Going by the study,
There are 150 million start-ups in the world today with 50 million new start-ups launching every year. On average, there 137,000 start-ups emerging every day. These numerals are hard to believe and are massive by any standards.
When we talk about start-ups, the first thing that comes in our mind is an innovative idea, but the roadblock faced to shape this idea into reality is CAPITAL ‑ one of the significant challenges that start-ups have to face every day.
But the thing which matters is amongst these millions of start-ups only a few become successful and bring their practical ideas into the real world. In this competitive market, “Survival of the Fittest” theory by Charles Darwin seems to be accurate. Most of these start-ups fail due to lack of capital and funding from the investors.
Cloud telephony, here, helps start-ups to overcome this significant obstacle of capital. It is an evolved version of communication which has gained pace over the last decade. Cloud telephony refers to the replacement of conventional business telephone equipment such as a Private Branch Exchange (PBX) with a cloud-hosted communication system.
It provides an economical business communication solution to the start-ups, thus if you’re looking to cut down cost from your start-up, then cloud-based telephony solution is the right choice for you.
Let’s understand how cloud telephony can help the start-ups save money by providing them with efficient communication solutions.
I. Save Office Rentals
A company invests its major part of the capital in office rent. However, many companies across the globe are shifting from a physical office to a virtual one. This shifting has been possible because of the emergence of cloud-based services that allow people to work from their homes. Moreover, cloud telephony also overcomes the hurdle of monitoring your work from agents with the help of their live monitoring dashboard.
For instance, you are working with a customer support team, and some of your executives are working remotely. How do you ensure that calls are directed to them and they can answer calls as per the demand?
You can’t be sure, right?
But this is no more a concern with cloud telephony as it routes your customer’s call to available executives automatically. This helps you keep an eye on the agents who are working from home and hence reduces the requirement of work station and space in the office.
II. Highly Efficient Team
Higher the team efficiency, higher is the ROI from their sales, and hence, more are your savings. Usually, companies run training programs to train their employees, but these training sessions are not always productive as it only provides theoretical knowledge of the domain. For a start-up when most of the team is new, cloud telephony acts as a boon to overcome their struggles of training the team.
It provides detailed information about the performance of the customer support team. It involves individual analysis and feedback of the employees so that they can focus on their weak areas and improve their skills. It also provides you with a conference call feature over which you can train your agents in a group. A CRM unified with a calling setup can store bulk amount of data w.r.t every agent’s performance. Customer service specialists can analyze the data and understand where the team needs to enhance their skills.
III. Flexible Scaling
As a famous quote goes, “Rome was not built in a day.”, similarly, start-ups take time to flourish and make their presence. There are several instances in which start-ups are snowballing in the industry but are unable to expand themselves because of the inability to scale their businesses.
Cloud-based telephony provides smooth scaling for your start-up so that your business has the resilience to scale up or down. It fulfils all your business requirements as per the demand without affecting your customer relations. There is no additional infrastructure or workforce required to scale the resources.
IV. Reduced Hardware Cost
When you are setting up a business, you can’t escape from the costs of hardware and other infrastructure. It’s hard to believe, but 80 per cent of the start-ups fail within the first four years of foundation.
The problem lies with the high expenditure and maintenance of the infrastructure. For businesses that use traditional telephone systems to deal with clients, they need a considerable amount of space with complicated wiring. The investment in cloud telephony services eliminates these hassles for you.
For example, there are fifty telephone systems required for your start-up. Not only will it be difficult to manage your systems, but the power consumption would also be high. It is also possible that many of your systems are left unproductive resulting in the wastage of energy and resources. With cloud telephony, you do not need to worry about electricity consumption as the telephony systems are hosted on the cloud.
V. Exposure to Extra Opportunities
Several start-ups provide seasonal services. During peak season, they require more resources to work with. But the problem that arises with such opportunity is that you need to scale up your resources which involves a lot of planning and deployment.
However, cloud telephony provides you with the solution by scaling up the resources during peak season within no time. Also, you can adjust these resources as per the demand of your business.
In the case of on-premise, you might need to hire additional temporary staff to manage extra calls during the peak season, but not anymore. With Cloud telephony, you do not need to worry about the same; you can simply opt for IVR which automatically answers all your customer calls without any added complexity.