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If you aren't currently sending and receiving a regular volume of fax messages, then you probably don't need a dedicated phoneline and fax machine taking space in your office. Like the other poster said, many industries and private professionals still send faxes for a wide variety of reasons. The main one that I've identified is the sending and receiving of signitures on sensitive documents. Some proponents claim faxing grants higher security over email as your faxes are not as easily interceptable as emails.
If you aren't currently sending faxes, I'd wait until you need to receive one to develop a solution. Online fax alternatives exist that can be set up in minutes so if a contact asks for your fax information, you can purchase your own online fax number and be operational in a quarter hour. An interesting company named HelloFax was recently granted compatibility with Google's cloud storage feature Drive so that you can send and receive faxes straight from your cloud storage interface. Online Fax comparison review website FaxCompare.com put together a slideshow covering the partnernership at http://www.slideshare.net/ChooseWhat/hellofax-google-should-businesses-care-that-they-can-fax-in-the-cloud.
A surprising number of businesses still use fax machines, especially in the healthcare and legal fields. And some longtime users have moved to electronic fax solutions like efax.com. A good way to move the mountain of paper that fax machines generate into the digital realm is to invest in a document management system which will convert your faxes to PDF’s automatically, so that it’s easier to tag metadata onto your faxes, and file them away on your computer’s hard drive. If you’re interested in this, look for a system that also includes OCR (optical character recognition) so that the PDFs aren’t just JPG collections, but actually have text you can search or (with the right tools) edit.