Everything you need to know about technology expense management. A full list of topics and answers - by Valicom’s President and COO, Jeff Poirior.
IT Management - It’s a lot.
Why Do You Need A Telecom Expense Management System?
Companies may pay too much for telecommunications contracts due to the complexity associated with billing and verification, as well as the sheer number of smartphones and other connected devices the average company has to manage. With the large volume of data that accompanies each device, the jobs of telecom analysts have become increasingly daunting.
Telecom Expense Management Is Filled with Innovation
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.
TEMs Support Remote Workers During Critical Monthend Timelines
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.
The Importance of Telecom Management Systems
A telecom inventory management system provides insight into the accuracy of your billing and provides transparency for your contracts with vendors. Investing in telecom inventory management brings the following advantages:
What Is Covered in a TEM Audit?
Telecom Expense Management (TEM) promises to help you save money on your technology contracts. TEM providers will claim that on top of saving you money, they can help you make money through more efficient technology investment. They’re big promises, and if you have a healthy level of skepticism, you’ll wonder how. TEM is a big service, and it covers a lot, but at the root of any benefit a TEM provider can offer is a comprehensive TEM audit. Let’s look at what is included in this audit and see how it helps your bottom line.
Debunking 5G Myths
5G networks are being deployed, and 5G-capable smartphones have already hit the market. You can go on YouTube right now and see people testing their new 5G toys. It’s pretty exciting. With all of the excitement comes the potential for misinformation. 5G is a brand new technology, and it’s changing the game. Unfortunately, not everyone who speaks on the topic has a proper understanding of it all. For that reason, we’re here to debunk a few of the most pervasive myths surrounding 5G. It’s cool stuff, but it’s not exactly what you might think it is.
Here Is How You Get Cloud Costs Under Control
Budgeting your IT department might make you feel like a circus performer. You have to balance so many resources on a razor’s edge. It can be stressful, and there’s a serious risk of hurting the company’s bottom line if you get it wrong. One way a lot of companies try to get ahead of this balancing act is by investing in the cloud.
If you outsource IT, it becomes someone else’s problem, but that isn’t always the most cost-effective route. If you want the power to accurately discern when and where you should turn to the cloud, you need cloud expense management. It’s a system that helps you put everything in perspective and compare costs. It’s the key to getting cloud costs under control, and it can help you by performing four important tasks.
The Benefits of Leasing Enterprise Technology Assets
Leadership is not an easy role. The success of your organization relies on the decisions you make, especially when it directly affects your financial outlook. From the small investments, like whether or not to provide a coffee maker in the break room, to the larger commitments, such as whether or not to expand office space, the pressure is on you to cultivate a thriving operation.
How Will Digital Innovations Change the Office in 2020
Technical innovations will have a profound impact on how things are run in traditional offices and other workplaces in 2020. From the power and speed of 5G to voice-enabled tech that makes Siri blush in shame, the coming year promises to be a wild ride. Let's peel back the calendar for a sneak peek at what's to come.
How Telecom Expense Management Improves Corporate Operations
Telecom expense management (TEM) is a buzz phrase in a lot of industries. In essence, TEM is the method of contracting a third-party to help you track and analyze all of the technology-related spending in a company. In order to gather that data, you have to take a deep look at every facet of your operations. It’s not unreasonable to expect that such a deep dive could lead to better operations. Here are four ways you can expect TEM to improve your operations regardless of your industry.
Top 3 TEM Benefits
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%
Top 3 TEM Benefits
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.
When Are Free Cloud Tools Worth It?
Sure, you need to be on the cloud. We all understand that at this point. The harder question to answer is, which cloud should you use? There are so many options that it can be more than a little overwhelming. You want a good service that is worth what you spend, so how do you narrow your options?
The best starting point is to look at free cloud. As you suspect, free cloud services offer a lot less than their paid counterparts, but when you understand the primary differences, you get a chance to really compare services and find what works best for your business. These are the four times free cloud services are the best choice.
Five Tips to Manage Tech Debt
IT spending is frustrating. It’s often hard to get good return on investment estimates. Even when you do, it takes time for technology to prove its value. Even worse, there are countless tech traps and pitfalls along the way. Many businesses today lose money every year through IT problems. If you want to get in front of this issue, you need to learn how to streamline your IT spending and manage tech debt.
Pop Quiz! What Are Your Next Steps for TEM?
If you are looking for ways to increase productivity and save money, taking the next step toward better telecom and technology management is the perfect way to do so. What are the next steps you ask? Well, it really depends on your organization, your specific environment and needs, and your previous experience with telecom and technology expense management.
Our “Next Steps for TEM” Quiz is a great place to start in figuring this out!