🧩The Problem

Virtual meetings are gaining more and more popularity, and for good reason. This method is efficient in terms of time and expenses, and it allows individuals from different locations to connect and work together. According to Gartner's forecast, virtual meetings will make up 75% of all meetings by 2024. A research paper by Fortune Business Insights reveals that the market for virtual meeting software is expected to reach $41.58 billion by 2027, growing at a compound annual growth rate (CAGR) of 17%. Furthermore, there is anticipation that incorporating technologies like AI, VR, and IoT will further contribute to the expansion of the market

Virtual Meetings

In today's digital age, virtual meetings have become an integral part of many organizations' operations. However, despite the convenience and accessibility they offer, virtual meetings still face several challenges that hinder productivity and engagement. These challenges must be addressed for virtual meetings to truly contribute positively to an organization's goals.

One of the most prominent challenges is the lack of productivity. Research from the Harvard Business Review has estimated that companies face an annual loss of $37 billion due to unproductive meetings. Shockingly, 71% of senior managers view meetings as unproductive. This lack of productivity stems from a lack of engagement among participants.

On the other hand, there is also a lack of engagement during virtual meetings. Surveys have shown that about 39% of employees admit to falling asleep during meetings, and 7 out of 10 employees feel that their time is being wasted. However, it is important to note that 89% of employees believe that virtual conferences actually improve productivity. Turning on video during meetings has been shown to reduce multitasking and increase employee focus.

These contrasting statistics highlight the need for quality engagement during virtual meetings. It can be hypothesized that due to a lack of engagement, employees lose interest in meetings, especially long ones, and end up losing focus, multitasking, falling asleep, or believing that meetings are a waste of their time. This lack of engagement is often exacerbated by a simplistic technological infrastructure.

Furthermore, there is a pressing need for technological advancements in virtual meeting tools. While video meetings have improved inclusivity, there is still a requirement for better tools to enhance participants' quality of engagement. The current set of Web2 tools lacks proactive participation and organic conversation features that promote meaningful interactions during meetings.

To overcome these challenges, organizations must invest in innovative solutions that address the lack of productivity and engagement in virtual meetings. This could involve implementing advanced virtual meeting platforms that incorporate interactive features, such as real-time collaboration tools, breakout rooms, and interactive whiteboards. Additionally, organizations should encourage active participation and create a supportive environment that values input from all participants.

The Feedback

In today's fast-paced business landscape, the success of any meeting relies heavily on the efficiency of the post-meeting process. Surprisingly, a recent survey conducted by Fellow in 2021 revealed that 23% of respondents believed their organizations never seek feedback after a meeting, with an additional 41% stating it rarely happens. While progress is being made in collecting feedback, there is still a significant loss in translation.

In today's business landscape, the success of meetings depends on the post-meeting process. However, a recent survey found that many organizations don't seek feedback after meetings. One challenge is the disconnect between viewers and feedback channels, leading to a loss in valuable feedback. This can be solved with a quintessential blockchain feature - smart contracts - a feature of blockchain technology, can bridge this gap. With smart contracts, meeting minutes, feedback, and action points are automatically shared with participants. Implementing smart contracts has several benefits, including eliminating manual distribution, providing a transparent record of the meeting, enabling real-time collaboration, and enhancing efficiency and effectiveness.

The Security

In addition to these factors, virtual meetings are exposed to security concerns. Every virtual meeting entails the sharing of sensitive personal information and data, which should only be accessible to a limited number of individuals. An academic article published on Science Direct illustrates how blockchain technology can be employed to authenticate participants joining the meeting and guarantee that the information shared during virtual conferences is stored in a decentralized manner on blockchain networks, thereby maintaining its integrity and preventing any unauthorized alterations.