Financial Benefits of Switching to VoIP

Financial benefits are one of the big reasons more companies are turning to VoIP. The average company that switches from a traditional phone service to VoIP saves 30 percent a month on phone expenses; long distance savings are as much as 75 percent a month. Along with these monthly cost savings, there are numerous other direct and indirect financial benefits that come from using VoIP technology. Here are some of the various financial benefits that are making more companies choose VoIP:

Service Costs

Lower service costs are one of the big reasons companies are switching to VoIP. Using a traditional phone system, calls are typically charged on a minute-by-minute basis, which can add up quickly. This can get especially expensive if you need to use the phone throughout the business day or if you make a lot of long-distance calls. But VoIP handles calls as data passing through your IP network, leveraging the cheap cost of broadband connections to cut your service costs dramatically. Time no longer needs to be a limiting factor for your company’s use of the phone. VoIP likewise reduces long-distance calls by using broadband to let you connect to anywhere in the world.

Efficiency

Time is money and, in business, anything that improves efficiency translates into a better profit margin. VoIP includes a number of features that deliver greater efficiency to businesses.

Since VoIP uses a high-speed internet connection, companies need to install fewer landline connections in order to use the needed number of extensions. This lowers the cost of renting equipment. VoIP also delivers efficiency by enabling companies to use a wide range of call management features without having to install extra on-premises equipment.

The ability to forward calls to any device ensures that more calls get answered, meaning less wasted time, fewer lost opportunities and greater revenue. Workers can use VoIP lines from anywhere, making it easy for companies to use remote workers and economize their on-site workforce. You can always reach your employees on their mobile devices, no matter where they are or what time it is, giving your business flexibility. And of course, in addition to these cost-efficient features, VoIP delivers a more economical cost per call.

Reliability

Reliability is another way VoIP saves companies money. When connections aren’t reliable, time gets wasted, and one-time business opportunities can get lost. VoIP providers offer guaranteed, measurable uptime, translating into greater reliability.

Another reliability issue is that many buyers of traditional business phone equipment run into end-of-life problems with PBX systems that were originally designed for TDM or analog trunking. Finding parts for these outdated systems is difficult, as is trying to locate a repair specialist who can service such old equipment. VoIP avoids these limitations. These factors help explain why 17 percent of companies purchasing VoIP cite reliability as their primary reason, as a Software Advice survey found.

Security

For business conversations, confidentiality is crucial. Business calls can be especially sensitive when financial data from your company or your customers is being exchanged. A breach of confidentiality under these circumstances can be expensive, both in direct losses and in potential liabilities. VoIP helps companies address this issue by providing superior security. VoIP calls can be protected by an encrypted VPN connection, keeping eavesdroppers and hackers from intercepting your confidential communications and keeping your financial data secure.

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