Having to handle multiple contracts with different providers for your telecom environment can be very overwhelming and messy. It is difficult to imagine the visibility of these contracts when there is not a specific place to store and manage them. The solution to this issue can be easily solved, but isn’t always obvious: a contract manager accessible in your Telecom Expense Management platform. Here are 5 benefits of handling all your contracts with the help of a contract management tool.
Benefits of Managing Contracts in Your TEM Solution
An important part of TEM is being able to validate invoices against contract and find existing discrepancies. It reduces the need for human intervention, as employees don’t have to go through countless documents manually. Other benefits of managing contracts with TEM include:
1. Analysis of Invoice discrepancies
With an all-in-one platform, you can easily analyze all the invoices associated with your contracts and make sure that you are paying what you are supposed to pay. If you see that you are being charged for things that were included in your contract, it will be much easier to dispute the overcharges because of the available information. As well, it provides you with the opportunity to change your contract to a more suitable contract if needed.
2. Take Corrective Actions
With all your contracts all in one place, you can easily see what behaviors need to be corrected. From there, you can take corrective actions in order to avoid paying extra fees. If, for example, you have an employee that always goes over the data limit given in the contract, it will be easy to see and change the contract to a more suitable one for that individual.
3. All the necessary information to negotiate the contract
With data being gathered throughout the contract’s lifecycle, it is much easier to renegotiate the contract as you can see how it fit with your company.
4. Decrease the risk of mistakes with the help of automation
By using a platform for all your contracts, you are reducing the risk of human error. Certain contract management services have dashboard that can be configured to your liking; an expiration dashboard, for example. You will be able to view all the contracts that will expire soon and can easily take decisions. There is also the option of setting up alerts for your contracts. The alerts will inform you when your contract is about to expire or when it is supposed to be renewed. You will never miss a deadline or pay late fees with the help of automation.
5. More Visibility on Corporate Contracts
Through a contract management platform, all your contracts will be visible in one spot. From then, it is easier to manage them and to make decisions as you are 100% aware of what you own and who you’re dealing with, and you will have less paper documents and a faster process!
Cimpl can help you with your contract management needs by analyzing your invoices which would avoid billing discrepancies, decrease room for error with automation, and provide you with tools to help you have more visibility on your contracts, which allows for negotiation of the contracts.
Here are some of the key features that the Cimpl platform offers:
- Master contract milestones
- Identify end of contracts
- Set up alerts for more proactive tracking of renewal and vendor negotiations
- Alerts for users
- E-mail reminders
Alerts can now be configured in the Contract Management module to notify users to take actions before or after contracts are due.
The questions you should be asking yourself are:
- Are you getting the right services?
- Are you paying what you’re supposed to be paying?
- Are you allocating your telecom expenses correctly?
If you are auditing your IT and telecom usage manually, using multiple streams of legacy paper invoices and spreadsheets, or manually coding, tagging and allocating costs, you’re not reaping the benefits contract management can offer you. Not only can your TEM provider load and validate electronic invoices, but also have an ongoing analysis and provide you with reports of your usage and expenses. Benefit from contract management with Cimpl today!