No matter the industry your business operates in, communication is the soul of your operations. Without effective communication, operational processes become blurred and profit margins decrease. More so, customer satisfaction is hindered and your brand's reputation can easily be tarnished.
From vendors to clients to distributors to employees, communication among all parties is essential to business success. This is why you need to thoroughly assess your telecom needs to ensure you are taking advantage of the latest communication methods. It's also pertinent to assess these needs to make sure you aren't overpaying for services you don't actually need.
Let's explore the vitality of telecom expense management (TEM) software and how it can be used to improve your operational processes.
Understanding the Complexity of Telecom
From service contracts to communication training, the depths of telecom are very complex. With the help of TEM software, however, it becomes easier to simplify any complexities as well as gain a bird's eye view of the telecommunication webs that make themselves present throughout your organization.
The primary goal of TEM software is to ensure you are not paying for services that are not needed. The value of this software goes much deeper, though. When used properly, it can help guarantee your employees are not taking advantage of the telecom services you provide them with, such as using company mobile devices for personal use.
Understanding Your Telecom Expense Management Options
When investing in TEM, you have the option to keep your money in-house and deploy DIY procedures. And while it may save you money in the beginning by employing a DIY option, in the end, many businesses wish they had invested in a software program.
Deploying DIY options for TEM is like rewiring the electric in your house without being a licensed electrician. You can watch all of the YouTube videos you want that make the process look simple, but when it comes to the end result, you will wish you had hired a professional. Even worse is that you may mess something up along the way that requires you to invest way more money than you would have had to invest had you hired a professional from the very beginning.
If you happen to have an internal team of TEM specialists, then using DIY procedures to manage your telecom expenses may end up being an effective method for saving money and staying on top of your telecom applications. If, however, you don't have this internal team of specialists, it is highly recommended that you invest in TEM software.
According to some studies, more than five trillion dollars has been spent on expenditures relating to telecom services. Roughly two billion of these dollars has been spent directly on software that excels in telecom expense management. Even though purchasing TEM software requires an upfront investment, it can save you an enormous amount of money in the long run.
With TEM software, your operational processes become greatly simplified because you can process and organize the massive amounts of data that are being created by your telecom billing system. Having access to this neatly-organized data proves to be of the utmost value when signing new telecom contracts or changing vendors. It can also prove beneficial as new store locations are opened or closed.
Three of the top ways TEM software enhances operational processes is by:
Pinpointing where money is being spent on telecom expenses
Identifying fraudulent charges, which then allows you to implement steps to eliminate such charges
Recognizing billing errors, which then allows you to correct the billing mistakes
Another major benefit that your organization will notice from using TEM software is the ability to monitor contracts. By identifying each telecom contracts' expiration date, you can contact the vendor and try to renegotiate costs and discounts. If you choose to stay with the vendor, the TEM software can be used to automatically renew the contract. If not, you can use the software to keep the contract from renewing.
Is There a Certain Size Business That Benefits the Most From TEM Software?
Even though all businesses can improve their operational processes with TEM software, those that spend several thousand dollars a month on telecom services are going to notice the biggest benefit. In fact, the more you spend, the more opportunities there are to save money with this type of software.
It is also paramount to understand that your TEM software is only going to be as effective as the people who are managing it. If they don't know how to properly use it, then there are going to be cost-savings that will be missed out on. With this in mind, when you invest in TEM software, you will need to make sure it is being used by employees who have a full understanding of your:
Monthly billing cycles
Usage fees
Overage fees
Current billing rates
The Takeaway
The decision makers in your company need to have a meeting to determine which TEM option is best for your organization. If you don't have a team of TEM specialists, then it is obvious you need to spend time shopping for TEM software that can best meet your telecom expense needs.
Ready to find out just how much TEM can benefit you?
Schedule a discovery call with our TEM experts!
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.