In today’s time, sophisticated technology solutions play a huge role in facilitating effective communication. There is no other way.
Contemporary businesses need advanced tech stack to enhance communications. One such solution is the hosted IP PBX system, which has proven to be a boon for all types and sizes of businesses.
The benefits of using hosted IP PBX systems are immense. That’s why it’s not surprising to find that the market size of hosted IP PBX systems is growing at an impressive rate.
As per MarketsAndMarkets report, the hosted PBX market is projected to grow at a Compound Annual Growth Rate (CAGR) of 16.8 percent from USD 11.5 billion in 2023 to USD 24.9 billion by 2028.
This blog discusses some of the top benefits of hosted IP PBX systems. If you are considering a hosted IP PBX system for your business, then this blog post is just for you. Read on and thank us later.
1. Cost Savings
Father of Toyota Production System/Lean Manufacturing Taiichi Ohno rightly said, “Costs do not exist to be calculated. Costs exist to be reduced.”
One of the biggest advantages of a Hosted IP PBX system is the costs it saves businesses every year. Unlike traditional PBX systems, it doesn’t involve hefty upfront investments in expensive hardware, installation, and maintenance fees. The hosted IP PBX systems provider takes care of all those things.
Hosted IP PBX systems employ least cost routing, which finds the cheapest path to handle both incoming and outgoing calls. Even if a business saves a couple of cents on every call, the total savings at the end of every month or year will be massive. As noted author Margo Vader rightly said, “Small amounts saved daily add up to huge investments in the end.”
To top it all, hosted IP PBX systems run by Voice over Internet Protocol (VoIP), which have been proven to reduce call costs by up to 50 percent.
2. Massive Flexibility and Scalability
Very few communication systems can offer the flexibility and scalability similar to hosted IP PBX systems. Let’s discuss one by one.
When it comes to flexibility, hosted IP PBX systems are the epitome of flexibility. In the words of legendary basketball coach John Wooden, “Flexibility is the key to stability.”
Come to think of it, hosted IP PBX systems themselves are hosted over cloud. By leveraging hosted IP PBX systems, you enjoy massive flexibility and enable your agents to work from anywhere, anytime, and stay connected without being tied down.
Hosted IP PBX systems are highly scalable. British economist Jonathan Haskel said, “Scalability becomes supercharged with ‘network effects.’ A network effect exists when assets become more valuable the more of them exist.” That’s so apt as far as hosted IP PBX systems are concerned. Some hosted IP PBX systems allow businesses to add up to 50,000 extensions and over 10,000 concurrent calls!
3. Advanced Features and Functionality
Between traditional PBX and hosted IP PBX systems, which one do you think has more sophisticated features? The latter one, of course. A hosted IP PBX system comes with a wide range of advanced features such as:
- Inbound and outbound dialing
- Call forwarding
- IVR system (Interactive Voice Response)
- Auto Attendants
- Real-time analytics and reports
- Least Cost Routing
- Multi-tenant and single-tenant support
- Customizable software
- Easy integration with CRM and payment gateways
- Multi-lingual support
- Multi-currency support
- Voice logging
- Video call
- Voicemail
- Caller-ID blocking
- Multilevel IVR
- Automatic Call Distribution
- Blacklist and Whitelist
- Direct Inward System Access
- Click to Call
- Call Screening
- Blind and Attended Transfer
- Barge-in
- Whisper
- Spy
- Selective Acceptance
- Selective/Anonymous Rejection
- Find Me/Follow Me
These features enhance productivity, improve customer service, and provide valuable insights. Many of these features are typically only available in high-end traditional systems at no extra cost.
Last but not the least, a hosted IP PBX system is more than just the collection of some really cutting-edge features. It is a sophisticated communication that’s suitable for all types and sizes of businesses. As Apple CEO Tim Cook said, “A great product isn’t just a collection of features. It’s how it all works together.”
4. Improved Reliability and Uptime
“There is no finish line when it comes to system reliability and availability, and our efforts to improve performance never cease.” What Marc Benioff, CEO of Salesforce, said for his company can be applicable to several reliable and advanced hosted IP PBX systems.
In the context of the hosted IP PBX systems, or any tech stack for that matter, reliability means how consistently the system components can function under certain conditions for a particular time period. It basically means, how reliable a hosted IP PBX system is.
Uptime means the time during which a system is in operation. It’s extremely important for hosted IP PBX systems to ensure continuous communication as well as maintaining smooth business operations.
Many hosted IP PBX system providers offer Service Level Agreements that guarantee minimal downtime. Some hosted IP PBX systems provide 99.99 percent uptime!
5. Robust Security
“Cybersecurity is a shared responsibility, and it boils down to this—in cybersecurity, the more systems we secure, the more secure we all are.” This quote by former US Secretary of Homeland Security Jeh Johnson is so relevant in today’s time.
Over the last few years, the number of cyber attacks and data breaches has shot up dramatically. A survey conducted by Cybersecurity Ventures revealed that in 2023, the number of cyberattacks every day was more than 2,200, or one attack every 39 seconds! Communication systems are at high risk of cyber attacks.
However, hosted IP PBX systems can help businesses enhance their data security by several notches. Features such as multi-factor authentication, two step verification, robust encryption, firewall protection, and access controls can safeguard sensitive data and confidential information. A Salesforce study found 94 percent of businesses experienced a security improvement after they switched to the cloud.
6. Remote Work Capabilities
One of the most interesting things about hosted IP PBX systems is that they are hosted remotely. So, how can they not be remote work-friendly?
Over the last few years, remote work has become a norm rather than an exception. Remote work is the only solution for businesses to have access to a global talent pool.
Hosted IP PBX systems don’t need employees to be tied down to any specific location. By leveraging sophisticated hosted IP PBX systems, businesses can allow their employees to work from anywhere in the world.
Summing Up,
A hosted IP PBX system is akin to renting a fully furnished apartment instead of owning one. You can avail of all features and services you need but you don’t have to worry about maintaining the infrastructure or managing the technology. The provider takes care of everything.
The best part is, it comes with a wide range of benefits ranging from cost savings, flexibility and scalability, sophisticated features, reliability and uptime, and remote work capabilities.
If you are a business owner or a senior professional, you will benefit immensely by using a reliable and sophisticated hosted IP PBX system. It’s imperative to do a thorough research and make an informed decision.
