Has the humble business trip become a thing of the past? With travel expenses rising, more and more companies are turning to virtual meetings and video teleconferencing as a way to initiate sales, close deals, train new employees and a variety of other business tasks.

Analysts say that the increasing popularity of virtual meetings is being fueled by the desire to save money on flights, hotels and leasing office locations to stage meetings and training seminars, but many companies are finding that virtual meetings have other benefits as well.

In business, time is money. Accordingly, saving time by organizing high-tech virtual meetings instead of costly in-person meetings also saves money by reducing the “downtime” of traveling to and from meeting locations. Faced with a sluggish economy, many corporations are scaling down their workforce, and often fewer employees must perform the same amount of work. Virtual meetings increase productivity by reducing travel and preparation times for meetings, and allowing each party involved in the meeting to maintain the “home-field advantage,” by participating in the discussion from their own office.

Of course, virtual meetings are not new. Back in the early 90s some corporate efficiency experts predicted that business travel would decrease by 50% over the next five years because of the rising popularity of teleconferencing and virtual meetings. However, those figures proved to be overly optimistic, to say the least.

The biggest difference between the virtual meeting boom of the 90s and the one we are experiencing today is simple: technology. Technological advances in virtual meeting services have finally brought the prospect of global videoconferencing to the attention of the business community as a whole.

Broadband Internet access, and advances in online streaming video technology have made it possible to hold multiparty conference video calls any time day or night — and at very reasonable rates. And it’s not just large Fortune 500 companies that are taking advantage of the trend; small and even home-based businesses are using virtual meetings as a way to level the playing field against larger, more well-funded competitors.

For example, in the past, securing a profitable distribution deal with a Japanese company would require at least one trip to Tokyo by several corporate representatives — and in many cases two or three trips. But these days, small businesses and even home-based entrepreneurs can arrange virtual meetings with their counterparts all over the globe, and finalize deals without ever leaving town.

While the good old face-to-face meeting has not yet become obsolete, the digital revolution is minimizing the need to travel in order to connect with partners and potential clients. And even when personal meetings are necessary, high tech video teleconferences can be used to work out minor details before the meeting, allowing for more productive and enjoyable business travel.

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