Glossary of Terms
Defining Industry Terms
Asset Management: Managing IT inventory real time. This can include fixed, mobile or data assets and services.
Benchmarking: Refers to the process of comparing your telecom needs, and costs, to a peer’s. This allows you to determine the difference between what you “could” and “should” be paying for various services.
Clearview Subscriptions: Clearview is a web-based telecommunications management software designed to increase visibility and control over your telecom, wireless and data environments. Used to track invoices, inventory, contracts, orders and issues, and featuring a robust reporting engine, it can be used standalone via subscription, or paired with other a la carte services on this menu.
Contract Compliance: Currently billed costs are directly compared to agreed upon contracted prices, to ensure compliance. Any lines, assets or services not billing at negotiated, contracted rates are adjusted, usually at great savings.
Contract Negotiations: After requests for proposal (RFPs) are delivered, results are reviewed and compared, recommendations are made as to which vendor to select, then contracts, rates and terms are negotiated for you by an expert team, ensuring the best possible outcome.
Cost Allocation: Also called GL (General Ledger) coding, each expense on a telecom invoice is assigned to a cost center or department within your organization, allowing superior tracking and reporting of costs.
Credit Recovery: Paired with Invoice Audit or Contract Compliance, this takes place after errors and overcharges are identified, and involves working with vendors to request, and confirm receipt of, credit.
CSR Analysis: Customer Service Records (CSR) are detailed reports of exactly what services you have from a particular vendor. Analysis of your CSR helps you build inventories and confirm billing accuracy.
Data Entry: For firms using Clearview without many value-added services, this is an hourly option where invoice or inventory data is populated into the software.
Follow-up Audit: An audit performed after many other cost savings measures take place, to ensure that carriers, vendors, or providers have implemented everything requested. A way to confirm savings.
Host & Load Service: Valicom’s Host & Load Service eliminates the time-consuming and routine aspects of telecom management and invoice handling. Valicom hosts and deploys the Clearview software platform for users to use on their own accord.
Inventory Creation: Building an accurate inventory of all telecom assets, lines and services.
Invoice Approval Tool: A streamlined and simple way to approve invoices using Clearview where a secure email with a link to the invoice queue is sent to the assigned approver. The user is prompted with a list of invoices pending their approval and provided with each invoice in the queue are sortable fields of charges, variance, account info, and any pertinent notes regarding the invoice.
Invoice Audit: When all telecom invoices are reviewed for accuracy to reveal and correct errors, overcharges, and unnecessary taxes or fees. This can be done monthly, as an ongoing service, or in a time-specific batch for a "one-time audit".
Invoice Payment: After invoices are entered into the telecom expense management software, and optionally audited and cost allocated, checks are cut for each invoice, submitted to the appropriate vendor, and an electronic feed of payment information is sent back to client's Accounting Department.
Invoice Processing: Telecom invoices are accepted, either electronically or hard copy, and all invoice data is entered into the telecom expense management software for reporting and auditing, as well as being converted to PDF for archiving. This service can also entail detailed cost allocation and/or invoice auditing.
Network Optimization: A thorough overview of wired and/or data networks, company needs and inventory is created and then compared under various vendor scenarios. These scenarios include data pooling or other creative solutions. The best option is selected to meet the business's unique needs.
Order Fulfillment: When new services, assets or lines are needed, this ensures proper execution of the procurement lifecycle. Orders are placed, tracked, and confirmed to eliminate duplication or omission.
Request for Proposal (RFP): All telecom needs are assessed and the recommended requirements are put into a request for proposal. The RFP is then delivered to vendors best positioned to fulfill the business's unique needs. This is done to compare pricing, service options, and contractual options.
Telecom Expense Management (TEM): Processes and procedures to reduce expenses, keep track of inventory, audit telecom invoices, and save you money. TEM can be managed by staff in-house with specialized software, or outsourced completely.
Technology Expense Management (TEM): As business communications and data management technology continue to evolve, mobilize and move to the cloud, our mission has expanded from "Telecom Expense Management" to an all-encompassing "Telecom and Technology Expense Management" or simply, "Technology Expense Management".
Test Calls: All telephone lines are called individually, and the answer status is recorded. This is a way to identify over-trunking and unused or disconnected lines still being billed.
Wireless Optimization: A thorough overview of mobile plans, employee needs and inventory is created and then compared under various vendor scenarios. These scenarios may include data and minute pooling or another creative solution custom to your organization (we can help make suggestions). The scenario best suited for your organization is selected and implemented, balancing needs and value.
The goal of telecom expense management is leveling the playing field between your organization and telecom vendors. Active and accurate telecom expense management ensures that you are getting what you are paying for.
When you are ready to begin actively management your expenses, we can help. Request a conversation with our telecom experts today.