Businesses who want to manage costs while utilising digital transformation as a tool for growth can no longer apply a reactive cost-cutting approach.
What TEM Can Do For Your Enterprise
Over the past few years, telecom and IT expenses have become much more difficult for large enterprises to manage.
Over the past few years, telecom and IT expenses have become much more difficult for large enterprises to manage. The complexity and the large quantity of invoices that organizations now deal with on a regular basis can create quite a headache.
This not only takes up a significant amount of time and manpower but can be quite a costly exercise. Due to the large workload of managing these expenses, many organizations simply pay each invoice without validation. However, on average, 30% of vendor bills are inaccurate so most companies are heavily overpaying by operating like this.
A TEM solution, such as Veroxos, can solve this problem for large enterprises. It can help to streamline the overall process and in doing so, can create significant benefits in the following key ways:
(1) Cost Savings
A TEM solution, such as Veroxos, can provide complete visibility into what is being spent, and used, on technology. Tracking telecom and technology expenses gives leaders the confidence that they’re being cost-effective. It also provides the necessary resources to enhance business performance.
With a technology expense management solution, you can:
- Discover usage, spending, and cost trends to improve forecasting.
- Identify redundant services and features that are no longer needed or used so that they can be cancelled.
- Automatically validate invoices to check every cost against the vendor contract.
- Ensure that devices and inventory are only being used by active employees.
- Automatically allocate costs into the correct fiscal month/ year whilst placing them into the correct cost center and GL codes.
- Understand contract terms and conditions, so you can pivot quickly if the need arises.
(2) Improved Efficiency
In addition, a TEM service can help to improve overall efficiency within a company and reduce demands on finance and IT teams enabling them to focus on other activities. Processing and analyzing invoices, validating and disputing charges, recovering funds, and procuring equipment requires significant administration time and effort. By utilizing a TEM solution that provides automatic allocation, invoice validation and total visibility, your organization can enhance productivity and streamline operations.
Additionally, a TEM solution can help you stay ahead. By providing total visibility into what inventory and services that you have and what you actually enables enterprises to identify devices that are outdated, broken, or unused.
(3) Forecast Future Needs
Within large global enterprises it can be difficult to forecast future spend and future IT needs. Many enterprises have to work with manual processes or insufficient and incomplete data when trying to develop strategies and budgets for their future needs.
A TEM solution can make this process easier in the following ways:
A TEM solution provides a single platform for all invoices and contracts across an enterprise. This allows for complete control and transparency of telecom and technology related expenses across your organisation. Thus, enabling complete global visibility into your organisation to understand every cost’s source, type, and location.
Manual budgeting and forecasting processes can be an unmanageable task for global enterprises within large teams worldwide. Utilizing a TEM solution that’s standardized and automated, across a vast number of global vendors, ensures that you can prioritize speed to process and pay without sacrificing accuracy.
(iii) Reporting and Analytics
A TEM solution, such as Veroxos, provides reporting and analytics features that help to provide a clearer focus for your enterprise. Mission-critical metrics are easily available to the entire organization— in real time— so companies can see current and historical trends. This sort of data enables decision makers to leverage data and reporting to forecast your future technology spend and track program progress to support the overall budget and reduce costs.
With all your data and sales contracts at your fingertips within one single solution, enterprises can eliminate manual, spreadsheet-driven processes. This enables your enterprises teams to correctly forecast future spend against your strategic business objectives ensuring that you are making effective informed decisions.
Would you like help managing your telecom & technology expenses?
Veroxos is well-established leader within the TEM marketplace. If you would like help managing your organization’s telecom and technology expenses, contact us today for a free consultation.
Alternatively, for a complimentary demo of the Veroxos TEM solution, fill out the form below.