Voice over Internet Protocol (VoIP) systems can streamline business communications, but like any technology investment, you need to consider its direct and indirect costs. Here are the different costs you need to account for when owning a VoIP system.
Voice over Internet Protocol (VoIP) systems are a cost-effective way to improve business communication, as they are billed at a standard monthly fee. But aside from the monthly bill, your VoIP system will also come with other costs of ownership that you should know about.
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Cost is always an important factor to consider when it comes to technological investments. Especially with Voice over Internet Protocol (VoIP) phone systems, you have to be careful that investing in one doesn’t put you way over budget. Even if that phone system comes with a host of features, it’s important that you evaluate not only its upfront cost but also its total cost of ownership (TCO).
TCO is the overall sum of procuring, deploying, and operating a VoIP system over its life cycle, which is typically five years.
When investing in VoIP phone systems, cost is always an important factor to consider. No matter what features it’s bundled with, a phone system that easily puts you over budget isn’t worth investing in. That’s why it’s important to evaluate the total cost of ownership (TCO) of VoIP systems.
There are so many VoIP phone systems in the market that you’re bound to come across a few with similar features and add-on services. When this happens, most business owners will compare the price and purchase the more affordable option. But you shouldn’t only be looking at the initial price of the VoIP system; you must also look at the total cost of ownership (TCO).
What is TCO?
The TCO is the overall sum of procuring, deploying, and operating a VoIP system has over its life cycle, which is typically five years.
When purchasing new technology, how often do you consider its return on investment? For many business owners, calculating ROI is a tricky task that is sometimes skipped altogether. It shouldn’t be because if IT isn’t saving you money, it’s costing you.