Telecom Expense Management has become a key aspect of a streamlined business operation, given the hastened integration of technology into the workspace. What exactly does the term ‘Telecom Expense Management (TEM)’ mean?
Telecom Expense Management is the comprehensive and all-encompassing monitoring and management of a company’s Technology needs. It is a complete directory of a company’s Infrastructure including Network, Data Center, Cloud, Application’s, Mobility and Equipment needs—a complete listing of vendor solutions, contracts and payment details. While the classical definition of TEM is restricted to telecom—phone and wireless bills—it has expanded to include more modern and sophisticated solutions; covering the company’s entire technological needs.
For most companies keeping track of all their tech solutions can be a challenge, as they either lack a dedicated department, or team, with the expertise to maneuver through the more complicated aspects of telecom expense management, Or they don’t have enough time with the current staff to get to all of the projects at hand. This is why it has become a viable business practice to outsource your telecom expense management needs. The value of outsourcing this specialized service is manifold, and companies looking to boost their ROI can look forward to the following merits.
· Dedicated Experience
The value of experience cannot be overstated for a business that wants to ensure a smooth and uninterrupted flow of business operations. The need for outsourcing is particularly telling when companies do not have the manpower, equipment, and most importantly, time to dedicate to examining their telecom expenses.
Outsourced telecom expense management delivers efficient and highly accurate analysis of your business’s needs, including help recommending, negotiating the best contract terms, billing, and options. Rather than delegate this task entirely to an employee who may lack the requisite knowledge, industry experience or time to adequately navigate through the maze of technology inventory we partner with the IT team to eliminate the learning curve that would normally need to be obtained with an all in-house department.
Your company can leverage the market experience and insider knowledge when navigating through your company’s search for new solutions or vendors. The technology market is constantly evolving, and it would be a mistake to jump headfirst into the market without prior knowledge or info about what does and doesn’t work. Telecom expense management services provide an overview of the market—briefings on vendors strengths and weaknesses, as well as optimal, company-friendly contracts and deals. Industry best practices like, placing a premium on flexibility rather than rigid long-term commitments when choosing a vendor, are just a few insights a TEM expert provides.
Rather than worry about tracking invoices and payment deadlines, you only need to worry about new, productive business ideas. Let your telecom expense management worries be that of professionals with years of experience. The time and cost saved by outsourcing to an experienced telecom expense management professional will have both long-term and short-term effects on your company’s bottom line.
· Avoid Interruption of Service
In a climate where every little detail matters, especially with how interconnected the majority of business processes are, even a little break in the chain can lead to significant losses. It can be an hassle to manually keep track of payments, deadlines, and intricate contract details that can creep up on your business. TEM vendors automate the payment and tracking of bills, ensuring your business is never deprived of the services and solutions that contribute to smooth operations. Hitches in your wired or wireless plans will also be hastily resolved to prevent disruption in the flow of service. For a streamlined and automated service the choice of a perfect TEM vendor is critical.
· Cost Savings and Improved ROI
TEM vendors have the expertise to analyze a significant proportion of billing data in an efficient and comprehensive manner. This all-encompassing analysis will reveal subtle details in your company’s financials with regards to your telecom and technological costs. You have details on what may be bleeding your company’s resources—you are armed with financial analysis that will save you substantial costs in the long run.
By leveraging the industry experience and insight of your TEM vendor, you have an upper hand when stepping into the telecom market. With more trained personnel keeping an eye on the market for you, your business is able to capitalize on trends and new innovations that would boost your company’s profitable. Since the goal of every savvy business owner or manager is investing wisely and reaping quantifiable profits, your telecoms choices are key to this fact. Reaping healthy Returns On Investment (ROI) is the ultimate point of telecom expense management: cutting out negative costs and adding rich investments.
· Proactive Planning and Budgeting
Employing an analytical approach to your telecom needs and expenses gives you the opportunity to accurately project expenses and possible ROI from telecom investments. Expenses of employees are mapped to produce a viable picture of your business’s spending. A telecom expense management expert can make realistic projections on the impacts of newly integrated platforms and installations, allowing you to have a viable cash flow estimation.
Companies looking to maximize ROI and make smart telecom investments are constantly adopting more analytical and near-automated processes, of which telecom expense management is chief. Your telecom expenses—including the wider technology market—can make a significant impact on your business’s economic viability.
Telecom expense management brings some stability and predictability to your firm’s overall operation. The value of TEM is extensive and wide reaching:
i. Expert service that saves time and money.
ii. Industry knowledge to help you make smarter investments.
iii. Streamlining and ensuring smooth business operation.
iv. Obtaining flexible, customer-friendly contracts and deals.
v. Identifying redundancies, errors and resource draining items.
Finding the right telecom expense manager is even more important, as you are essentially placing the keys—for a business dependent on telecoms, which is basically every firm today—to your company’s operation into their hands. The right TEM vendor provides flexibility, an exhaustive knowledge and insights on the ever expanding telecom market.
Waggle Solutions provides access to the top Technology/Telecom Expense Management companies in line with the global best practices for businesses of all scale SMB, Mid Market, Enterprise and Global companies helping them effectively manage and maximize their IT operations. Our business model is founded on helping IT properly leverage the potential of Technology companies including traditional telecommunication companies, Cloud, Data Center, Network, Security and Mobility without needing to deal with the more mundane aspects. Contact us today for an automated and hassle free audit of your your telecom and technological inventory.
By Andre Corr