Controlling the cost of digital transformation with TEM & ITFM software
In an era of increased cloud software and network IT infrastructure system spending, the need for telecom and technology expense management continues to be an important area of cost management for many organizations.
At first glance, this may seem like a legacy issue, after all monthly payment processing keeps technology costs in check. But the reality is that organizations continue to overspend on their digital footprint.
Why? The reason is simple: with rapid investment in wired, wireless, and cloud assets, businesses often face a much more complex need to achieve real cost savings. Consider the volume of inventory and invoices, mapped to different carrier and services contracts, zero usage devices, rate cards, contract renewals, and so on … and it’s easy to understand the need for effective cost management.
Technology Expense Management (TEM), coupled with ITFM is the primary vehicles for organized, repeatable savings.
Below is a list of the functional areas where technology expense management software provides greater cost reduction opportunities than simply payment processing:
- Streamline procurement processes. Accelerate your provider’s response time and sourcing with a single provider portal. Also, by granting your vendor’s access to the Portal, you eliminate the need to communicate orders via email.
- Maintain inventory accuracy. Manage more asset and services with less people hours. The automated workflows and work orders take care of it for you.
- Automate workflows, work orders and approval processes. Remove the human API from the equation. Automation eliminates the potential for errors and having to redo the work. You’ll save time and your inventory will be updated regularly.
- Accelerate invoice processing. No more manual entries needed. Through the load of electronic invoices, discrepancies, errors and overcharges are quickly identified. You no longer have to wait 6 months for flags to be raised.
- Keep track of the money and time you’ve saved. The ROI is displayed right in the tool, for all sources and vendors.
- Alter employee consumption behavior. See what your employees are using and how much it costs. Visibility of assigned assets, services and costs to users. Users can also track their own usage and save money for the company by making changes to their plans or options.
- Track billing disputes and resolution. Centralization gives you greater facility to identify potential billing errors, helps you eliminate late payment fees, and collect credits faster.
Businesses that are embarking on digital transformation have an even greater opportunity for strategic cost savings with technology expense management software.
Rationalize the technology footprint
By centralizing your technology portfolio technology expense management software allows you to manage your entire inventory, so you can answer important questions such as whether you need all the tools you currently have, or whether additional services that would be of value.
- Are there products or services in your business that no-one is using?
- Is there opportunity to invest in SaaS software, instead of legacy on-premises software with hefty maintenance fees?
- Are there additional investments required to accelerate strategic initiatives?
Continually asking these kinds of questions will help keep your technology investment relevant to driving business value, at optimized cost, and is only possible with TEM software.
Vendor consolidation
In some cases, it is not possible to have a single vendor for different services. However, where it makes sense, vendor consolidation can introduce opportunity, with fewer relationships, contracts, and invoices.
As you navigate a digital transformation initiative, there is an opportunity to confirm you have the right vendors to support you on the journey:
- which vendors you actually need to support your technology investment?
- are they in a position to align and support your growth initiatives?
- are any savings to be gained through consolidation?
Control cloud costs
Start with the end in mind, and leverage technology expense management software to track cloud investment. Doing so will ensure you prevent the common mistake of over-provisioning. It will also keep you focused on investment priorities and prevent rogue IT costs from creeping int your monthly payments.
Technology expense management software continues to be an important tool to ensure on-time payment processing, but when used to its fullest, it offers a holistic and strategic viewpoint that will go a long way to recurring savings and will support any organization on their journey to digital transformation. Not only will you find efficiencies in current cost structures, but the savings can be strategically pivoted into technologies that support strategic initiatives.
Transform cost effectively with Cimpl
Have trouble maintaining inventory accuracy or tracking the money you’ve spent on technology? There’s an easy solution and we can show you why.
Book a demo to find out, it’s that Cimpl. Experience how our solutions solves these challenges.
Keep learning
Given a projected increase in technology spend, Technology Expense Management (TEM) is a must-have software when navigating digital transformation. Check out these additional articles and content to give you more ideas.
- White paper | ITFM and TEM better together
- Blog | How to build a smart IT financial plan that aligns with strategic growth
- Ebook | TEM RFP Questions You Forgot to Ask
And, if you’re looking into TEM software, consider Upland Cimpl telecom expense management software to manage inventory, vendors, contracts, and more to accelerate telecom costs savings for your business.