Any business requires a comprehensive phone system to enhance its business prospects. In fact, with growing demand and fluctuation in all angles of any industry niche, cost reduction is also a prime agenda behind any strategic change. At the same time, financial services are one such industry that saw a surge in recent times due to the consumer cash crunch.
Having said that, captivating the current advantage proves successful for financial services. As experts say, make hay while the sun shines. One such method to thrive in such a situation is to opt for the best in class phone systems. Over the past two decades, there has been a change in the communication systems in organisations. And they had inclined to VoIP for the benefit it offers. Finance organisations must look out for such options to stay ahead of the competition. This article shall give you an understanding of VoIP and how is it beneficial for your company.
What is VoIP?
Voice Over Internet Protocol is the process through which your phones can make and receive calls through a high-speed internet connection. It is different from the traditional telephonic system at the basic level. Yes, the conventional phone system has physical phone lines present, while VoIP uses virtual phone lines. The replacement of copper lines to internet connection is the need of the hour and the finance organisations must shift it soon before the situation demands them to do so.
Types of VoIP Your Organisation Needs
There are two types of VoIP available.
1. Build your own SIP-based systems called in-house VoIP systems. This has hardware present on your premises and you have complete control of it.
2. Hosted VoIP Systems. Here the VoIP connection is offered by service providers like DBSL. No hardware or software investment is required in this case. You do not have control of the systems but has less hassle compared to the previous one in terms of maintenance and other services.
Both of these have several pros and a few cons too. A few organisations have gone on a hybrid approach too. Which one suits the best requires discussion with the service providers who can offer a better insight based on your requirements.
Why Does Your Firm Need VoIP?
Firstly, the traditional telephone system works out a lot expensive and remain surging in the future. Secondly, the major telecom giant BT is set to shut down in the UK by 2025. Thirdly, the versatile VoIP connection gives flexibility that the conventional phone system cannot imagine at all. Lastly, the savings are more and any business can use that for their developmental aspects.
While this is common and well known, you as a business owner must know the clinical factors that drive businesses to install VoIP.
Comprehensive and Unified Communication System
As a business, you require voice calls, video calls and the internet as well. While you used the hard-line phone system, you required another service provider for an internet connection. Also, you need to subscribe separately for video conferencing services as well. Now, there is too much hassle and confusion. The bills are separate and separate tax systems for every bill. Also, the services are distinct and disruption of one service after another requires you to connect with multiple vendors. VoIP stops all these errands. You can connect the entire phone system as well as the internet to one complete set-up. All the services mentioned above works as a bundle and no separate subscription is needed too.
Increase in Productivity
This is interesting. A survey was conducted in 2012 and 300 companies participated in that. While the companies were informed about massive cost savings after VoIP installation, all the companies also saw an average of 23% productivity rise. This is because mobile devices can also be connected to business lines and you can use them even on the go.
These two major aspects are more than sufficient for a financial service organization to fare well in the future. The main agenda is to meet the blend of versatility and cost-saving that the VoIP can offer any day.
