Weeks into the new normal, many businesses’ budgets have tightened. The scramble to make the shift to remote work has finally settled, and business priorities have changed – including in the area of technology spending. With the future largely uncertain, keeping a close eye on your finances is more important than ever. There are a few things you can do to ensure you don’t come out of quarantine in financial trouble: Get a Realistic Picture of Your Technology Expenses When’s the last time you … [Read more...]
How Automation Is Changing Telecom Expense Management
Hospitals and other healthcare organizations spend a lot of time and energy conducting audits for telecom expense management. Often identifying areas of savings once all equipment, processes, and usage have been accounted for and analyzed for improvement potential. It's challenging to keep track of all of the extensive equipment that comes with telecom technology, as well as the analysis of lengthy invoices compared against actual usage or terms of the telecom contract. Extensive audits can … [Read more...]
MDM, WEM, TEM…OMG!
Give yourself 10 bonus points for knowing what the telecom acronyms stand for, another 10 if you know what the terms actually mean, and an outright A+ if you know the difference between them all! For the other 99% of us, let’s dive right in. MDM: Mobile Device Management WEM: Wireless Expense Management TEM: Telecom Expense Management Ok so there are clearly some similarities: they all are about the “management” of something that seems telecom-related that revolves around … [Read more...]
Telecom Audit Case Study: GA Regional Medical Center
Customer Overview: A Georgia Based Regional Hospital engaged Profit Advisory Group to audit their spend for voice, data, wireless, internet and equipment. Spend volume: $1,200,000 annually. Project included 23 locations. Key Challenges & Objectives: Extensive Data collection using Profit Advisory Group Data Collection process and analysis phase preceded the scoping of the spend to be reviewed. Strained Client Vendor Relationship. Project objectives included achieving cost … [Read more...]
Telecom Audit Case Study: Manufacturer
Customer Overview: A national Paper and Plastics Manufacturer engaged Profit Advisory Group to audit all of their Telecom spend. Spend volume: $1,350,000 annually. Project included multiple locations and divisions. Company has acquired of competitors over last 5 years. Some acquisitions were partial (certain divisions/business units, but not entire company). Key Challenges & Objectives: Challenges included extensive data collection, including many invoices still in the … [Read more...]
Why TEM is Crucial to the Success of Your Business
Managing your telecom expenditures can quickly get out of control if you don’t have adequate processes in place to protect your income. In the blink of an eye, you can lose hours upon hours of hard work and massive chunks of profit that could have otherwise been spent growing your business. TEM (Telecom Expense Management) is paramount to the success of your business. In fact, the TEM market has grown into a $1.14 billion dollar market in 2014 and is expected to nearly triple in size over the … [Read more...]
Resources to Save Money on Telecom
Saving Money on Telecom Expenses There’s no way around it. Running a business takes a lot of hard work and dedication. But too many businesses and organizations are only focused on bringing in new clients to increase revenues. However, this is only half the battle of increasing your net profits. You must also be diligent with managing your expenses and stop wasting your hard-earned dollars on useless or ineffective investments. We have helped our clients save an aggregate of over $200 million … [Read more...]
Use Your Telecom Account Rep to Lower Costs
Most companies get their telecom bill every month, grumble a bit, pay it and move on. People are busy and sometimes it's just easier to get it over with. However, there are ways to lower your telecommunications expenses without spending a lot of time or effort. Here are 2 ways to lower expenses simply by talking to your account rep. Send Competing Collateral To Your Account Rep Let your account representative know that you’ve had other providers courting your business. Ask your rep to give you … [Read more...]
Negotiation Tips to Improve Your Telecom Contracts
Telecom contracts can seem frightening at first if you don’t know what you are doing. Contracts are scary by nature because they are a legally binding commitment that can have long-term consequences. If you are faced with making the decision to sign a telecom contract, take a deep breath and review your options. You may have forgotten to include some crucial terms and there are several best practices to consider before you make a commitment. Follow these tips to ensure you don’t make any … [Read more...]
What Does It Mean To ‘Outsmart’ Your Telecom Carrier?
Get an inside look of our new eBook (peek inside) In the corporate landscape, a contract with your telecom carrier will usually last about 3 years. Since you are contractually obligated to pay a pre-determined rate, your carrier’s goal is not to proactively find you the lowest rates. Their job is to keep you paying what you’re paying, plus entice you to sign up for more products and services along the way. So, if your carrier isn’t accountable for keeping your costs down, who is responsible? … [Read more...]
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