The enterprise call recording and workforce management market is estimated to be worth $2 billion per year and there is increasing migration from traditional premise-based solutions towards cloud-based products. DMG reports an increased adoption of cloud-based solutions by enterprises and increased support from service providers operating within their own private cloud while providing the service and capabilities businesses are used to from their legacy systems.
Organizations are making the move to cloud based services, such as call recording, simply, because it’s more cost effective. Data shows that premise-based solutions can have as much as a 45% higher TCO due to expensive hardware and implementation costs (Yankee Group). Increased compliance regulations, compounded by the global recession demanding extraordinary reductions in capital spend, are seen as key drivers of this migration model. In turn, enterprises are realizing the benefits of a hosted solution, which include the lack of large up-front costs on new expensive hardware, staff to support this on site hardware, as well as a huge reduction in upgrade costs. Hosted services provide a single, centrally managed platform, which can deliver benefits to both service providers and the enterprise.
Call recording has become a necessity in today’s market, and as workers are becoming more mobile, effectively managing mobile communications is now in greater demand. Forrester research tells us that mobile VoIP (over-the-top apps and Voice over LTE) are starting to represent up to 60% of hosted UC communications for enterprises. Even in call centre environments, 13% of customer calls were transferred to a mobile device in 2011 (DMG 2012). Mobile recording along with a mobile app from the service provider can allow these users to access their recorded calls straight from their device.
Call recording has been around for a long time, but advanced technology such as real-time speech analytics is empowering businesses to use their recordings for more than just compliance, but to improve the quality of customer interactions in real time, turning them into a more efficient and effective business. No business is too small or too large for a call recording application. Even small businesses can track customer service complaints in a timely manner allowing them to level the playing field, where it had been so hard to compete, and reap the financial benefits of doing so.
At CTI Group we recognize that an increasing number of service providers see call recording as a mission critical element of their portfolio. Our solutions are built from the ground up using multi-tenant carrier-grade architecture, delivering a scalable and reliable in-network solution. A service provider management framework allows the provider to create vertical product offerings, manage provisioning and billing through OSS/BSS systems, control white-labelling and manage a complex route to market through both channel partners and direct customers. Our multi-tenant approach means that a single system scales both horizontally to meet increasing demand and vertically to address different vertical markets, and allows for large organizations to have one, web-based centralized system for recordings across their entire organization. By June 2014 we have over 70 service provider customers world-wide leveraging our SmartRecord solution to increase ARPU, grow margins, and provide a greater level of service to their customers.
With today’s much improved technical capabilities in hosted call recording, such as increased security of recordings and integration into existing unified communications platforms, instead of asking themselves “why should I use hosted call recording”, maybe businesses should be asking “why continue investing CAPEX in my premise-based recorder”?