Over a while, VoIP or Voice over Internet Protocol has become a standard and widely used form of communication. Worldwide, several businesses are using this technology to provide a smooth flow of communications to their employees as well as customers. VoIP comprises numerous benefits over traditional phone systems. The technology is quite easy to use. It does not require any additional equipment to get started with. Besides, it facilitates lower call rates and needs less maintenance.
As per the report by Global Market Insights, VOIP technology will experience its highest growth rate (about 15%) in the next five years. Moreover, the trend is estimated to touch $ 93.1 billion by the end of 2024, with a compound annual growth rate of 3.1% between 2019 and 2024. Another report by Finances Online says that with the help of VoIP phone systems, businesses can save up to 90% on all international calls and 30% on phone bills. It would be correct to say that VoIP has emerged as the top communication solution of several businesses. Looking at its popularity, the adoption of this technology is expected to rise soon.
How Does VoIP Technology Work for Enterprises?
The traditional phone systems are quite expensive, which is adding to the overall expenses of the businesses. This is perhaps the key reason why many businesses across the world are switching to VoIP phone systems. Many businesses are finding VoIP solutions, one of the best business communication tools. The technology empowers businesses to make and receive phone calls from anywhere. With VoIP, businesses also have the option of virtual numbers, which means they can keep the same number no matter where they go.
Moreover, one can use the technology with laptops, computers, landlines, or mobile devices. Users are not required to a plugin or any other equipment to make connections. They need to connect with their IP phone, and that’s it. With the help of IP devices and high-speed Internet connection, users can establish a well-organized, secure, and high-quality connection.
Key Benefits of VoIP Technology For Businesses
- Flexibility: With VoIP, enterprises can handle or control networks by choosing tools that best meet their business requirements. VoIP service providers offer numerous features to the users like call transfer, call waiting, call recording, three-way calling, caller ID, and more. Enterprises can choose the features as per their requirements without the need to pay any extra amount. Moreover, businesses can easily integrate the system with other communication services, including chat, email, etc. One best thing about the VoIP system is that it allows users access to conferencing features, especially video integration.
- In-Built Backup System: With traditional phone systems, every business might risk losing their service due to any unexpected event. With this, they also have to incur huge repairs and the loss of non-working hours. However, with VoIP or a virtual phone system, this issue can be overcome easily. It comes with a built-in backup system that helps businesses eliminate or minimize the risk of loss due to any uncertain event. If anything happens, the system will redirect the calls to another number (as defined by the businesses). This way, redirecting calls reduced the impact of any uncertainty on the businesses.
- Cost-Effectiveness: As compared to traditional phone systems, VoIP solution is much more cost-efficient. Businesses do not require getting any additional device or connection to use VoIP phone systems. They can use their already existing internet connection (with high-speed). Therefore, businesses do not have to worry about maintenance, upgrades, or any additional costs by adopting a VoIP phone system. Also, they do not have to pay for making long-distance and international calls. Besides this, businesses can easily scale their VoIP phone system as per their requirements. If we talk about hardware and software, VoIP has a very affordable hardware and software system. However, the users may require a router, computer, microphone, or handset. In all, the Total Cost of Ownership (TCO) is very low with VoIP phone systems.
- Charges Based on Subscription: Another key benefit of using a VoIP system is that providers generally provide cloud-based systems via subscription or SaaS. Hence, businesses have the freedom to subscribe or unsubscribe to VoIP service as and when required as per their business needs.
- Portability: VoIP phone systems offer high portability. It means that users can easily and efficiently switch to an IP phone without changing their existing number.
In all, VoIP phone systems are flexible, scalable, and adaptable. VoIP technology is cost-efficient and allows businesses to carry out their communications with higher efficiency. All the benefits mentioned earlier are enough to prove that investing in VoIP is a profitable decision that businesses must make.