needs to be on-premises – No that’s not correct even though it seems to be a common assumption. A cloud service can be deployed dedicated for your organisation without anyone else having access to it, but the location of the physical hardware is irrelevant in order to provide that. In most cases the service provider will utilise hardware that is physically near to the user base in order to avoid performance issues that could occur on long “open internet” routes.

Challenges of Cloud Technology

  • Security – Any cloud service can be set up in secure manner if the solution and the environment of the clients allow it.
  • Privacy – Yes, privacy is a hot topic nowadays. But actually, it always were even in pre-internet age. Privacy is nothing impossible even in the cloud, even in the internet if you choose the right service provider. And if you are looking for good providers but affordability is a concern, make sure that your selected partner has a few good reference clients to show-case to you.
  • Compliance – When you are in phase 2 of the provider selection, bring in the techies of your organisation to make sure all offered functions and features are compliant to any active IT security policies that you need to consider.
  • Vendor Strategy – Cloud providers equal single vendor lock-in? Yes, it can be the case but if you want to avoid that, talk about this particular subject with your provider candidates. A few providers out there have established alliances and offer support to avoid any lock-ins.
  • Online works, offline it doesn’t – Depending on what your solution looks like make sure that your workforce  can use the solution when they are online and when they are offline. For instance when changing a file being on a flight, the data should update and synchronise itself in the cloud again when they are online. However there are some services which this does not apply to such as real-time communication (e.g. WebRTC, video conferencing, VoIP telephony, instant messaging).

Examples of Public Cloud Solutions

Summary

I hope this cleared some confusion around cloud terminology and technology. Further I hope it helped you through your process of picking a good service provider for your organisation if that was your objective. Further I would like to thank Simon Dudley of LifeSize and Phil Karcher of Forrester Research for hosting the webinar, which sparked the inspiration to write this article. LifeSize is often arranging interesting webinars and announces them on their social media platforms. Maybe I will see you on their next event – until then.

Have anything to add or feel I got the wrong picture? You are welcome to comment below and join the discussion. We at Telepresence24.com love your feedback!

Innovative Technologies for Investor Relations

The utilisation of innovative technologies in Investor Relations gains more and more weight. The global finance crisis led to uncertainties across financial markets. The reactions on incoming news and information from Investor Relation departments impacted the market heavily.

Jan Johansson, President, CEO, SCA, Svenska Cellulosa Aktiebolaget, Investor Relations, Camera, Display, IP Video Streaming, Solution, Annual General Meeting, AGM,

Jan Johansson (President & CEO of SCA) during an annual general meeting (Photo: SCA)

That is why it is now an important task for the management of such companies and their Investor Relations departments to re-gain trust. The target is to enable a target-driven direct communication to investors, analysts and other stakeholders without giving a wrong impression or deliver data that would lead to wrong assumptions. For this communication to happen, more and more organisations utilise innovative technologies. Such technologies are also known as “Unified Communications” tools and aid Investor Relations significantly with the efficient communication with a usually large number of recipients. On top of that many investors and analysts are scattered across the globe and therefore subject to time zone related difficulties.

Important technologies within the Unified Communication tool-set utilised in Investor Relations are:

Video Conference Services

Video conferencing services allow organisations to rapidly and easily get in contact with one or many investors or analysts. This way of communicating is becoming more and more attractive as the prices for video conference system deployments have significantly going down recently – becoming a much more affordable solution. Beyond the normal functionality of communicating with audio and video dimensions, high-end video conferencing technologies also allow sharing screens or other digital content into the video conference, such as Microsoft PowerPoint presentations or business plans in form of a Microsoft Excel spreadsheet for instance. Now one is able to present such files live without sending the data per mail prior to a meeting., which cuts a lot of issues like “having an out-dated file” at hand during the conference. Video conferencing not only is a great way of delivering high quality communication, but also can save a lot of costs and increases productivity of teams. While Investor Relations officials would be required to take a plane to fly to an appointment, now the very same person can save time and costs by arranging a video conference and getting the message across to many even on the same day.

Live Video Streaming via IP

Another way of delivering information from important events is the live video stream via internet or intranet. Like this an organisation can easily broadcast from an annual general meeting (AGM) and deliver a video feed in HD not only to on-site audience but also to remote investors and analysts. The video stream could be watched from Notebook, PC, Mac, Tablet or even from Smartphones. With Digital Signage the event could be embedded into information displays that could be deployed in meeting rooms or public areas. The possibility of facilitating IP Video Streaming do not always require an own infrastructure and staff for events that happen only once per year. They can be also booked as a service and the streaming solution will be provided by specialists at scalable costs. If an organisation however runs events at a high frequency or requires video transmission for other reasons, they can invest in own infrastructure and managed services to look after their infrastructure. This would enable an organisation to flexibly utilise video streaming solutions and would save costs on long-term outlook.

Video-on-Demand Platforms

QSC AG, Quality Service Communications, Annual General Meeting, AGM, IP Video Streaming, Analyst

Analyst focused on watching an annual general meeting (Photo: QSC AG)

A Video-on-Demand solution serves archiving purposes and enables the playback of any previously recorded videos, video conferences or events in case someone could not attend the live video stream. You could for example provide access to shareholders, who would usually not be able to see the live broadcast due to being in another time zone. This kind of solutions is also known as “Corporate YouTube” using the role of YouTube as “mother” of all Video-on-Demand platforms. Also for Video-on-Demand solutions organisations can choose between solutions managed and hosted for them or deploy them in their own infrastructure and have it supported by managed services to ensure a maximum availability to the users.

Summary

In summary we can see that innovative technologies such as Unified Communication tools are utilised in Investor Relations and being a great value-add to the communication and delivery of information towards stakeholders of internal and external nature. A business case is relatively quick assembled, since the technologies increase quality in communication and also steadily decrease costs that would normally be spent on travel and hotels. Also the technologies can greatly increase productivity of teams even if they are not in the same place.

Software MCU Comparison – What does the market offer?

A Videoconference Multipoint Control Unit (MCU) is a crucial part of every serious Videoconference infrastructure. It’s a system used to connect multiple media streams into a single Videoconference, therefore very often the MCU is referred to as a “bridge”.

The traditional MCU is a DSP (digital signal processing) based hardware whose primary functionality is to decode all incoming media streams, compose a single stream for each far-end participant and finally re-encode that stream before sending it out, needless to say all this requires a huge amount of processing power. More over, hardware-based MCUs define scalability on a per-port basis, which means if we want to have more participants connected in a Videoconference at the same time, we need MCUs with more video ports i.e. more DSPs and DSP hardware does not come cheap.

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LifeSize UVC Multipoint used on a Tablet

That is why a lot of companies are turning their attention towards a new type of product when it comes to multipoint Videconferences – the so-called “software MCU” or soft-MCU. A soft-MCU serves the same purpose as the hardware-based, except that all the transcoding and signal processing is done in the software which introduces big advantages in terms of cost, scalability and flexibility.

The soft-MCU eliminates the need for DSP hardware and can run on virtualized servers on private or public clouds, therefore it is significantly cheaper to deploy than the expensive hardware MCU. In terms of scalability, customers can often just purchase the number of ports they require at the time and then scale up or down easily as the need changes. Software MCUs offer also more flexible deployment, updates and feature enhancements are easy and more frequent, which gives them advantage in today’s fast evolving demands in the Videoconferencing world. Manufacturers can offer the soft-MCU for on-premise deployment on company’s internal servers (usually preferred by enterprises) but the lower end of the group video conferencing market will also benefit from the hosted services (cloud services) offered by providers.

Current market of Software MCU solutions

Although still in relatively early phase in terms of adoption, the market is all but short in offering soft-MCUs solutions for multipoint Videoconferencing. Some of them offered as pure software to be installed on industry-standard servers, some of them require some sort of hardware usually from the same provider which makes them a kind of  “hybrid” solution. I will just go briefly through some of the most talked about products out there at the moment:

 Avistar

Avistar offers the Avistar C3 Conference, a software-based MCU that runs on standard off-the-shelf hardware and operating system software, and on virtualized servers. It is mainly designed for on-premise deployment in enterprise environments, but service providers offering managed Videoconferencing services could also take advantage from it.

Each conference server can support up to 12 ports of simultaneous conferencing, video standards supported are H.263 and H.264 up to 1024 kbps call rate per endpoint with 30 fps.

 Polycom

The Polycom RealPresence Collaboration Server 800s, Virtual Edition is a multi-protocol, integrated, software-based multipoint MCU running on x86 servers. Mainly designed for mid-sized enterprises or to expand an existing RealPresence Collaboration Server (RMX) environment, it provides open standards scalable video coding (SVC) support and interoperability with systems that use advanced video coding (AVC). It can support up to 40 H.263 or H.264 video ports with 720p and 30 fps.

 Vidyo

Vidyo solution consists of Vidyo Router at its center, offered also as a virtual edition (VE), which performs transcoding-free packet switching using their patented Adaptive Video Layering (AVL) technology which introduces low-latency video-streams for endpoints over any IP network. It can be deployed on industry standard servers and is “VMware Ready” certified. Interoperability with legacy systems requires the use of VidyoGateway. The VidyoRouter VE comes in two models – VE 100 and VE 25 offering 100 and 25 concurrent HD connections respectively, supporting native rate and resolution matching per endpoint, up to 1440p at 60fps. Vidyo technology is available through service providers such as Videoconference24.

 Pexip

Pexip is a new start-up that offers pure-software based MCU called Infinity, which will be available from September. It can be deployed on industry-standard servers in a VMware virtualized environment and port capacity can be easily scaled up by adding more servers. It will support H.263 and H.264, SVC, VP8 video codecs as well as interoperability with WebRTC and Lync. We are yet to see how this product will perform in the real-world but it definitely looks promising with of supporting wide range of software clients and endpoints.

Acano

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Acana Software MCU Example

Acano is also also a new player in the industry, offering software solution that unites “previously incompatible audio, video and web technologies” in “coSpaces” which are essentially cloud virtual meeting rooms. People can use whatever devices they have to call into a coSpace, including mobile phones, tablets, PCs, Microsoft Lync clients or video endpoints. Designed for the x86 architecture, it runs on their optimized hardware, standard servers, as well as in virtualized environments and can support thousands of users per server, with further scale and resilience provided by native clustering. Major video standards are supported including H.264 AVC, SVC, WebM / VP8, Microsoft RTVideo, and said to support H.265 as well.

 Vidtel

Vidtel is primarily a service provider; does not offer soft-MCU for on-premise enterprise deployment, but they do offer hosted cloud Videoconferencing solution, labeled MeetMe – it’s a cloud-based, “any-to-any” video conferencing service which supports interoperability between SIP, H.323, Google Talk, Skype, and WebRTC. It supports up to 20 video conferencing endpoints with 720p. The infrastructure for video conferencing is hosted on a Vidtel central cloud and each participant is given a private meeting room ID and a login PIN; they use this to join the Vidtel MeetMe meeting and start communicating and interacting almost as if they were in the same office.

 LifeSize

LifeSize UVC Multipoint is a software-MCU that can be installed on industry-standard servers. It supports H.263 and H.264, SVC video standards and interoperability with Lync (Microsoft RTVideo). Customers can purchase and scale one port at a time and administrators can selectively control the quality and capacity of each port, ranging from 360p for mobile users to 1080p for room-based environments (with the Enterprise edition) and maximum of 128 participants in a single conference.

 Cisco

Cisco became the undisputed king in Videoconferencing hardware, with the acquisition of Tandberg, but they do not offer software-MCU that can be deployed on-premise. They do however offer cloud Videoconferencing service called – Cisco WebEx Telepresence, which can support up to 12 participants per conference with 1080p. At the moment it’s only available in the U.S. and Canada.

 Blue Jeans Network

Blue Jeans – similar to Vidtel, Blue Jeans is a service provider offering hosted hosted video bridging with multi-vendor interoperability including Skype and Lync. Also they are the developers of their own solution and allow re-selling. It supports up to 25 participants per meeting with 720p at 30 fps  and offers easy web based management capabilities for administrators as well as reporting capabilities.

 Avaya / Radvision

Avaya / Radvision is offering the Elite 6000 Series – software-based hybrid multi-point control unit providing high port density up to 40 full 1080p HD ports (80 720p) on a single 1U system. All the major video standards are supported as well as interoperability with other vendors.

As we can see there are lots of different flavors and there are more solutions out there, opening new opportunities for those who could not own standalone MCU before. It’s hard to say what the future holds, certainly it’s too early to dismiss hardware-based MCUs in which companies have invested a lot of money. It’s clear that the two solutions will coexist for some time and it’s up to the customers to choose the best solution for their business based on their requirements in usage, cost and features.


Software MCU Example Video by Pexip

[youtube=http://www.youtube.com/watch?v=dA2oh-4A8Qg&w=575]

iRobot Ava 500: Next-Gen Telepresence Roll-About

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Photo: iRobot

Telepresence robots are not only a sci-fi part of TV shows such as the “Shelbot” as seen in “The Big Bang Theory”. A new telepresence robot has been announced: iRobot mounts Cisco EX60 TelePresence units on their cutting edge, auto-moving robots and introduces the iRobot Ava 500.

iRobot Ava 500 Introduction

The iRobot Corporation is an U.S. based company founded in 1990 and one of the pioneers of telepresence robot technology. Their portfolio includes robots for domestic use as well as solutions for police and military forces. Now they have introduced the Ava 500 and moving into enterprises and manufacturing sector by enhancing the iRobot technology with the Cisco EX60 TelePresence unit for HD video conferencing features.

Ava 500 is not only able to be remotely moved, but can also move autonomously to a target location without the effort of actually steering the unit. This enables the users to use the scheduling function to make sure that the Ava 500 robot is in the desired position at a planned time and date. All information about its position and move can be tracked on an app via iPad or iPhone and does not require in-depth technical insight.

In order to be able to move autonomously Ava 500 will make an “exploration” run when placed in a building for the first time. The area will be scanned and all information will be recorded on its location map, which then can be used by the user easily to tap to a location using only the touch screen of the iPad or iPhone. POIs, such as conference rooms or employees workstations, can be placed on the map for easy access. Even though the user does not actively have to steer the unit, it will still be possible to view the camera feed of the moving Ava 500 and to say “hi” to co-workers passing by. After a session is complete, the Ava 500 unit will automatically move back to it’s docking station to charge up again.

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Photo: iRobot

Professional Video Conferencing

Having the Cisco EX60 TelePresence unit mounted, the video conferencing part of the robot can be maintained and managed by the VNOC (Video Network Operations Centre) just like any other Cisco TelePresence endpoint. Therefore maintaining full interoperability, security and ability to register the unit to Cisco TMS (TelePresence Management Suite) and the Cisco VCS (Video Communication Server) for easy management.

Quick Facts

  • Autonomous navigation in office buildings, laboratories, manufacturing floors, etc.
  • Remote control with iOS devices (iPad, iPhone)
  • Cisco EX60 with HD capability and auto-focus camera take care of the AV transmissions
  • Wireless connection on enterprise level with the Cisco Aironet 1600
  • Height adjustment to make sure you look your conversation partner in the eyes
  • Scheduling function makes sure the robot is in the meeting room when you need it to be
  • Release estimated in early 2014
  • Price not yet announced

Summary

The iRobot Ava 500 brings together high-tech robotics and cutting edge video conferencing technology in a futuristic looking device to assist corporate communications and collaboration on a new level without compromises to interoperability.

Thanks to Caitlin Kullberg of iRobot for helping me with the research and photo material. I’m looking forward to see one of these guys moving around in the future. How would you like using this robot on your “working-from-home” day or visiting a remote location with the ability to explore the campus? Let us know of your opinion in the comment section below.


iRobot Ava™ 500 Video Collaboration Robot

[youtube=http://www.youtube.com/watch?v=hVviDvsBQ78&w=575]

Video Conference Services for Banks of the Future

How Video Conference Services can create additional value for banks of the future.

The Banking Sector and the whole financial industry have been subject to considerable change within the last couple of years. The fast development of the Internet and the growing acceptance of Internet users for online banking, entail great chances as well as great risks. Deutsche Bank AG Co-CEO Jürgen Fitschen has expressed his concerns about possible competition from big Internet companies such as Google or Microsoft, who have detailed knowledge about their customers’ preferences, which they could use for financial services.

Also video conference services play an ever growing role in the banking sector and add positively to change and modernization of business processes. Especially investment banks make use of video conference services in order to globally exchange real time information about markets, shares, currencies and other relevant information.

Deutsche Bank AG, Deutsche Bank, Zentrale, HQ, Headquarter, Frankfurt, FFM, Frankfurt am Main, Deutschland, Germany, Hochhaus, Hochhäuser, Mainhatten, Skyscraper, Bank, Finance, Financial Institute, Mirror, Surface, Modern, Design, Architektur, Architecture, Germany, Building, Sky, Himmel, Blau, DB, Taunusanlage, 12, Video Conference

“Deutsche Bank Skyscrapers in Frankfurt, Germany” by Thomas Wolf (www.foto-tw.de)

Up to now video conference services have been used seldom in areas such as Private Wealth Management, although those could potentially have an important impact on changing banking products and offers. Many banks keep themselves busy with designing concepts for bank branches of the future, in which video conference services certainly will be one of the components.

If you take a closer look at the traditional banking concept for private customers throughout Germany (provident banks, cooperative banks, Deutsche Bank, Postbank, Commerzbank and many more) you will not find a lot of creative approaches for change: During normal office hours customers get detailed advice about accounts and construction loans, leaving almost no time for individual advice.

Video conference services could leave more design scope to banks, thus helping them to offer better, faster and more tailored advice to their customers.

Improving Internal Communication

Using modern video conference services enables banks to equally inform all employees at all locations about current developments at the financial market, political changes or new products of the bank and their business partners. A big advantage compared to ordinary media channels (e-mail, intranet, video streaming, etc.) is the personal contact, which allows for further inquiries and therewith promotes a higher level of knowledge. Furthermore participation numbers are transparent.

Remote Experts Advice via Video Conference

In many cases customers confront their bank advisers with very complicated questions. The worst case is that the adviser will give the customer bad advice or has to start a lengthy inquiry within the bank to get the necessary information from an internal expert. Either way is not very customer friendly. A smart solution here would be to patch in the expert via video conference. This concept could also save travel costs where experts are shattered across the whole country and it additionally could accelerate decision processes concerning sales and distribution deals.

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This lady can talk to the right expert, thanks to video conferencing services.

Customer Advice via Video Conference

Modern video conference services can also be used to advice customers via video conference. Many video conference services permit taking part in a video conference via desktop PC, Mac or also with Tablet or Smartphone as mobile service. In the future bank advisers can effortlessly communicate with their customers via video conference. This still might sound like a vision to banks, but it should not be forgotten that the coming generation has been exposed to video conference services such as Skype since their early childhood and does not have any reservations against this communication medium. Banks certainly will have to look into this new consumer behaviour.

Consequently video conferences and modern video conference services have great potential for innovative financial services and banks. Putting technology to use in a smart way can be the decisive competitive edge for banks in creating an ideal environment for individual and superior advice also in the future.

Have you ever been using service like these or is your organisation having similar approaches? Let us know of your experiences and drop us an comment below!