Properly integrating your phone system with Dynamics CRM is sure to increase the efficiency of your CRM deployment. There are many automation options that are available with this type of integration.
For incoming calls, there are virtually endless options available to you. As with any project you’ll want to be sure to spend a sufficient amount of time exploring exactly what your users need in a phone integration prior to building anything. Upon receiving a phone call, you may want to automatically open the Contact or Account record of the person calling. You may choose to automatically create a Phone Call Activity as well.
For outbound calls, there will likely be a custom button added to the ribbon that can automatically dial the phone for you. You may have a Phone Call Activity automatically created here as well.
This type of functionality is quite common for CTI and if done properly can greatly increase the efficiency of your team.