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Technology Inventory Management
As we approach 2024, businesses are facing an ever-evolving technological landscape. With innovations constantly emerging and integrating various platforms and tools becoming a standard operating procedure, managing technology expenses is more challenging than ever. Enter the realm of Technology Expense Management (TEM) companies, which offer specialized solutions to navigate this complex terrain. For forward-thinking firms, acquiring a TEM company can yield significant advantages.
In today's dynamic business landscape, cost-saving strategies are more critical than ever. Information technology (IT) expenses represent a substantial portion of a company's budget. In this blog post, we'll share contemporary insights and expert advice on how you can cut your annual IT spend by 25-35%, thus boosting your bottom line. Let's dive in!
Technology, no longer a mere accessory to our lives, is now at the core of our daily existence. The fusion of our personal and professional lives through technology is an observable reality, growing more pronounced each day. This intertwining has led businesses to harness technology as a tool for higher efficiency, particularly in expense management. In this post, we'll delve into the crucial role Technology Expense Management (TEM) plays in modern businesses and how IT departments can leverage its potential.
Everything you need to know about technology expense management. A full list of topics and answers - by Valicom’s President and COO, Jeff Poirior.
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.
