Switching technology expense management (TEM) vendors can seem like a daunting task for most businesses. However, shifting to a new TEM provider doesn’t have to be a difficult experience. Through careful preparation and an effective vendor partnership, the process can run a lot smoother than most would expect.
Veroxos is a well-established provider with considerable experience in helping companies switch TEM vendors. Below are some of our key tips to make the process of transitioning to another solution much simpler:
1. Review Your Existing TEM Vendor Contract
While it’s not uncommon for an organization to want to make a move to a new TEM vendor, doing so prior to the end of an existing contract can be a costly endeavour. Most TEM vendors typically require a term obligation of at least 36 months. We would recommend that you start the search for a replacement TEM vendor at least six months prior to the end of your existing contract to ensure a smooth transition.
2. Establish Internal Team
Establishing an internal team early to support the move is imperative to the success of the transition. This team will need to be able to garner executive sponsorship for the transition, handle project management and have enough business and subject matter expertise on your processes to ensure all decisions are well-informed. It’s recommended that you build a team with members from IT, finance and procurement department to ensure success.
3. Identify All Contracts
Gather all your current contracts so that your new TEM vendor can analyze and compare your invoices to your contracts. This will then help to automate the identification of cost savings.
4. Alert Current TEM Provider
The recommended best practice is to get the ball rolling with your new vendor before telling your old TEM vendor. Unfortunately, some providers will attempt to push customers off their systems shortly after receiving the news that the client is going elsewhere. Your new TEM provider should be able to help you navigate this transition.
5. Delegate Duties
Create a plan listing the specific items that each team member must take care of during the go-live process. It is important to ensure you know exactly what’s happening once the changeover begins.
6. System Training & Testing
It’s important to complete a thorough process testing of your new system up front. In many cases, a new TEM provider will simulate an end-of-month period to ensure proper process tracking and completion within the system.
Don’t remain tied to a partnership that isn’t delivering value for your organization. Instead, find a TEM provider willing to help you throughout the transition process and follow these common sense steps to eliminate risks to your organisation. A successful partnership with an effective TEM provider will ensure a more productive and financially successful business.
Are you looking to transition to a new TEM provider?
Veroxos is well-established leader within the TEM marketplace. We have considerable experience in helping companies switch TEM vendors.
If you would like help improving your organisations technology expense management and ultimately creating a more effective and cost-efficient organisation, please click here or email firstname.lastname@example.org.