According to Forrester Research, billing errors average as much as 12% of telecom service budgets. Discovering and addressing these billing irregularities can save a business up to 30% on annual telecoms spend. When businesses think about telecoms expense management software (TEM), they typically think of it as a solution to keep tabs on corporate telecoms expenses – from reducing employee phone bills to tracking Internet use. But TEM is so much more than that.
For retailers, telecoms expense management software makes it easier to keep track of various business services like inventory management, invoice approvals and contract negotiations. As the global retail landscape continues to evolve and becomes evermore competitive, operations optimisation has become one of the top priorities for all retail businesses. Successfully managing and directing business operations requires integrated, automated systems and processes.
Don’t believe us? Well, here are a few ways telecoms expense management software can help you take your retail operations to the next level:
Inventory management: An intelligent telecom expense management solution offers retailers increased visibility into their telecoms and IT environments via real-time, customised reports. This visibility makes it easier to identify unused services, lines and data contracts. And in doing so, cut costs.
Improve customer experience: Retailers with a good understanding of their telecoms infrastructure are better positioned to have the necessary hardware and software in place required to adequately meet their customers’ needs.
Improve cost allocation: In line with the point above, providing retailers with greater visibility allows them to accurately allocate costs to different cost centres. While also identifying which departments may be overspending or may need more capital than others.
Simplify contract negotiations: It’s your TEM service provider’s responsibility to negotiate that you get the right contract to meet your needs. With so many moving parts to manage, retailers need a partner on their side who will help them secure the most suitable deal.
As retail continues to shift into a more tech-focused industry, savvy retailers need to respond. The right telecoms expense management software can help you stay ahead of the curve. At Nebula, it’s our job to help our customers maximise their operations and provide them with all the information they need to do business better. For more information about the role of TEM in retail, feel free to get in touch. Simply complete the form below.