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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.
With a rise in the cost of technological tools, the reduction of IT expenditures is becoming a top priority for many businesses. Fortunately, you can implement several cost-effective strategies to control your IT expenditures without compromising organizational performance. Here, we will explore some of the most effective methods for reducing IT costs.
You take a deep breath as you look at your bank account…
You notice your balance is lower than expected…
Did a mysterious creature steal your identity?
Have you purchased something without knowing?
You peek through your recent charges and discover that your telecom provider increased your rates without your knowledge and charged you a mysterious fee which leaves you stranded with a bigger hole in your account than you anticipated...
Communications services are one of the top expenses for many companies, a trend that looks like it will only continue to expand. With the exponential growth of data and mobility, the number of mobile users has passed that of desk-bound computer users.
Several factors are at play here. For one thing, mobile broadband networks and cloud computing have changed the way that data and systems are accessed. This makes it possible for users to stay connected all the time from wherever they travel. With the Internet of Things (IoT) expanding into the Industrial Internet of Things (IIoT), whole industries are going mobile to check, update and otherwise interact with an increasingly complex infrastructure.
This evolution has made it essential to strategically manage all of this technology — a task which includes stewardship of the related finances. Finance decision makers have to carefully weigh cost containment against the needs of the organization to maintain reliable communications networks. Transparency and accountability are key factors for finance executives looking for quality data to inform budget decisions and cost analyses. That's where Telecom Expense Management comes in. TEM is designed to improve the visibility of data and assist the finance team when it comes to putting money in the right places.
In the digital age, information security is often the most important aspect of your business. It’s easy to feel out of your depth, but these issues have to be faced. One of the biggest sources of information breaches or data theft is users within a company. You have great employees, but the majority of them are not computer security experts. In order to help them avoid some of the most costly mistakes, you want built-in protection in all of your computers and systems. That is where some of the latest innovations in user authentication can help.
Organizations worldwide have begun trending toward the management of their enterprise Information Technology (IT) spending with an eye on implementing cost optimization ideas as an ongoing process. Research shows this practice gives organizations more control over their IT spending, generating more accountability and realizing long-term cost savings that still allow organizations to work toward innovation investments.
It always comes back to money. Many business owners and operators would prefer to put all of their focus towards satisfying customers and providing the goods or services that they truly value.
Unfortunately, there are expenses outside of that scope, and one of the big money eaters in every industry is IT. Yet, bringing those expenses under control doesn’t have to be as daunting as it feels. Here are five tips that can get your spending under control in surprisingly short order.
It seems inevitable that someone who is not an expert in IT will have at least some responsibility of overseeing IT costs and spending. That’s just how things go. What is vital when this occurs is to ensure that anyone in charge of finances has an opportunity to understand some of the unique ways IT costs impact ROI. With that in mind, these are the five of the most common IT-related money traps that hurt businesses in every industry.
As jobs in the US are growing at an exponential rate and more demand is being placed for skills in cybersecurity and IT talent, the race is on for HR managers to find the ideal workforce for these roles. But as more baby boomers are retiring, the talent gap continues to widen. The most recent Manpower Talent Shortage Survey shows talent gaps in U.S. companies that are as large as 32 percent, particularly those in the construction, healthcare, and manufacturing industries.
Few things hinder a company's functions faster than significant talent holes. This widening gap is challenging HR managers across the country to think outside the box to find new methods for solutions. A few of them from experts in the talent search field is below.
Tariffs are the talk of the day for most economists. Stock markets ping pong every time there’s a new announcement, and there are already major business sectors that are bracing for the potential storm of a trade war. There’s a lot of hyperbole and fear involved with this topic, but the truth underneath it all is that every business needs to have an idea of what to expect from these tariffs.
Condensing an analysis of the entire economy into a single blog post would be a little too ambitious, so this one is going to focus on IT. More specifically, we’re going to discuss how tariffs are likely to shape the landscape of IT across industries.
If your business uses any type of telecommunications to perform its operations, then you likely have a need for telecom expense management (TEM). And the truth is, almost all businesses use telecommunication in at least one form, meaning all of them can benefit from investing in TEM software.
Even though many business owners frown upon having to make yet another investment in another type of technology, when looking over the benefits of TEM software, you will start to see that instead of an investment, it actually proves to be a valuable asset. For now, let's take a look at TEM software and how it proves to a valuable investment.
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 virtual manufacturing breakthroughs to cybersecurity protocols, breakthrough technologies have no surprise become important for more industries in the business world than in past years.
Adapting to new technologies is an essential process for many companies to evolve, but when does it become necessary to implement them? At what point do you know when investing in new parts or processes steps away from an unnecessary expense and becomes a financial asset? This helpful tool for financial leaders will give you the clues to identify opportunities to enhance your company's financial portfolio and performance for a better return on investment. Let's review.
You already know that managing telecom expenses is crucial to saving money. With a bird's eye view of your telecom expenses, you can easily pinpoint where you are overpaying for services as well as identify where changes need to be made. More importantly, you can see if employees are abusing their telecom privileges.
It should come as no surprise that the convergence of IT and telecommunications is now taking place faster than ever. We have known for quite some time that this convergence was going to become a common occurrence among organizations across the globe.
