recall a conversation I had over 15 years ago with a Product Manager at my company. We were talking about cost improvements and he commented that over the past year his operation ceased holding quarterly in-person meetings for the obvious cost saving benefits...however, as the year progressed and they looked at performance metrics, it was clear that targets were being missed, where they never had been before.
On reflection, he believed that it wasn't just the time in the meeting room that kept the operation humming, but rather the time 'outside the meeting', where attendees gathered together for meals, or at their hotels...it was in those settings that "real work" was done...understandings were shared...casual 'deals' were made...and "Trust" was built among the players...they became a stronger team.
This perspective 'synched' with experiences early in my career...there was a "watering hole" not far from our facility and the various managers from Engineering, Manufacturing, Quality and Marketing would gather, along with members of their staffs. While sports and other non-work topics were debated, there were often significant conversations about potential deals that required close collaboration and understanding of the "challenges" involved...this allowed Marketing to pursue more opportunities, since those folks knew that Engineering and Manufacturing had their backs.
I'm all for not wasting money, but there's still a human element to business.