5 Financial Benefits of a VoIP Phone System

Switching to a VoIP telephone system has endless benefits for your business, especially financially. From reduced downtime to

Did you know that the core of the UK’s network still relies on physical wiring…Yes, the kind that was installed by BT in the 1980s! It’s safe to say we’ve reached a point where landline phone systems are a long outdated technology. However, there still seems to be many businesses hesitant about making the switch.

If it’s not broken don’t fix it, right? Wrong! As technology and broadband services have increased in reliability and quality at a faster rate, we are quickly transitioning to cloud-based telephony. This presents a far greater opportunity for improved communications UK-wide and will result in a total landline switch off (also known as the PSTN & ISDN switch off) by 2025 to reflect these changes. 

Some concerns from businesses yet to make the switch to VoIP revolve around data security threats and cost. Well, you’ll be glad to know that migrating to an Internet Protocol phone system will reduce both of these! Here are 5 financial benefits of a VoIP phone system. 

1. Reduced downtime

Did you know that the average cost of network downtime for businesses is £4000+ per minute? The reason behind this figure is not just the downtime itself, but also the consequences that it creates, such as customer dissatisfaction, reputational damage, missed deadlines, and lower productivity levels. A VoIP phone system will be able to guarantee 99.9% uptime – reducing financial repercussions as well as the stress!

2. Better call performance

Better call performance means a better customer experience. Better customer experience means more profit! Communication systems play a large part in this; 20% of audio-technology end users say that poor sound quality led to client dissatisfaction, and 68% of customers will hang up a phone call due to poor voice quality. Switching to VoIP will be able to give you high-quality voice quality and a better connection, enhancing your customer’s experience and driving profits. 

3. Reduced maintenance

VoIP requires a lot less maintenance compared to traditional phone systems. Data shows that businesses using cloud-based phone systems spend 15% less on IT support than their competitors still using landline. Furthermore, another advantage is that all VoIP maintenance is handled automatically, off-site by your service provider. This means no more disruptive installations or upgrades which often prevent business as usual operations. 

4. Reduced risk of breaches

Data breaches are a huge worry for businesses, as they can have such catastrophic economic repercussions. The average cost of a data breach is £2.8million, and a lot of businesses do not come back from the damage caused. This is why it pays to prevent this at all costs! VoIP systems are managed and hosted from off-site data centres which are manned by data security professionals. This significantly reduces the risk of breaches, so you can concentrate on other aspects of your business worry-free. 

5. Remote workforce

With more businesses choosing a hybrid/remote approach to working, your communications systems need to be streamlined to ensure a smooth workflow. A remote workforce can save your business up to £10,000 per employee, however, without the right communication systems, your company is at risk of breaches. For example, a lot of businesses issue ‘work phones’, but these can pose a huge security risk. 

1 in 5 businesses have suffered a data breach as a result of employees using mobile devices outside of their company networks. A cloud-based phone system is completely secure and allows employees to connect to the same business network, from any location, from any device! Therefore you can still reap the financial benefits of remote working, without compromising your business security.

Conclusion

To conclude, VoIP is an excellent, fail-safe office phone system for a business of any size. It not only offers your business the opportunity to increase profits and reduce costs, but also decrease security breaches and allow a more streamlined communication system. Looking to upgrade to a cloud-based phone system? Contact us on 0161 241 9050 and we can offer cost-effective, professional VoIP solutions. To find out more, click here. 

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