Finding TEM Challenges: Financial

The bread and butter of telecom expense management (TEM) is finding opportunities for savings. Cold hard cash. Everyone wants to do more with less, and a lot of the time telecom expenses are eating up the IT department’s budget. Find critical savings, and free up budget for other more pertinent business expenses.

In our webinar ‘Unlock Savings: Finding Telecom Inefficiencies” we covered opportunities for efficiency in your financial processes. From better forecasting, to streamlined bill pay, there are so many ways to control your telecom costs.

Here’s a quick snapshot of our thoughts on financial efficiency for TEM.

Better Contract Negotiation

The easiest and most common opportunity for telecom savings, is better contract negotiation. It may seem obvious, but your goal is to get the most flexible and cost effective contract as possible. Tap into benchmark data from TEM experts, to get an idea of the rates other organizations with similar levels of spend are receiving. If you’re ready for a full overhaul, Valicom’s team can help you manage your RFP, to get quotes and rates from many carriers at once. Then choose the agreement that best suits your needs.

Invoice Review

This story pains me to tell you. We have a client who previously was not reviewing any of their telecom invoices. When their monthly invoice arrived, if the amount due was within 20% of the previous month, they balance would be paid. No questions were ever asked about the amount, and whether the amount was accurate, or reflected their correct usage. Think of the compound result of this practice. In the long run, it cost this organization hundreds of thousands of dollars.

These two simple steps can mean big S-A-V-I-N-G-S. When you’re ready to up your telecom efficiency without increasing your budget, let us know! We’d be happy to show your how we’ve helped organizations gain clarity into their spend to better control their costs.

Stream the entire ‘Unlock Savings: Finding Telecom Inefficiencies’ webinar.