The ways are innumerous, both for business and personal reasons.

In business, haven't we always heard the old adage 'the customer is always right'?  Well, the customer has to first be able to be heard before a company can benefit from his or her point of view, correct?   If that important call is recorded, companies can make sure that customers' concerns are addressed and not accidentally overlooked.

Call recording can improve customer satisfaction immensely also because follow-up calls can be made to customers needing further assistance.   Additionally, employees can be evaluated and trained accordingly on what has been shown to work best.   An excellent call can be used to train new employees on the 'do's and don'ts' of their service. 

Call tracking and recording can improve security by helping to track down any breaches in confidential information.  Also, in this day and age, lawsuits are becoming more and more commonplace.   A company can protect itself by helping with fact-finding and data verification should it have the unfortunate experience of being sued.

Recording and tracking calls can be beneficial for individuals on a personal level as well.   For example, suppose Grandpa (who lives in Russia no less) just recounted the entire family history during a poignant hour and a half long phone call.   The whole family should have the benefit of being able to hear his story in his own words! Perhaps one day, people will keep CD's of conversations like these in the same way that they save scrapbooks and photo albums.

Students may want to record important calls with their professors.  People interviewing with a company may want to record their phone interviews in order to hone their interview skills.  Bloggers may want to turn their blogs into podcasts, which would require recording the different podcast elements.

Call recording is definitely the (phone) wave of the future, that's for sure!