As globalization expands international networks, there has been an increased need for collaboration between groups that are geographically distant. Irv Rothman, CEO of Hewlett-Packard’s Financial Services division, for years has traveled at least once a quarter with his top staff from his New Jersey base, to Hewlett Packard’s headquarters in Silicon Valley, California. After the six hour flight, they would meet with management for about an hour, and then fly back home.

Thanks to Halo, Hewlett Packard’s video conference system, this year, Rothman hasn’t traveled to California at all. Online meetings and video conferences allow him and his team to conduct the same business without leaving the New Jersey office. His company saves on constantly increasing travel expenses, and Rothman and his staff aren’t burdened with the wear and tear of a full day of business travel.

As the economy slows down, many corporations have slashed their travel budgets. The International Air Transport Association recently reported that business and first-class travel has experienced the biggest plunge in five years. While reduced travel is common in an economic down-turn, for many companies it’s unlikely that travel will rebound when the economy does. Across the US, companies are ditching conventional business travel for technologies such as audio and video conference, webcasts and online meetings. With online collaboration technologies becoming less expensive and oil prices increasing the cost of travel, for many companies, there’ll be no good reason to ever look back.