Major financial services firm saves more than $2 million a year by switching to Cimpl
Using Cimpl, the Financial Services company experienced TEM improvements for the first time in 20 years.
Without a clear view into its inventory, the company did not know what it was paying for
With its previous TEM vendor of 18 years, invoices were not being audited because of their complexity, and there was a high rate of billing errors. The company was dissatisfied with inventory inaccuracies, lack of service support, and lack of integration between the order and inventory modules.
Plus, due to the increased number of agents who transitioned to work-from-home during the COVID-19 pandemic, it became very difficult for the company to know which services were still needed. As a result, the company was paying for services that it was no longer using.
Thanks to Upland Cimpl’s unique process for linking inventory to invoices, the company has cleaned up its inventory and knows who owns what. They are now tracking all circuits, phone numbers, and toll-free numbers – 80,000+ assets from 85 different telecom providers – and allocating each one to the appropriate cost center. Invoices are easily linked to inventory, facilitating timely, accurate, automated payment, generated in time to avoid late fees.
We are thankful to Cimpl for the collaboration. We didn’t get that level of support from our previous TEM provider. I can’t say enough good things about the Managed Services, Support, and Development teams. They have been great to work with.
– Director, Business and Vendor Management
Using Cimpl, the company gained an accurate view of inventory and costs in their thousands of accounts, enabling more reliable financial forecasting. Cimpl saved them tens of thousands of dollars in year 1 and uncovered $2 million in credits. The company appreciates Cimpl’s responsiveness and flexibility, and the great collaboration they receive from the Managed Services team.
Results with Cimpl:
- $50,000 billing errors detected in year 1
- $2M+ credits identified
- $35,000/year savings by canceling unused assets