Money Trapped Inside Your Phone
ATTENTION CEOs AND CFOs OF AMERICA:
THERE’S A LOT OF MONEY TRAPPED INSIDE YOUR PHONE!
A convergence of three powerful telecom missteps has created a Perfect Storm, and it is trapping hundreds of millions of dollars inside the phones of companies of every size, all over the country. Interestingly, this is not by accident. It is by design, courtesy of the telecom carriers.
This money, YOUR money, can be doing so much more to contribute to the health of your organization in so many ways, not to mention your own peace of mind. The list includes but is not limited to Technology Upgrades, Cyber Security Threats, Redundancy for Mission Critical Systems, Talent Acquisition, Big Data Analytics, New Equipment, Temp Workforce strategies, or simply to improve your bottom line. Instead, this money, YOUR money, is hiding in plain sight, trapped inside your telephone.
3 STRATEGIC REASONS WHY
- First reason: 80% all telecom invoices contain errors. (Gartner)
- Second reason: 90% of all telecom invoices are paid without being reviewed. (Gartner again)
- Third Reason: You are not receiving Best in Class
The monthly telecom bill arrives 12 times a year. Incredibly, in 9 of those months your telecom invoice contains errors, and they are not just nickel and dime mistakes. They can be substantial. During the first 72 hours of a telecom audit performed just last year, our audit team uncovered a $72,000 mistake. Most professionals responsible for the telecom bill don’t know where to begin to look for these errors and mistakes. Telecommunications auditors do.
Despite this high percentage of errors, 9 out of 10 telecom invoices are paid without being reviewed. There is a very strategic reason for this. Telecom invoices are confusing and hard to understand – a cruel combination of annoying industry jargon and confusing telecom acronyms. This is by design. Telecom carriers know that even when you don’t understand the invoice, you will pay it anyway. No questions asked.
Every invoice contains a variety of fees and tariffs. Some of them can be waived or discounted. Do you know which ones qualify? Plus, there are always unadvertised promotions, pricing offers and best in class pricing available for a company of your size. They are hidden, unless you know where to look, who to ask, what to say and how to say it. Outside telecom audit specialists possess this knowledge because they do this work every single day.
TURNS OUT THERE’S A SILVER BULLET AFTER ALL
An opportunity of this magnitude rarely comes along, if at all. This is as close to a ‘sure thing’ in business as there is. Our experience indicates that 97% of the time, there are substantial savings to be realized with a telecom audit. How substantial? On average, a telecom audit can save an organization 20-30% of their total telecom spend, and they will not have to spend a dime of their own money to reap these rewards! As for the other 3%? What’s their secret? Why do they have their telecom costs under control? The answer is straightforward. The people in charge of the telecom spend are former telecom executives, with years of experience working for the big carriers.
GOOD BUSINESS SENSE
Telecommunications and Information Technology are two of the largest line item expenses for many companies. It doesn’t matter if you are a medium sized business or a Fortune 100 company who needs to deliver on Wall Street expectations, there are tremendous savings and refunds to be found in your telecom invoices. There is money trapped inside YOUR phone.
There are industry experts who can guide you through this ball of confusion and create a solution and strategy that is the right fit for your organization and will yield worthwhile results. Bringing in a reputable telecommunications company to conduct an audit is not the wave of the future. It is happening now, and engaging them is just good business sense. At Profit Advisory Group we live and breathe this new normal every day.
BIG BENEFITS TO BRINGING IN A REPUTABLE TELECOM AUDIT SPECIALIST
There are some powerful benefits for companies bringing in a professional and reputable telecommunications firm to conduct a telecom audit. Here is what they bring to the table.
Trusted Advisor – They relish the role of Trusted Advisor and proudly take ownership of a place on your team. Their unique experience, skills and expertise position them to liaise between what IT needs, what Procurement wants, what Finance has approved and what your vendors are trying to sell. This position is complex and their Strategic Sourcing knowledge will guide you through this difficult maze.
Level Playing Field – Reputable telecommunications firms know the best in class price points. They know which fees can be waived or discounted. They understand the confusing terms and conditions. They know current promotions and pricing offers. Finally, they know what terms, conditions and pricing the carriers are offering their other similar-sized clients.
Zero Investment – The top-tier firms offer a “no lose, no risk” engagement. If they don’t deliver the results they don’t get paid. Since the payment is a minimal percentage of the savings, you do not spend a dime of your own money. There is tremendous upside (potential savings of 20-30%) and zero downside. If no savings are found, then you receive an independent third party verification from industry experts that your organization is one of the top 3% of all corporations that have their telecom spending under control.
Stealth – The telecom audit processes are non-intrusive and streamlined so the majority of work is completed off-site, at the offices of the telecommunications company. There is no inconvenience to you or your staff. The most recent monthly invoices are enough to get the process moving.
They work for you – A reputable telecommunications company is vendor neutral. The carrier you use does not matter. The telecom auditor never creates savings for you simply by suggesting a change of telecom carrier. The good ones will, however, ensure the vendors you choose are offering you their best pricing for clients your size.
Peace of mind – Congratulations. You have successfully addressed multiple areas of concern. You have freed all that money from your phone, and moving forward you have the plans and contracts that are the best fit for your organization. To quote the late, great Dan Fogelberg, you recognized “the chance of a lifetime in a lifetime of chance” and took action. Plus – all this found money became your very own financial lifeline to the other important projects on your Top 5 list. You will sleep well tonight.