Manual methods of tracking information are not capable of delivering the in-depth information associated with telecom costs. Each application, service and vendor serves as a separate entry, and tracking these items with legacy solutions leads to inaccurate records and missed opportunities. Organizations can leverage data analytics and reporting tools to lower telecom expenses and take back control over the current infrastructure.
1. Identify inefficiencies
With manual and legacy strategies, older services and contracts can be lost in the shuffle due as many organizations automatically make routine payments to these providers. However, these items could be costing you more than you expect without providing any sort of value. By using data analytics and reporting, businesses can easily identify these inefficiencies and streamline their existing processes.
Data Sync Technologies noted that analyzing large amounts of data and reporting real-time information will help provide an accurate snapshot for decision-making. Aggregating data from multiple inputs and analyzing it grants better information about production over time to recognize inefficiencies. Organizations can use this information to monitor trends and make positive changes.
2. Guide solutions
Data analytics and reporting will help guide you toward a solution to lowering telecom expenses. If, for example, the information shows that you're spending too much on a contract that's outdated, it's likely time to renegotiate or find a better deal elsewhere.
Businesses can see cost reductions of 10, 20 or even 30 percent by simply considering the best course of action to remedy their workflow issues. Harvard Business Review noted that organizations can achieve 10 percent savings by implementing incremental ideas like consolidating incidentals, reducing management spending and controlling miscellaneous expenses. Companies might get 20 percent by removing work from a department and redesigning ideas like manual operations. Savings of 30 percent or more will be achieved with cross-departmental initiatives. Data analytics will inform decision-makers of the best path to take, effectively reducing telecom costs.
"40% of companies worldwide are enjoying a variety of benefits from analyzing big data."
3. Maximize benefits
Organizations can take control of their telecom expenses by simply taking advantage of the benefits that data analytics can offer. A survey by BARC Research found that more than 40 percent of companies worldwide are enjoying a variety of benefits from analyzing big data. Businesses are using this technology to boost strategic decisions, improve control of operational processes, understand customers and reduce costs. Respondents reported an average of 8 percent rise in revenue and 10 percent decrease in expenses as a result of using analytics and reporting tools. Businesses must understand how to maximize these benefits and minimize potential risks.
Telecom expenses can get out of hand over the years, particularly when you don't have the necessary tools to monitor them. Organizations can take advantage of data analytics and reporting tools within telecom expense management tools to track patterns across historical information and receive suggestions for cost cutting measures. Businesses can use these systems to maximize benefits, guide future decisions and identify inefficiencies. To learn more about how TEM and data analytics solutions can lower your telecom expenses, contact Valicom today.
About the Author: Chantel Soumis
Chantel Soumis brings over a decade of knowledge in workflow enhancement through the use of technology. Chantel studied marketing communications and business administration at Franklin University and proceeded to work in a fast, ambitious environment, assuring client delight in the healthcare and pharmaceutical industries. Passionate about project productivity and streamlining workflows through the use of technology, Chantel strives to inform organizations of Valicom’s advanced telecom expense management software and services by mastering communications and messaging while delivering helpful information and supporting resources.