In today’s fast-paced and highly competitive business world, companies need to be on top of their game if they want to be considered a cutting-edge, leading organization. Unfortunately, many old phone systems are outdated and do not provide firms with the tools and capabilities they need to maximize revenue streams and strengthen their bottom line.
The good news is that the proliferation of cloud services has brought about a new generation of telecommunications. Cloud VoIP systems, for example, are much more scalable and efficient than conventional platforms, which means that employees using these tools are more functional and efficient. These benefits allow companies to be as cost-effective as possible, while simultaneously generating new forms of revenue.
The ‘Does or Does Not’ Standard
Today’s consumers are pickier and more tech-savvy than ever. This is largely because they are leveraging more mobile and cloud-enabled applications, which has made them at least somewhat familiar with the ins and outs of those landscapes. Because customers are the enterprise’s primary source of revenue, organizations need to meet the needs of prospective and existing clients.
Yet no two consumers are the same, which implies that leveraging a phone system that only supports certain functions may not necessarily appeal to all customers. Fortunately, cloud VoIP solutions are flexible and adaptable, meaning companies can easily add new phone system features without having to go through expensive procurement and maintenance projects.
The contact center in particular is a special area where cloud VoIP services can provide new sources of revenue. Because the “omnichannel” mentality is quickly becoming the norm, enterprises that leverage hosted PBX solutions will be much more capable of adapting to various client expectations, including the need to support live chat applications, mobile connectivity or social applications. This means that firms will have more success creating loyal customers who will return in the future because of a positive past experience.
The Transitive Revenue Property
In addition to providing organizations with new phone system features, cloud VoIP services are generally less expensive to deploy and maintain than conventional phone systems. This is critical for smaller companies that may not necessarily have the same financial or operational resources as larger enterprises. By using hosted PBX solutions, however, businesses can reduce their telecom costs and reinvest those savings into other revenue-generating operations. As a result, cloud VoIP services may not directly generate revenue, but can help firms carry out new opportunities.
In the coming years, having the most advanced phone system will provide companies with unique opportunities to augment practices, create new competitive advantages and build more comprehensive revenue streams. The latter will be particularly important as the global economy continues to send mixed signals, encouraging decision-makers to be more hesitant with spending. Forward-thinking executives need to consider their unique objectives and operations and recognize how implementing a cloud VoIP system can deliver reduced costs, improved revenue growth or deliver other positive results.