Up until two years back, internet telephony also known as the VoIP fits phone system was an emerging technology. But within this short span, it has leaped forward multiple times catching up on years of growth, seemingly in a breath. The market size of VoIP(Voice over Internet Protocol) in the US, as per the IBISWorld study, is set to hit USD 17 billion in 2022.
With a low cost of ownership, VoIP lends affordability as well efficiency for businesses of all types. The ability to fuse various technologies also enhances the capabilities of traditional VoIP phone solutions, making it desirable for specific purposes. For example, industries showing inhibition due to network latency of VoIP networks can utilize 5G for high speed and bandwidth. With hosted services, breaking the barrier between haves and have nots, VoIP will be the biggest driver of business agility and flexibility.
Being industry agnostic, the applicability of VoIP is far-reaching. Let’s have a look at a few industries where the technology has been harnessed the most by VoIP solution providers.
Undoubtedly, one of the biggest beneficiaries and users of VoIP technology and the VoIP phone system is the customer services industry. In the e-commerce age, customer service revolves around phone lines. The industry has also seen one of the highest rates of innovations. From WebRTC (Web Real-time Communication) systems, auto-provisioning, SIP (Session Initiation Protocol), IVR (Integrated Voice Response), least-cost call routing to the conference, and video calling. The usage of VoIP phone solutions has lowered operational costs and opened up doors for better interaction and service delivery.
Banking and Insurance
Both banks and insurance services have high customer interactions. With data sensitivity of high prominence, these industries are turning to expert VoIP solution providers for end-to-end encrypted calling. The VoIP phone systems are capable of routing calls using various ways, making it apt for financial institutions to operate seamlessly and securely. Moreover, the cost-effective medium also lowers costs as the volume of customers is very high. Robust VoIP phone solutions can also accommodate a high volume of calls at a given time, with fewer maintenance hiccups.
Always-on phone lines and 24/7 communication systems are the lifeblood of the hospitality industry. In such a scenario, VoIP suits well to keep the lines up and running. VoIP tools like multi-level IVR, call forwarding, least cost routing, automatic call distribution, and multilingual and multi-currency features add to the utility of VoIP phone systems. Some of the ways the VoIP fits functions come in handy are:
- Better guest call and order management through IVRs
- Self booking and reservations
- Less dependency on front office staff
- Better management of customer data
- Improved reporting and analytics
As the technology progresses, the ownership cost of the technology is declining. On the other hand, the advancements in VoIP are making the technology more beneficial for the end-user. For instance, the multi-tenant IP PBX (Internet Protocol Private Branch Exchange) system is now widely used by large outfits, and especially by the hotel chains with distinct operations across the world.
The increasing number of educational institutes like schools, colleges, and coaching centers require integrated calling and communication systems. VoIP phone solutions meet their needs by providing a single interface for all student data. Further, optimizing calling and interactions between teachers, students, and their guardians, VoIP streamlines the communication, even when the volume is high. Managing the student calls and maintaining their data is also easier with VoIP solutions in place.
Today online businesses and e-commerce websites are extremely popular. With heightened competition, e-commerce industry players rely on their customer service verticals to create differentiation. In addition, certain tasks like refund claims verification, omnichannel interaction, call routing to a certain department, and CRM (customer relationship management) integration are only possible with a VoIP phone system.
Many e-commerce firms rope in VoIP solutions providers to build custom VoIP systems for improved productivity and task flow management. It also helps in tackling the high churn of employees and increasing efficiency by automating certain tasks.
For healthcare organizations, right and timely communication is of utmost importance. Medical practitioners need to stay connected all the time and keep their phone lines open for communication with patients and their families. Hosted VoIP-fits phone systems serve their purpose effectively with adequate mobility and seamless connectivity at all times.
Daily tasks can be cut dramatically and lead to better productivity, such as:
- IVR-led appointments can reduce time and shorten queues
- Integration of patient health records automatically
- Call routing to the accurate department and healthcare personnel
- Patient feedback and surveys populating
Builders, contractors, real estate agents, and construction companies require a proper business phone system to stay in touch with prospects. The VoIP phone solutions provide an array of options to communicate with leads without burning a hole in the pocket. According to a report by the National Association of Realtors (NAR), 92% of the home buyers and sellers ranked responsiveness as “very important.” With VoIP phone systems they can expect to witness:
- Fewer call drops and seamless communication
- Monitor and track customer database
- Meet regulatory and compliance standards with verifiable data records
- Use several outreach channels
The manufacturing operations of businesses are located far off than their corporate offices, spread across large areas. With dozens of manufacturing units spread across remote and fringes of the city, it often becomes difficult to communicate seamlessly any time and from anywhere. Firstly, VoIP solutions bring in flexibility and ease of scalability in communication for manufacturing industry players.
Also, regular communication and coordination with departments such as finance, sales, and marketing among others are better. Particular features such as video conferencing, file sharing, instant messaging over secure lines are immensely beneficial for manufacturers.
In conclusion, the VoIP market has boomed today with innovative VoIP fits solutions at hands-reach for small, medium, and large enterprises. VoIP solutions providers have the capability to meet the specific needs of a particular industry by fine-tuning and amalgamating the latest technologies to match the exact needs of the customer. On the other hand, not realizing the full benefits of a technology shaping human interactions today would be a missed opportunity.