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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:
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%
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.
According to a report by CNBC, the average American company loses $3.6 million every year to data breaches. Considering plenty of companies don’t have annual data breaches, that should help you understand how costly this problem really is. It’s vital to protect any business from cyberattacks, but there’s a component to this problem that you might be overlooking.
That same report highlighted that the leading cause of data breaches is related to employee behavior. This isn’t because you have secret spies and traitors working for you. Simple oversight and risky, passive behavior is frequently exploited by malicious entities to steal your data. No amount of security software can overcome an employee who takes work home and doesn’t secure it. So, how do you overcome the issue?
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.
We are thrilled to announce that we are now disrupting the decades-old telecom expense management (TEM) industry by offering this innovative Savings Share opportunity. The new TEM savings share opportunity works to take the commitment and concern out of the TEM savings process.
Up until the early 1980s, most telephone networks in the United States were operated and owned by AT&T. Since AT&T was a monopoly, the firm dictated the services and equipment available for customer use and their charges. Although this arrangement might not have been suitable for their clients, it was simple and straightforward. With time, new entrants into the industry were established, and billing overcharges became rampant. Here are a few tips to keep in mind when managing corporate telecom expenses using Excel.
The use of telecom expense management (TEM) has become increasingly popular over the past two decades. Organizations are seeing time and time again that managing telecom expenses is a key driver in being able to save thousands of dollars each year. Even a single employee who is abusing telecom practices can cost an organization a substantial amount of money. With TEM, it becomes possible to pinpoint employee abuse of mobile services as well as to identify telecom billing errors.
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.
Enterprise IT technology is anticipated to grow $100 Billion by the year 2020. While the year 2020 may seem like it is in the distant future, the reality is 2020 is only two years away. The future is here and the need for innovative technology is only going to increase. This means the need for cost management and IT service, software and device control is at an all-time high.
Under traditional telecom setups, landlines cost a flat fee per user, and features were typically confined to options like caller ID and voicemail. Smartphones have significantly changed the landscape for telecom spending within a business. Whether organizations supply the hardware or have a bring-your-own-device policy, data usage can quickly get out of hand, piling up costs. Here are three tips you can follow to regain control over telecom usage and management.
WHAT IS IT ASSET MANAGEMENT? IT Asset Management begins with a central repository for your IT inventory.
Manual methods of tracking information are not capable of delivering the in-depth information associated with telecom costs. Each application, service and vendor serves as a separate entry, and tracking these items with legacy solutions leads to inaccurate records and missed opportunities.
Organizations are operating in drastically different ways than they did a decade ago. The integration of mobile devices into everyday workflows has impacted everyday business opportunities. As such, employees must be provided with a tool that supports mobile assistance and enablement.
In a world where the customer has a shortened attention span and desire for on-demand products and services, the retail landscape continues to shift further into the tech-assisted operational universe. How do these trends fit into telecom and technology expense management? While maximizing the use of technology tools, systems and platforms can help automate processes and further engage your customers, there is ever more inventory to manage and IT bills to pay.
Telecom expenses are some of the most difficult to manage, particularly as infrastructure becomes more complex across businesses. As a result, there are likely services and other active assets that you're paying too much for or just aren't providing the value you need.
