In today’s digital world, it’s no surprise that a significant expenditure for many businesses is telecom expenses. That’s primarily because having a reliable, cohesive telecom infrastructure is critical to all business operations. With the need for wireless, voice, and data services – often fixed and mobile – managing telecom expenses, including multiple carriers, contracts, and invoices across a company is challenging to say the least. If left unattended or controlled, it’s easy for a company to pay for more than needed without even realizing it. On top of that, billing inconsistencies, errors, and overage charges are all too typical. Telecom expense management (TEM) programs and software can help businesses keep track of inventory and overall spending to spot billing errors, make sure companies are only paying for what they need, and keep costs in check overall.
Breaking down TEM
Companies often have multiple platforms for different telecom services across an organization. Managing these services and meeting all of a company’s telecom needs requires significant time and attention. Telecom expense management software can give companies greater visibility into their telecom assets and inventory to better understand their expenditures. Teams can more effectively and efficiently monitor control and manage telecom use and spending with greater visibility.
Many TEM applications include reporting functionality and visual dashboards to help business leaders see what services they are using and how much they spend across different telecom vendors. This level of detail provides better control of costs and services. Some of the most valuable elements of telecom expense management include the following:
- Invoice Management: Companies today have to rely on several telecom providers and services to meet all their needs. Telecom expense management can help manage invoices, audit invoices to identify errors and overcharges, and make sure that invoices are paid on time so late fees are not incurred. Furthermore, telecom expense management can allocate charges across different departments and obtain approval for telecom bills. This simplifies the process for businesses, saving time and automating payment processing while helping make sure that bills are paid on time and charged to departments correctly.
- Inventory Management: Businesses require so many telecom services, and it is not uncommon for some of these services to be overlooked in the shuffle as employees leave or join the company, switch departments, or require new or upgraded devices. Telecom expense management helps manage inventory of a company’s telecom assets through a database that tracks the lifecycle of all devices, from when they are acquired to when they are replaced and retired. Telecom expense management can also help track and manage warranties tied to each device. By better managing the telecom inventory and devices themselves, companies can identify those devices that are not being utilized or no longer necessary, thereby saving money.
- Usage Tracking: Telecom expense management provides companies with a platform for monitoring how employees are using telecom services. This level of management includes device and service tracking. Companies can change their service plans and cancel unused services, with this information only paying for what they use. Telecom expense management can also help companies identify if devices or services are misused.
- Contract Management: Managing telecom contracts is a tedious process. Telecom expense management helps maintain contract data that can inform companies and negotiate contracts better or get the greatest return.
How businesses benefit
Telecom expense management provides a more efficient process for monitoring and managing a company’s telecom infrastructure to optimize usage and reduce unnecessary spending. Companies can experience immediate cost savings by identifying overcharges, billing errors, and misuse. Through more streamlined operations, telecom expense management also saves companies time and enhances their productivity, all while reducing wasteful spending and lowering costs.