Many UCC solution providers are attracted to the sales opportunities they hear about in other markets. For instance, healthcare and finance—two heavily regulated verticals—can, indeed, be quite lucrative. However, before you attempt to get your piece of the pie in either market, you need to understand that the regulations driving the IT spending also add complexity to the solutions. Here are the top 3 things you need to know about successfully selling UCC in healthcare and finance:
#1—Build in encryption
According to Chad Simon, senior category strategy consultant, UCC, for Ingram Micro, the finance market has some special considerations regarding communications. “To manage risk and liability, financial institutions are required to keep records of communications between customers and partners,” he says. “Storing recordings of a high volume of calls can require a lot of storage. When you add in the need to encrypt those recordings, the storage requirements effectively double.” Simon continues by explaining that the retention requirements are typically longer due to regulations, again, adding to the costs of storage.
It’s not just voice that needs to be recorded. Screen captures are often also stored. In this scenario, a financial institution effectively gains the ability to not only review what was being said, but see what was happening on the computer screen. Advanced analytics can be used to search recordings for events, keywords in conversations, verbal intonations and emotional indicators.
Healthcare has similar encryption requirements. Essentially, communications must be HIPAA-compliant and protect patient information. For example, Curt Vurpillat, technology consultant for Ingram Micro points out traditional faxing—still used in healthcare—is not HIPAA-compliant so a compliant fax service must be used. “Also, it’s important to note that some UC platforms have the ability to message to people outside the organization. These systems must be encrypted to protect any health records leaving the facility.”
#2—Expect higher costs
As a rule, Vurpillat says you can expect to use more expensive UCC solutions in healthcare and finance. “In any regulated industry where security is a concern, you most likely won’t be able to use low-cost solutions due to weaker security features,” he says. It’s this focus on heightened security that Simon says will slow the healthcare and financial markets’ moves to cloud UC solutions. Currently, the majority of solutions are installed and maintained in-house.
Living in a regulations-heavy world means these customers are intimately aware of the requirements they face. However, you might have to educate your own staff about these exceptional needs. Additionally, if you’re currently a cloud-only shop, you’ll have to get familiar with on-prem and hybrid solutions if you want any chance at success. Finally, if any of this feels like it’s beyond you, Ingram Micro has the technical and vertical expertise available to help bring your organization up to speed.