There are three basic hosting solutions offered by a wide range of companies.
Hosted network services contact center model
The vendor provides both voice and data network services such as IVR, ACD/queuing and routing of calls to your location. You provide your own CRM application (or you outsource it).
Managed service provider contact center model
The vendor provisions and operates your telecom and/or IT infrastructure for you on your behalf.
Software as a Service (SaaS) contact center model
The vendor delivers a browser-based integrated CRM (telephony, e-mail, fax, chat) application via the Internet. Typically paid on a per-rep, per-month basis.
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