How Can a UCaaS Ecosystem Reduce Your Trader Communication Costs?

Enterprise communications, especially in a world of trading where communications are critical to business performance, can be complex and expensive. And in a changing world where remote work is fast becoming the norm, keeping your communications ecosystem in top form can be a challenging and costly exercise. 

With UCaaS (Unified-Communications-as-a-Service) - the next evolution of unified communications - businesses can discover and start leveraging the benefits of a more straightforward, more cost-effective way to communicate and collaborate.

We explore the ins and outs of UCaaS and how a successful UCaaS ecosystem can reduce costs and improve business processes.

The Shift From UC to UCaaS

Unified Communications (UC) is a communications system that integrates various communication channels, including voice and telephony, video and audio meetings, and real-time messaging, into a single platform. Because businesses communicate in several  different ways, internally and externally, a single unified communication solution streamlines communications and cuts communication costs considerably. 

Unified Communications as a Service (UCaaS) is very similar to UC, but the core difference is that UCaaS is hosted by a service provider, generally in the cloud. While the concept of unified communications has been around for years, the shift to the as-a-service model makes for an entirely cohesive technology stack that is more accessible to the masses.

UCaaS offers a way for companies of all sizes to transform their communication strategy by combining affordability and convenience. With outsourced and virtualised hosting, companies can enjoy reduced capital and inefficient operational expenditures, immediately providing communications cost savings. Additionally, the UCaaS model means increased speed and flexibility without any additional expenditure or effort. 

UCaaS: The Future of Trader

Communication

Prior to the as-a-service-model economy, on-premise IT solutions, including unified communications, were the norm. However, creating a comprehensive tech stack in-house is notoriously time-consuming, expensive and complex. After all, an efficient UC stack includes investments in network infrastructure, CRM tools and various other software and hardware requirements, not to mention the need for expert resources to manage these systems. 

What’s more, maintaining and upgrading these systems to keep up with the rapidly changing world of communications technology means ongoing effort and expenditure is required beyond the initial investment.

UCaaS eliminates the time and costs that go into maintaining an on-premise infrastructure, and the service will continue to see growth because of factors like:

• Remote and mobile working needs of employees
  
  
• Changing customer experience expectations
  
  
• The need for more advanced communication and collaboration in the workplace

The key to a more effective trader communication ecosystem lies in UCaaS and the benefits it has to offer businesses.

Leveraging the benefits of cloud technology

Cloud technology has revolutionised how businesses do business globally  because of its versatility and scalability to accommodate emerging marketplace trends. For example, with the mass shift to remote working, businesses are reconsidering their mobility and globalisation strategies, making UCaaS an obvious consideration. 

UCaaS takes the flexibility and scalability of the cloud and injects it into your communication stack, giving you the ability to access the tools you need to ensure your teams are connected and able to do business, wherever they are, without intensive setup or maintenance costs. Additionally, by offering a simple and fully-hosted communications solution, UCaaS can ensure businesses stay ahead of the latest trends and technology, future-proofing their stacks without worrying about added expenditure. 

Another benefit of leveraging unified communications that are hosted on a service provider’s global cloud infrastructure of data centres, is that services can be scaled to meet growing capacity demands quickly. And because of the economies of scale, increased communications costs aren’t a concern for growing businesses that need to provision more communication capabilities fast. 

This type of virtual infrastructure offers businesses further benefits in that built-in redundancy ensures business continuity, low latency makes for optimised performance speeds, and service security and reliability are guaranteed.

Empowering employee productivity

With the increasing adoption of remote and hybrid work structures, the need for more efficient communication methods is growing. Enabling teams across geographies to exchange information and ideas quickly makes for an effective environment of collaboration where communication tools aren’t a struggle, and mobility can be supported. 

UCaaS brings communication services like enterprise telephony, meetings (audio/video/web conferencing), instant messaging, presence and mobility together, providing greater visibility into employee availability and outputs, ultimately allowing for effective communications-enabled business processes that improve not only team productivity, but profits as well.

And if your teams aren’t necessarily remote, but field-based, providing them with the same level of communications support as your remote and onsite employees is much more streamlined with UCaaS, because a single communication system can meet the needs of all employees, in the office, at home, or in the field.

Meeting customers where they are

Customer experience is a high priority for businesses and a core consideration for customer satisfaction and retention. This means needing to meet customers on the communication channels they prefer, whether it be a voice call, SMS or IM. 

UCaaS enables businesses to manage and organise their communications strategy in such a way that omnichannel servicing is possible. Integrating devices into your UCaaS technology can provide access to the channels where your customers are most likely to contact you, meaning your teams are prepared to carry out business functions without having to worry about managing the client service experience. 

This way, businesses can better serve their customers, leading to a growing customer base that increases profits, rather than inefficiently maintaining an existing, and largely dissatisfied, customer base through outdated means of communication.

How Speakerbus is helping traders

cut communication costs

As one of the most trusted names in the critical voice communications industry, Speakerbus understands the need for always-on communications, fast and straightforward collaboration, and access to changing market conditions. Our innovative communications products and platforms enable the financial services industry to manage costs, optimise operations and meet compliance requirements. 

Our cloud-based dealerboards and supporting applications power real-time trading communications, and our iSeries portfolio of voice collaboration endpoints have certified interoperability with UC platforms, enabling:

• Reduced IT costs to maintain separate systems
• Easier and faster collaboration through contact directory sharing between iSeries and UC devices
• Greater employee productivity through more efficient workflows with fewer steps

Beyond our innovative voice communication solutions, our commitment to building lasting relationships with our clients means we offer user training and ongoing support beyond the initial service or sale, maximising your overall investment and ensuring your business gets the support it needs.

Summary 

Ensuring ongoing business performance in a changing world of communications can be an overwhelming and costly undertaking. Luckily, technological advances like cloud technology have led to solutions like UCaaS, where businesses can be sure of their communications ecosystem, no matter where their teams are located.

By embracing advancements like UCaaS, businesses can start enjoying more effective communication environments without worrying about increased costs or ongoing maintenance and upgrades. This is particularly true for financial services where trading communications, for example, are critical to business success, but risk becoming expensive if not managed properly.

Partnering with a voice communications solutions provider like Speakerbus can help you make the most of the opportunities UCaaS can offer, helping you stay on top of important trading activities regardless of your location. Contact our team of experts now to start building the best-in-breed capital markets UC ecosystem your business needs.