In the modern, fast-paced world of digital businesses are heavily dependent upon technologies, cellphones, cloud services, software licenses, and many more. However, managing all these technological expenses could quickly become overwhelming. This is the place technology Expense Management (TEM) comes in.
Imagine it as your tech-related financial information system. It can help businesses monitor, manage as well and optimize their costs related to technology. From avoiding unexpected costs for telecom to determining the direction in which cloud-based budget is going, TEM ensures you get the best value from your investment.
Why Do Businesses Need Technology Expense Management?
Let’s consider an illustration. Imagine your business employs 300 people who each can use a mobile phone. Each month, you’re billed for overages in data, unused plans, as well as the occasional line for those who have left the company. If there isn’t a process implemented, these could be overlooked, costing hundreds of dollars.
With the Technology Expense Management software, it is possible to:
- Monitor all devices and services
- Check invoices to identify billing mistakes
- Allocate costs to departments
- Automated bill payment
The most important thing is to reduce expenditure and save money..
Technology Expense Management Examples
An actual case: A major supermarket chain collaborated with a consultant from TEM to evaluate its telecom costs. At first, they had to handle more than 450 invoices each month. After they implemented the system called the TEM, the number fell to 34 bills–saving the company time and more than $150,000 annually.
Such stories aren’t unusual. Businesses typically overspend by 20 percent or higher on telecom and IT services. With the proper tools, this is money you can earn back.
Discover for more examples of technology expense management.
Technology Expense Management: A Specialized Branch of TEM
Telecom Expense Management focuses specifically on landline, mobile as well and data service. It helps ensure the accuracy of billing, contract conformity, and efficient use of communications services.
Most popular tools to help with Telecom Expense Management include:
These tools aid companies in:
- Identify billing errors
- Eliminate the lines that aren’t being used
- Optimize mobile plans
- Monitor trends in the use of employees
Telecom Expense Management Jobs: Growing Career Path
As more businesses invest in cost reduction, there’s an increasing demand for professionals to manage and monitor telecom expenses.
Some popular Telecom Expense Management jobs include:
- TEM Analyst
- Telecom Expense Auditor
- Mobility Analyst
- IT Financial Operations Manager
These jobs typically require a mix of IT, finance, and contract negotiation abilities. Accreditations in platforms such as Tangoe or Calero-MDSL could boost your job chances.
What Exactly Does TEM Include?
Let’s dissect it. Solutions for TEM provide a variety of key areas:
1. Expense Tracking
Be aware of each dollar you spend on technology. Software such as Tangoe assists businesses in tracking spending trends and finding waste.
2. Inventory Management
Find out what you have and who is using these. It covers smartphones, mobile phones, VoIP phones, cloud subscriptions, and many more.
3. Contract Management
Maintain service contracts. A reliable Telecom Expense Management service guarantees that vendors adhere to the agreement, apply discounts, and extend contracts under favorable conditions.
4. Invoice Auditing
An unbelievable number of businesses have to pay their bills incorrectly. Services look into the details of errors to rectify them and recover funds that were lost.
5. Reporting and Analytics
Gain insight into your spending habits through thorough reports. This will help you make better business decisions.
Step-by-Step: How to Get Started with Technology Expense Management
Step 1: Audit Your Current Expenses
Begin by taking the invoices, agreements, and other tech assets. Make use of a program like Valicom for help to streamline the process.
Step 2: Identify Cost Drivers
Which services are used most? Which ones aren’t being used? Are there any services that you’re yet to pay for, and nobody is using?
Step 3. Compare the Benchmarks with Step 3.
Find out if your current rates are cost-effective. A TEAM partner will be able to compare your costs against benchmarks in the industry.
Step 4: Automate Processes
Use the TEM software to automate routine tasks such as bill payments and tracking usage.
Step 5: Monitor Continuously
Create the use of TEM as an ongoing component of your business’s operation, not a one-time fix.
Types of TEM Solutions
There’s no universally-fit-all solution. Based on your requirements, you might want to consider:
- Telecom Cost Management for landline and mobile phones
- Cloud Expense Management – for AWS, Azure, and SaaS tools
- IT Financial Management (ITFM) – for integrating technology costs and business value
- Wireless Expense Management (WEM) is specifically designed for data plans on mobile devices as well as devices
- Managed Mobility Services (MMS) covers mobile device purchase, as well as setup and security
Find out the differentiators of TEM, ITFM, and ITFM.
How to Choose the Right TEM Provider
When you are looking for a product that uses TEM, be sure to look at these features:
- Comprehensive service scope
- Can be customized to fit your specific business requirements
- Expandable when your business expands
- Solid analytics and reporting tools
- Integration into existing systems
- Proven expertise in the industry
- Secure and robust security, as well as compliance standards
We suggest you look into Symplicity Communications for an experienced and reliable method of Telecommunications and Information Technology.
Why Now Is the Right Time for TEM
With the rising cost of technology and a growing investment in artificial intelligence as well as technological tools, keeping track of your spending isn’t an option. It’s crucial. Companies that can manage their technology expenses well have a significant advantage.
Businesses like Tangoe, Calero-MDSL, and Cimpl have powerful tools available, but human knowledge is a crucial factor. Expert consultants are able to spot things that software alone cannot.
Final Thoughts
Technologies Expense management isn’t only about conserving money. It’s about collaborating more effectively and gaining full insight into your technology usage, as well as making smarter business choices. If you’re a startup or a large corporation, the benefits are tangible while the payback is obvious.
If you’re tired of trying to find invoices or thinking about where your budget for technology was, Technology Expense Management is the solution.
Are you ready to begin? Set up a meeting with a reliable TEM service provider now and get control of your expenses for technology one-time and for all.
