Maximize ROI with a Business VoIP Phone System
Many companies view their phone system as a necessary evil. The costs of hardware, maintenance, underlying vendors, and upgrades can drain resources with little real benefit if you don't invest properly in your company's future. And maybe, surprisingly, that investment doesn't have to be sizeable.
Cloud-based phone systems, also known as hosted or virtual, are telephone systems that operate and are managed via the internet. Instead of having a physical phone system installed on-premise, cloud-based phone systems utilize cloud computing to provide all the features and functionalities of traditional phone systems.
Cloud-based systems can save you some money on the front end, but when used properly can create efficiencies that generate a return on investment (ROI) that can significantly benefit your business.
What is a Cloud-Based Phone System?
A cloud-based phone system is hosted and maintained by a third-party provider and accessed through the internet to a system that "lives" in the cloud. Cloud-based phone systems allow businesses to make and receive phone calls through a company's internet connection instead of traditional copper landline telephone infrastructure.
Cloud-based phone systems don't require organizations to invest in hardware, software, or IT infrastructure. Instead through a license, users can access the phone system from any device with an internet connection, which improves flexibility and allows employees to work remotely.
Cloud-based phone systems typically offer advanced features, such as call based on time zones or caller id, softphone applications, and AI IVR IVR (Interactive Voice Response), which can help streamline business processes and improve efficiency.
How are Cloud-Based Phone Systems Different?
A cloud-based phone system differs from other phone systems in several key ways:
Deployment: A cloud-based phone system is hosted and maintained by a third-party provider and accessed through the internet. A business's internal team can also manage specific changes with cloud-based systems. Whereas traditional phone systems are usually deployed on-premise and managed by the organization or a contracted outside party due to complexity.
Scalability: Cloud-based phone systems are designed to be easily scalable, allowing you to add or remove users and features as needed, whereas traditional phone systems may require significant IT or external support to make changes.
Cost: Cloud-based phone systems typically have a lower upfront cost, as you don't have to invest in hardware, software, or IT infrastructure, whereas traditional phone systems may require a significant upfront investment and hefty deployment.
Maintenance: Cloud-based phone systems are maintained by the third-party provider, which reduces the burden on in-house IT resources and minimizes the risk of downtime, whereas traditional phone systems are typically maintained by the organization.
Advanced features: Cloud-based phone systems often offer VoIP features such as simultaneous ring, softphone applications, and call routing that can help streamline your business processes and improve efficiency.
Accessibility: Cloud-based phone systems can be accessed from anywhere, using any device with an internet connection, which improves flexibility and allows employees to work remotely, whereas traditional phone systems have limited mobility options.
Integration: Cloud-based phone systems can be easily integrated with other business applications, such as CRM systems, whereas traditional phone systems may not have this capability.
What are the benefits of a Cloud-Based Phone System?
A cloud-based phone system provides several benefits and gives you access to your phone's platform from anywhere, using any device with an internet connection. In addition, a cloud-based call center can be layered on top allowing you to create virtual call centers that enable customer service reps to work remotely.
A cloud-based phone system is often less expensive than a traditional on-premise call system since it doesn't require a sizeable investment in hardware, software, or IT infrastructure.
The ability to quickly add or remove users and features as needed often means you can scale your phone system to the size of your business without incurring large upfront costs or needing extensive IT support. The flexibility of a minimal infrastructure allows you to keep costs low and brings additional value by not requiring an expensive maintenance contract which lowers many of the direct and indirect costs associated with an on-premise phone system.
By hiring a hosted VoIP provider, cloud-based phone systems reduce the risk of downtime and improve overall reliability, generating additional value. VoIP phone systems help streamline your business processes and improve efficiency, which leads to a better customer experience. Giving your customers a professional and reliable phone experience increases customer satisfaction and loyalty.
Ease of integration with other business applications, such as CRM systems, provides a more seamless experience for your employees and customers and works to serve a purpose and provide value.
To achieve this, it's essential to choose the right provider. A good VoIP provider ensures their system meets the specific needs of your business and provides a strong return on investment and will have a mechanism to regularly evaluate and upgrade the system to keep it practical and cost efficient.
Measuring Your Telecommunication ROI...and Maximizing It
A phone system's return on investment (ROI) measures its profitability. In mathematical terms, that's calculated as the net benefit (in terms of profit or cost savings) divided by the cost of the investment. It is often expressed as a percentage and represents the amount by which the investment has increased in value over a certain period of time. When your phone system is operating correctly and is client-focused, you are not only mitigating the risk of missing calls, you're creating value.
For your phone system to have maximum ROI, it must continue to bring value to your business. That means a positive impact on your business corresponding to the financial impact it represents.
Several strategies can be implemented to maximize the return on investment (ROI) on a cloud-based phone system:
Proper Resource Allocation: Ensure that your employees have access to the features and functionalities they need to effectively perform their jobs. Allocating resources effectively can help reduce the costs of your cloud-based phone system and increase efficiency.
Utilizing Advanced Features: Use the advanced features available with cloud-based phone systems such as call routing, softphone applications, call recording/transcription, and others. These features can help increase productivity and reduce costs.
Regular System Evaluations and Upgrades: Regularly evaluate the performance of your cloud-based phone system and make upgrades as needed. Upgrading the system can help to ensure that it remains effective and cost-efficient.
Implementing Usage Metrics and Analytics: Use usage metrics and analytics such as missed calls, peak calls, and user stats to track the performance of your cloud-based phone system. This information can be used to identify areas for improvement and optimize the system for maximum ROI.
Choosing the Right Provider: Choose a cloud-based phone system provider that offers continuous up-time, a strong service level agreement (SLA), excellent customer support and training, and cost-effective pricing options. A reliable and efficient provider can help to ensure the success of your cloud-based phone system.
By implementing these strategies, businesses can maximize the ROI on their cloud-based phone system and achieve long-term success. Increasing your phone system's value while reducing costs leads to a company with a happy, loyal customer base that will come back time and again.