Studies show the global VOIP market is likely to reach nearly $59 billion by the year 2025. That’s more than 12 percent annual growth every year from 2019 to 2025.
There are several reasons that VOIP is growing so quickly, not the least of which is the potential cost savings. Let’s look at 4 ways a VOIP phone system can save you money while offering your customers better service.
1. Cheaper Long-Distance Calling
Cheaper long-distance calling is the biggest cost-saving advantage of a VOIP phone system. To understand why we should answer the question “What is VOIP?”
VOIP stands for Voice Over IP, which means your phone calls get routed through the internet instead of over traditional phone lines. This lets you connect to virtually anywhere else in the world without added costs since the internet already spans the globe.
You simply connect the VOIP phone to your computer and it has access to the same network as every other internet-based tool you use. You can save as much as 90 percent on your long-distance calls with a VOIP system.
2. Less Specialized Equipment Required
Traditional PBX phone systems need a lot of specialized equipment to function. Switches, dedicated phone lines, and specialty handsets are a few of the things you need to purchase or rent when you set up a phone system.
With VOIP solutions, most of the functions that equipment provides get handled by the VOIP provider’s computer system. All you need to install locally is a VOIP phone, which connects to the computer you already use.
3. Scalability and Flexibility
VOIP phone systems are much easier to manage than traditional PBX-based systems. If you need to add more users, you simply arrange to have more connections added to your service.
In most cases, you don’t need to talk to anyone to do this. All you need to do is log into your account on the provider’s website and make the necessary changes yourself. This lets you scale up or down as your needs change.
4. Simplifies Your Customization Options
Adding or changing options is also as easy as logging into your control panel and making the changes you want. You don’t need to worry about having technicians onsite to install anything.
You can change options like hold music, the number of lines, your IVR tree, and call forwarding at will. This lets you test different options to see what offers the best customer service for your callers.
A VOIP Phone System Can Offer a Positive ROI
If you’re setting up a new phone system, it’s hard to compete with the cost benefits of VOIP. But even if you’ve got an existing system in place, the money you’ll spend on switching to VOIP could be worth it.
Do your homework and see how much you could save over the next several years. You’ll likely see how the cost of switching could end up with a positive ROI.
Check out our Money and Finance category for more helpful articles about getting the most from technology in your business.