Unified communications as a service (UCaaS) market is expected to grow to $24.8 billion by 2024, at a compound annual growth rate of 9.5%.
Benefits of UCaaS
Businesses depend on reliable collaboration tools to operate efficiently. A lapse in communication between financial associates could have costly consequences, and a communication failure between medical professionals could mean life or death. UCaaS helps organizations house vital information all in one place for colleagues to work together.
Better Customer Service
Instant access to your data or patient information allows for quicker response times. Businesses can connect with customers across multiple outlets such as messaging, video conferencing and call forwarding, with communications remaining uninterrupted in the event of a disaster for improved business continuity. Healthcare organizations and specialists can be video accessible to diagnose, recommend treatments or for other expertise. Financial institutions can utilize mobile devices to quickly share timely information with customers on the move.
The Cloud can help save on security and data management but also UCaaS. Eliminate costly on-premise equipment and maintenance or connect on-premise equipment with cloud software. Financial and healthcare organizations dealing with strict budget constraints can afford necessary communications plus save time and improve overall efficiency.
Ideal for Financial Institutions with:
- Multi-site or geographically distributed teams
- Mobile and/or remote workforce
- Limited IT resources or an IT department focused on strategic business programs more than day-to-day IT
- Those looking to lower capital expenses and establish predictable communication costs: reduced fees, lower TOC, no upfront capital, simplified staffing requirements
- Those concerned with mitigating risk and activating programs dedicated to disaster recovery, business continuity and internet security
- Pending relocation or additional location openings
Considerations When Choosing a Provider
Offerings vary from UCaaS providers, but most support on-premises UC services, allowing for hybrid options. Determine if and how a provider can support hybrid UC and a gradual migration, if necessary. Find out if a provider offers complete services or if they need to partner with other service providers. Remember to consider your overall business outcomes. If necessary, consider pulling in IT consultants or system integrators to share their expertise.
Experience and Stability
Several smaller providers play in the space and focus solely on UCaaS, while some established UC providers are adding UCaaS as another service and not their primary focus. These providers have a support infrastructure already in place and may offer lower pricing since costs are being spread across services. Keep in mind these providers may face financial challenges in moving away from legacy models. Only work with highly-vetted providers to minimize risk and ultimately, protect your business.
Being such highly regulated industries, financial services and healthcare organizations need to take adequate security measures. UCaaS security depends on multi-tenancy and encryption. Multi-tenancy allows UCaaS customers to virtually use software applications providing UC services, usually over the Internet. Data must be properly encrypted to prevent any security breach. UCaaS providers need to comply with the same state and federal information security laws and regulations as you, which would include HIPAA, SAS-70/SSAE-16, Sarbanes-Oxley and Payment Card Industry Data Security Standard (PCI DSS). ). Determine what compliance audits the provider is subject to and how frequently. Be sure to find out the providers internal security measures and assessments.
Since many organizations support BYOD, be sure you are securing mobile devices and locking out unauthorized users or change access if necessary. Again, working with only highly-vetted providers helps prevent any security issues.
If you need assistance migrating to a UCaaS platform or are currently unsure of whether a UCaaS solution is right for you, click here to schedule a free consultation with one of our engineers and we can walk you through the process.