Telecom Expense Management (TEM), as the name implies, has traditionally focused on – you guessed it – telecom services. In 2020, however, many providers are looking to the future and taking the “Technology Expense Management” approach to include many of the next-generation services that have come of age in the past decade. Expanding to accommodate the technology services that directly impact the company’s financials and IT budget, Technology Expense Management gives organizations a competitive advantage when it comes to making the most of IT budgets and services.
“Every company is a technology company.”
That statement couldn’t be more true these days. The majority of businesses spend a significant amount of capital on technology. Whether that’s telecom services, SaaS and cloud applications, technology infrastructure, or data storage – the list of technology expenses incurred annually seems to rise. Even more challenging is the uphill battle to prove the ROI of hiring an outsourced provider. So, where does that leave you? What should go into your technology expense management program? Let’s dive in.
Value #1 – People
Often the people assigned to the tasks of checking bills, identifying errors, and managing IT inventory don’t have the experience they need to succeed. In fact, they likely have a ‘full-time’ job to contend with, resulting in expense management taking a backseat to more urgent needs. Furthermore, TEM isn’t a ‘one-and-done.” As the organization grows in size and complexity of investments expands, the process only gets more difficult. Imagine what talented employees could be doing with their time if they didn’t have to manage these tasks every month?
Value #2 – Process
As highlighted earlier, the process of managing the ever-expanding technology landscape isn’t a one-time event. Those who have been tracking telecom for quite some time have designed very detailed processes and technology solutions to be the most accurate and effective as possible. By leveraging these tried and true methods, you’re not wasting time and money trying to reinvent the (often less-effective) wheel.
Value #3 – Predictability
Pointing to the hard-dollar savings of TEM is easy, but there’s also much more value to be seen! As organizations become more dependent on technology, traditional telecom services are converging with cloud-based solutions. This further complicates the long-term management of the organization’s landscape and makes planning (both budgetary and operational) a potential nightmare. Getting a better handle on expanse management and processes gives leadership a clearer picture for planning future infrastructure growth and budgets.
Many researchers estimate that a typical organization wastes nearly 10% of their annual telecom spend. The longer you wait to put a telecom or ‘technology’ TEM solution in place, the more money you stand to lose. With the changes we’ve seen in 2020, most budgets can’t afford the loss, so you can’t really afford to wait. Let LanYap Networks talk to you about getting the maximum amount of ROI on your TEM solution.