The US is entering a more stubborn phase of inflation that will require the Federal Reserve to take drastic action to prevent a recession. This has raised the risk of a financial crisis. Some factors that caused higher inflation, such as the rising cost of gas, are starting to fade. However, underlying inflation is still rising.
The various forces driving inflation are still evolving, making it harder for the Fed to control it. This is due to the strong job market and the rising cost of labor. As a result, companies are raising prices to cover higher labor costs.
Higher Costs in Telecommunications
The telecommunication industry has also been severely affected by inflation. The Big 3: AT&T, T-Mobile, and Verizon have made significant price hikes to combat increasing expenses. In response to the rising costs, AT&T increased the prices of its legacy plans to encourage customers to move to higher-tier plans.
According to reports, T-Mobile recently increased the non-digital activation and upgrade fees for new and existing customers by $5. Verizon also increased the administrative fees for consumer and business customers by $100 million in 3Q22.
Alternative Service Providers
Although the three major wireless networks are known to dominate the telecommunication market, other players within the industry can provide the same service at lower prices with even better customer service.
The term “upgrade” is often associated with expensive products, but in this case, upgrading to VoIP will allow you to make and receive calls using your internet connection instead of a traditional telephone network.
VoIP, which stands for Voice over Internet Protocol, is a type of communications system that uses the Internet to transmit voice data. Due to the increasing number of reliable Internet connections across the country, the FCC is exploring ways to accelerate the transition from traditional telephone networks to VoIP.
Switching to VoIP
In 2020, the pandemic scare prompted an increase in workers using VoIP services to communicate from home. According to a survey conducted by the organization, over half of all US employees use this type of communication system at work. If you have an old phone system that’s not working well and is expensive, it might be time to consider a new approach.
One of the main advantages of using VoIP is that it can integrate seamlessly with your company’s software, such as CRM systems. It can also allow employees to communicate using their mobile devices. In addition, it can save you money by allowing you to maintain a more efficient communications system.
Before you start implementing a new communications system, it’s essential that you thoroughly analyze the various advantages of using VoIP. A critical factor that you should consider is the type of service that you should choose.
Hosted Solution Vs. On-Premise Solution
One of the most common types of services businesses prefer is a hosted solution, which allows the service provider to maintain and manage the system. Unlike other types of communications systems, this solution doesn’t require you to purchase additional equipment.
On-premise systems require you to purchase, install, and maintain all necessary equipment, which is challenging if you have a limited number of staff members who can help you set up and maintain the system. Although some companies prefer an on-premise solution for more control, hosted solutions are more cost-effective if you have a reliable provider.
With a hosted solution, you can customize the system on the fly, and businesses can save tremendous money by implementing it. Aside from that, the additional features that this type of service can provide can help boost productivity and improve customer satisfaction.
Saving Money with a UCaaS and VoIP Service Provider
Using VoIP-hosted solutions can immediately reduce the cost of long-distance calls. Unlike traditional landlines, which typically charge high rates for international calls, calls made using this type of service can be made over the Internet.
The most significant savings a company can make when it switches to a hosted system is when it eliminates the need to maintain and manage its own communications system. With a hosted UCaaS and VoIP service provider, you won’t have to worry about anything because they will handle your communication system’s maintenance and regular updates.
These types of services typically have lower upfront costs. Usually, a one-time setup fee and a monthly service charge are included with the package, though rates can vary widely. Before you commit to a hosted solution, you must compare the service provider’s various features and terms of service.
Escape High Costs by Replacing Your Legacy System
It’s not uncommon for a company to bring in an expert to maintain its legacy communications system due to specific issues. Besides the equipment cost, another issue businesses face when it comes to using legacy systems is the lack of parts for their equipment. Since the parts for these systems are no longer being made, they are more difficult to come by. As a result, a company often has to hire an experienced technician to maintain its system.
Choose Flexibility and Affordability
Businesses choose to use VoIP because of the flexibility it provides. For example, with a hosted solution, a company can easily add additional staff members and phone lines without going through the laborious process of setting up the system, which can be especially helpful for companies with remote workers.
Unlike traditional phone systems, a hosted solution allows employees to make and receive calls using their mobile devices. This feature ensures that the calls will come from your business.
Customized Solutions for Your Business
With a hosted solution, a company can provide additional features to your existing system in only a few clicks. This can include changing the music in your hold music, adding more features to your phone tree, and more.
Customizing your phone system’s settings without going through the laborious process of setting it up yourself can benefit your company extensively. These include call forwarding, voicemail to email, auto attendants, call recording, and more.
These features are extremely helpful as they can help them improve their staff’s productivity and make their operations more professional.
A Better Service Provider for Your Business
SimpleVoIP offers turnkey phone system solutions for distributed enterprises. We strive to provide seamless user experiences while providing reliable and comprehensive phone services at affordable rates.
We deploy voice solutions differently by going through an iterative process with you to ensure that your communication system has all the unique features and custom integrations that your enterprise needs.
We’re consistent, fast, reliable, and flexible to work with any requisites that your enterprise needs. And we can provide you with agile and high-touch support that big telecommunications companies can’t give you.
Our US-based VoIP experts will go above and beyond to provide you with fantastic customer support. Our priority is to ensure that you, your people, and your customers communicate as efficiently and effectively as possible.
Schedule a free consultation with us, and learn how much you can save with our services!