Research shows that the Telecom Expense Management (TEM) market will grow to $3.43 billion by 2019. The growth in this space comes as more and more companies acknowledge the importance of properly monitoring and managing their telecoms expenses. Telecoms expense management software is an essential part of keeping IT budgets under control and ensuring that funds are spent as efficiently and effectively as possible. But before you make an investment, it’s crucial to understand what TEM is and to assess your needs.
Telecoms lifecycle and expense management is the approach an organisation takes to manage its telecoms environment. From spend, usage and technology, to processes, policy and people. This includes wireless, fixed line and mobile telecoms deployments.
How to tell if your business needs telecoms expense management software
It all starts with understanding your organisation’s unique challenges and determining what TEM features you need to make an informed decision. Be sure to ask yourself these questions:
- Is the way you’ve been managing your telecoms expenses no longer working?
- Are manual processes of managing your expenses becoming too inaccurate and time-consuming?
- Are you concerned that expenses aren’t being recorded properly?
- Are you struggling to keep track of voice, data and Internet usage across different departments and cost centres?
- Is it difficult to differentiate between voice and data usage, as well as business and personal use?
- Do you have to process various invoices quickly and frequently?
- Are you struggling to allocate telecoms costs to different departments within your organisation?
- Are you often unsure if your billing is accurate?
If you’ve answered yes to any of these questions, it may be time to look into TEM.
Now that you know if you need telecoms expense management software, it’s time to explain some of the benefits of making an investment in TEM in 2017.
Let’s imagine you help run a large enterprise, with various sites, departments and employees. Managing the fixed line, wireless and mobile telecoms environment of all of these people and across all of these sites is likely to be rather challenging. If employees have a company-issued device, you need to keep track of their spending patterns. If each department has different has a certain amount of money allocated for telecoms expenses, it’s important to monitor recharges to ensure that no cost centres are overspending.
But how do you manage all of these moving parts?
Telecoms expense management software makes it easier to keep tabs of everything in your telecoms environment. Some of the key benefits of telecoms lifecycle and expense management include:
- Identifying billing irregularities: Businesses are often overcharged by their service providers and complicated bills can hide determine if you’ve been charged incorrectly. With telecoms expense management software you can properly document any billing errors, which can be used to claim refunds from your service provider.
- Curbing overspending: Most companies who invest in TEM are looking to reduce costs. Using TEM data pertaining to usage and expenditure, businesses can determine which departments and employees may have been spending excessively. This information allows an organisation to negotiate with service providers for packages that better suit their usage needs. Real-time monitoring and usage alerts also prevent employees from accidentally overspending.
- Promoting efficiency: If your old method of managing your telecoms environment entailed manually trawling through a spreadsheet, TEM is for you. This software doesn’t just identify where you can cut costs, it also promotes overall efficiency as internal processes that used to take up a great deal of time, are simplified and streamlined.
- Reducing wastage: Most businesses are paying for things they don’t need or could change up their telecoms environment to better meet their usage needs. For example, companies will often issue a landline to each desk in their office, and pay for all of these landlines every month, even if all of the desks in the office aren’t occupied. This is simply wasteful expenditure. With TEM software, businesses can identify any redundant infrastructure and, in doing so, reduce costs.
Companies that invest in telecoms expense management software can save as much as 30% on their communication expenses. Given how competitive modern business landscapes have become, any saving can help a business stay ahead of their rivals. If you need any more information, simply fill in your information below and we will contact you. You can also email firstname.lastname@example.org.