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While every business comes with its own unique challenges, there are many similar operational standards in the legal and financial services industries. Our experience has shown they share some of the same organizational pain points regarding telecommunications solutions. Between juggling internal workflow, technology maintenance, distributed workforces, security concerns, customer expectations, and more, it's no wonder they're turning to cloud communications solutions to offer relief.
But there's something to consider even in the most solid economic times: are cloud communications cost-effective? Answer: Yes.
Cost reductions naturally occur when implementing a cloud platform since it's unified across the company, streamlining operations. Here are some other ways cloud communications reduce costs for legal and financial services:
One of the most significant ways we've helped legal and financial services clients lower spending is by enhancing time management strategies. For instance, firms with a unified communications platform can automate many laborious tasks, like time-tracking and billable hours, through third-party integrations allowing payroll reallocation to areas needing more attention.
Another efficiency to consider is expenditure type. Legacy PBX systems are CapEx expenses, but without a physical asset involved, cloud platforms fall as OpEx. Because they no longer require lengthy annual budgetary analysis or approval for CapEx outlay—the best cloud agreements are long-term—executives have more time to plan and evaluate other asset-related business expenses.
Additionally, higher productivity maximizes payroll due to better insights into trends. More comprehensive analytics and reporting allow managers to better allocate team resources without creating IT department burdens. Top UCaaS and CCaaS vendors offer real-time reporting from the system dashboard so supervisors can utilize the information immediately to maximize scheduling, make training decisions, and expediently coach staff.
On top of that, a cloud solution's flexibility is highly efficient. It provides:
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Mobility: Offers staff the ability to work securely from anywhere with the same tools, regardless of location.
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Easy Access: Resources and subject matter experts are available at the touch of a button.
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Streamlined Workflow: Self-service options help keep the queues manageable since some customers can help themselves.
Aside from the numerous ways cloud adoption boosts efficiency, there are also many financial benefits because there is less maintenance involved with a cloud platform. Here are some ways you'll save:
Cloud platforms mean less full-time administrative management for your IT department. Because vendors handle upgrades and security patches, which are automatically performed off-site, IT doesn't have to monitor the system for updates. In addition, most companies designate managers to oversee day-to-day tasks—like assigning phone numbers and adding or deleting users— since they are easily performed through the dashboard of your platform app, leaving IT teams more time to focus their energies on other, more pressing areas.
Plus, unified platforms bring all (or most, depending on your business model) of your communications tools under one roof. So not only is it easier for employees to access everything they need from one app, but it's also easier for Accounts Payable as well since many companies can do away with 3rd party vendors for things like faxing, CRM systems, workforce management, and more by integrating these applications on the new platform. Doing so cuts down on app overload, and it makes billing simpler: one bill, one payment.
Protection from Downtime Losses
Another savings point is due to the reliability of cloud solutions. And your Service Level Agreement (SLA) should guarantee it by stating your provider will have to pay you should a business-disrupting event occur.
That's where redundancy comes in. Redundant cloud servers, services, and virtual networks minimize downtime risks. Redundancy happens at the data center level, which means that if there is an outage of some kind (like a natural disaster), there are layers of redundant data centers at various locations to keep your system running, so you don't experience downtime.
It's important to note that this type of scenario doesn't happen often, but if it does, it's good to know you're not only protected, but you'll be also compensated.
While making the change to cloud is a process, it doesn't have to be painful. A trusted communications partner like us can do the heavy lifting from a full evaluation and needs assessment, custom demonstrations, implementation, and post-adoption support.
Do you want to learn more about how we can help save you money by moving to the cloud? Contact us.
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