Telecom technology is a multi-trillion dollar industry,1 and one where most companies cannot afford to fall behind. As technology evolves at a rapid pace, it’s more important than ever to have agile solutions that allow you the flexibility to invest in innovation while simultaneously cutting out waste. If your IT budget is getting a little tight and it feels like you can’t invest in the areas where you truly need to grow, it might be time to conduct a telecom audit.
Understanding Telecom Audits
Telecom audits are one of the most beneficial ways to identify waste in your spending and figure out where you can improve annual budget allocations. Because companies spend so much on telecom services – and that’s not likely to change in the near future – it’s one of the easiest places to find opportunities for cost savings and improvement.
The process is straightforward and simple. You hire a third party to review your entire technology ecosystem. The best audits won’t just focus narrowly on billing (although that’s one important part of a telecom audit), but will involve all aspects of your IT budget and technology spending. Additionally, they should include a review of your current contracts and your strategic needs today and in the future.
Why Most Companies Would Benefit From a Telecom Audit
The telecom industry is constantly changing and growing, but unfortunately many companies remain stuck in years- or decades-old contracts with aging infrastructure and costly service agreements. This proverbial anchor around the ankle of your IT department makes it difficult to remain innovative and meet the challenges that are here today and coming in the future.
For many companies, the idea of reviewing contracts is nice in theory, but not something that tops your priority list as you struggle to keep up with the daily challenges of your business. Auditing your own contracts can also present challenges because you may not know exactly what you’re looking for, making it harder to spot errors or over-billing.
- Examines your entire technology ecosystem, including your IT spending and budget, as well as your systems, vendors, and contracts.
- Creates a detailed report of all your bills and invoices, including costly errors.
- Identifies areas where you may have redundant services or be overspending on technology that is not moving your company forward.
- Includes vendor-neutral recommendations on changes you can make to improve your telecom offerings.
- Provides options to cut costs where possible without negatively impacting business operations, so you have available budget to spend on the things you need to remain competitive.
- Offers a clear strategy path today, and a strategy to grow your cash flow over time.
The Right Technology at the Right Price
One of the most pressing concerns for today’s companies is the ability to remain on the cutting edge of technology. It’s changing at sometimes dizzying speeds, and it can be easy to feel like you’re getting left behind. With the high costs of telecom technology, you can also quickly get bogged down in expensive multi-year contracts or paying for things that don’t provide any real benefit to your organization.
An audit allows you the freedom to explore what is out there, and the ability to determine where you could save money internally. Those savings can quickly add up, freeing up more resources for IT spending that keeps you ahead of the competition, such as technology upgrades, infrastructure improvements, and other key priorities.
Telecom Audits in Action: GA Regional Medical Center
For a Georgia-based regional medical center, one of the biggest challenges they faced was the ability to collect adequate data to inform better healthcare operations and improve patient care, while still keeping costs to a minimum. The organization was spending about $1.2 million each year on telecom services (voice, data, wireless, internet, and equipment) for their 23 locations.
They worried that cutting out specific services could negatively impact their ability to provide exceptional care, but knew they needed a more budget-friendly solution to be able to invest in emerging technologies, data security, and other essential services.
A telecom audit from PAG provided the medical center with more than $324,000 in savings (almost 25%) without making any vendor changes, along with a clear strategic plan and reworked contract terms to ensure they remain competitive and flexible to meet the needs of the medical center in the future. This was all done without the need for extensive work on the part of busy hospital executives.
You can read more about the details of the Georgia regional medical center’s audit here.
Start Your Telecom Audit Process Today
Telecom spending isn’t going away, but companies must continually evaluate existing vendors and contracts with current and future needs in mind. At the same time, you don’t want to waste valuable budget on things that don’t get you closer to your growth and profit goals. A telecom audit that provides vendor-neutral recommendations to get exactly what you need at best-in-class prices helps you remain on the cutting edge of technology while staying within ever-tightening IT budgets in any size organization.
Visit our website to learn more about telecom audits and how they can benefit your business now and into the future. If you’re ready to schedule a risk-free, zero-cost audit with PAG, contact us today.