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Yes, when done correctly. Using presence, for example, makes it easier for one employee to find another quickly, which helps work get done faster. Even better, it makes it easier for customers to find your employees, which means better service and potentially higher revenue.
VoIP (Voice over IP) phone systems, the heart of a new UC system, are less expensive than earlier phone systems buying separate lines from the phone company and tying them together. A broadband line for voice and UC costs less per user and offers much more flexibility than older phone systems. Routing faxes to emails can save the cost of the fax lines yet still service your customers.
Videoconferencing cuts down on travel costs yet still provides a feeling of personal interaction. If your budget includes lots of travel for employees to meet, adding UC for videoconferencing will play for itself fairly soon. And no one loses their luggage.