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Invoice approval is a critical step in any organization's financial processes, ensuring accuracy, compliance, and timely payment. However, manual invoice approval can be time-consuming, error-prone, and inefficient. That's where Valicom's Clearview TEM platform comes in, offering a streamlined solution to simplify and enhance the invoice approval process.
In today's fast-paced business landscape, effective Technology Expense Management (TEM) is crucial for optimizing costs and ensuring operational efficiency. Many organizations face challenges in this area, ranging from manual expense tracking to insufficient expertise. In this blog post, we'll explore common TEM challenges and how Valicom's solutions, particularly Clearview, address these issues head-on.
Expense management is a critical component of any successful business, but it becomes even more important when businesses are looking to scale their IT operations. The reason for this is simple: as businesses grow, the costs associated with their IT operations also tend to increase. If businesses are not proactive about managing these costs, they can quickly find themselves in a situation where their IT infrastructure is no longer sustainable.
The IT industry entails the movement of several parts. It's hard to keep track of all the different technologies and products on the market, let alone manage their inventory. However, in order to stay competitive in this ever-changing industry, businesses must clearly understand their current state of inventory.
While the economy has begun to open up post-COVID-19, many IT departments are being downsized. This trend may continue to affect technology budgets for the foreseeable future.
Technology workers are used to constant change, from taking on new projects to learning new skills to adapting to new innovations. However, a shrinking talent pool brings its own challenges. Often, IT departments are the first hit when it comes to belt-tightening measures. So, you learn to do more with less.
Telecom Expense Management (TEM) tools can help your organization run more efficiently. You may even find more room in the budget by resolving billing errors or recycling or retiring used devices such as laptops, tablets, and phones. First, you have to identify these opportunities, and it makes sense to invest in the technology that will get you there.
An effective telecom inventory management system provides crucial knowledge on tracking and coordinating your physical assets and contracts. It's an investment that allows you to manage your infrastructure and control costs. In the case of healthcare companies, it can even be a matter of life and death.
Using telecom expense management (TEM) software helps you analyze your expense data more easily via inventory transparency and reporting. This type of tool, whether on-premise or web-based, lets administrators and users review usage quickly and improve their relationship with suppliers.
For the past decade, innovative technology has changed every industry. Telecom expense management was once one of the most tedious tasks, but also an important one. As of 2010, many organizations checked their telecom bills via paper copies. Spreadsheets provided some relief but still offered a clumsy solution to a sometimes massive task.
Based on labor data, Tech Republic estimates that just 29% of workers can do their jobs remotely. Many of those who do work from home face slower connections and may not have access to enterprise-level systems, such as Telecom Expense Management Systems. As of the time this article was written, the COVID-19 death toll has reached 3.4%, according to the World Health Organization.
Employers are struggling to expand their work-from-home policies to include as many employees as possible. It may be a good time for company leaders to invest in automated solutions that make this process go more smoothly.
This article looks more closely at the challenges of working at home during the pandemic and discusses the benefits of working with reliable ERP systems during critical month-end timelines.
It’s safe to say that telecommunications are complicated enough that you need to dedicate resources to tracking their expenses. This concept is known as telecom expense management (TEM), and there are a lot of companies that specialize in helping you to get TEM under control. You have plentiful options, so you should definitely shop around. When you do, there are some key indicators that will help you separate the best TEM software from the rest of the field.
Cost savings is an obvious advantage to telecom expense management or TEM. However, it doesn't tell the whole story. There are actually three primary advantages to this process:
Reduce costs
Optimize telecom spend
Improve efficiency
We explore each of these below in order to address common TEM concerns, including:
Validating invoice accuracy — 26%
Managing accurate service inventory — 26%
Accurately allocating or charging back costs throughout the business — 24%
Beyond saving money that could be put to better use, managing your telecom technology expense has other advantages. It won't save money in the long run if you are cutting back on essential services and ignoring glaring waste. Let's find out what's in store beyond cutting the fat.
Network security is still one of the most important and most challenging aspects of running a modern business. Sensitive data is everywhere, and there are a lot of nefarious groups that can make huge money from stealing it. Chances are that you’ve already made some pretty big investments to protect your business from such leaks, but there’s a major issue that is overlooked by most companies today: encryption gaps.
Is your company managing its Cloud infrastructure like a standard data center? In other words, is the IT department purchasing capacity but failing to scale the infrastructure up or down to address changing performance needs?
Although companies using the Cloud may be implementing tools essential for ensuring systems are functioning properly, they are neglecting to utilize other tools designed to take complete advantage of the Cloud's inherent flexibility and affordability. Consequently, these companies frequently come to the conclusion that the Cloud is "too expensive" and replace it with a system that is actually more expensive than the Cloud.
When you manage a department, there are a lot of decisions that need to be made. From branding to office locations and target markets to marketing strategies, you need to do a lot of research in order to figure out what your path is going to be. An important part of this strategizing process is making sure that you are developing the right partnerships.
Who you choose to do business with could make or break your organization. Your best bet is to make sure that the vendors have been vetted by a reliable source and have a track record of success.
There are always more numbers to crunch. In IT, particularly, you always have to weigh the costs of upgrades against expected returns. We always want new tech to pay for itself several times over, but that won’t happen unless upgrades are made with excellent direction. Usually, the biggest problem with new tech is that it is encumbered by old systems. All too often, upgrade plans overlook cabling infrastructure, and that gets expensive.
According to a recent Gartner survey, the average reduction of total cost of ownership (TCO) is 13 percent when deploying telecom expense management (TEM). Of the respondents, 40 percent reported a TCO reduction of 10 to 20 percent. 36 percent of the enterprises reported a reduction of 10 percent or less.
Most enterprises would agree that the benefits of TEM are very evident. Some of these advantages include improved business process outcomes, extended scale and geo scope, and better visibility. However, TEM is not without its disadvantages, which include hidden costs and the extra time needed for implementation. In general, customers choose TEM providers based on scalability, TCO reduction, and expected performance. Unfortunately, the disadvantages of TEM cause TCO reduction to be lower than it otherwise would be.
Based on the Gartner report, here is some information about how enterprise TEM challenges drive customer acquisition.
